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02/26/2018 <br />RESOLUTION NO. 15648 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY ESTABLISHING LOAN AGREEMENT IN THE AMOUNT OF <br />$6,000,000 FROM THE REDWOOD CITY EQUIPMENT SERVICE FUND <br />TO THE REDWOOD CITY DOCKTOWN MARINA ENTERPRISE FUND <br />FOR THE FUNDING OF RELOCATION COSTS AT DOCKTOWN <br />MARINA <br />WHEREAS, the City desires to complete the implementation of the Docktown <br />Plan, to fund legal costs for claims made against the City, and to share capital costs <br />with the Port of Redwood City to support liveaboards, for a total estimated cost of <br />$20,800,000; and <br />WHEREAS, while the Docktown Marina Fund has several funding sources that <br />will provide a portion of the total costs, there is a temporary need for additional funds in <br />the amount of $6,000,000 in order to provide the balance of funds needed to complete <br />the funding of the Docktown Plan; and <br />WHEREAS, pursuant to Redwood City Municipal Code section 2.36, a special <br />fund known as the Equipment Service Fund has been established; and <br />WHEREAS, the Equipment Service Fund has sufficient funds in excess of <br />current needs to loan the sum of Six Million and No/100 ($6,000,000) to the Docktown <br />Marina Fund for a period of up to ten (10) years; and <br />WHEREAS, such loan to the Docktown Marina Fund would not be detrimental to <br />the Equipment Service Fund or foreseeable projects to be funded by the Equipment <br />Service Fund; and <br />WHEREAS, other financing mechanisms have been considered and deemed <br />undesirable or infeasible; and <br />WHEREAS, the loan would not be used to solve ongoing structural deficits; and <br />WHEREAS, a Council plan is in place to repay the loan pursuant to the schedule <br />set forth this resolution, and the City has implemented sufficient internal controls to <br />monitor repayment; and <br />WHEREAS, there is deemed little to no risk that the Docktown Marina Fund will <br />not repay the loan; and <br />WHEREAS, the loan is in the best interests of the City; <br />Page 1 of 3 <br />ATTY/RESO.0014/CC RESO INTER -FUND LOAN AGREEMENT (EQUIPMENT SERVICE FUND) RESOLUTION NO. 15648 <br />REV: 02-15-18 JS MUFF NO. 501 <br />