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ATE 7.1.F. - Page 3 <br /> RESOLUTION NO. <br /> RESOLUTION APPROPRIATING AND TRANSFERRING $2,717,764 <br /> FROM THE PARKING FUND TO THE CAPITAL OUTLAY FUND AND <br /> LEAVING THE REMAINDER OF THE BLOCK 2 SALES PROCEEDS IN <br /> THE PARKING FUND UNTIL SUCH TIME AS THE CITY COUNCIL <br /> DETERMINES A FORMAL PROGRAM OR IDENTIFIES ANOTHER ONE <br /> TIME USE <br /> WHEREAS, on May 21 , 2012, the City Council of the City of Redwood City <br /> selected the development firm of Hunter Storm ("Developer") to negotiate a Disposition <br /> and Development Agreement ("DDA") for the City-owned property commonly known as <br /> Block 2; and <br /> WHEREAS, on October 22, 2013, the City and Developer closed escrow on the <br /> disposition of Block 2 pursuant to the DDA dated as of July 30, 2013; and <br /> WHEREAS, the proceeds from the sale of Block 2 in the amount of $17 Million <br /> ("Block 2 Sales Proceeds") were placed In the City's Parking Fund; and <br /> WHEREAS, the City had expended funds from the Capital Outlay Fund in <br /> preparing for the sale of Block 2: Culvert Relocation - $2,344,954 and Union Pacific <br /> Railroad Quitclaim - $372,810; and <br /> WHEREAS, appropriations need to be established in order for staff to utilize the <br /> Block 2 Sales Proceeds to reimburse the Capital Outlay Fund for the sum of$2,717,764 <br /> expended by the City in preparing for the sale of Block 2. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br /> REDWOOD CITY AS FOLLOWS: <br /> 1 . The sum of Two Million, Seven Hundred and Seventeen Thousand, Seven <br /> Hundred and Sixty Four Dollars and No Cents ($2,717,764) is hereby <br /> appropriated from the Parking Fund (Fund 681) and transferred to the <br /> Capital Outlay Fund (Fund 357). <br /> ATTY/RESO.2951/APPROPRIATION AND TRANSFERING BLOCK 2 FUNDS <br /> REV: 02/03/14 VR <br /> Page 1 of 2 <br />