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02/26/2018 <br />RESOLUTION NO. 15649 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY ESTABLISHING LOAN AGREEMENT IN THE AMOUNT OF <br />$1,700,000 FROM THE REDWOOD CITY PARKING DISTRICT 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 Enterprise Fund has several funding <br />sources that will provide a portion of the total costs, there is a temporary need for <br />additional funds in the amount of $1,700,000 in order to provide the balance of funds <br />needed to complete the funding of the Docktown Plan; and <br />WHEREAS, pursuant to Ordinance No. 785, as amended, the City has <br />established a Parking District Fund; <br />WHEREAS, pursuant to Resolution No. 15327 dated February 10, 2014, the <br />remainder of Block 2 sales proceeds were left in the Parking District Fund until such <br />time as the City Council identified another one time use; and <br />WHEREAS, the Parking District Fund has sufficient Block 2 sales proceeds to <br />loan the sum of One Million Seven Hundred Thousand and No/100 ($1,700,000) to the <br />Docktown Marina Enterprise Fund for a period of up to ten (10) years; and <br />WHEREAS, such loan to the Docktown Marina Enterprise Fund would not be <br />detrimental to the Parking District Fund or foreseeable projects to be funded by the <br />Parking District 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 Enterprise <br />Fund will not repay the loan; and <br />WHEREAS, the loan is in the best interests of the City; <br />Page 1 of 3 <br />ATN/RESO.0015/CC RESO INTER -FUND LOAN AGREEMENT (CITY PARKING DISTRICT FUND) RESOLUTION NO. 15649 <br />REV: 02-15-1815 MUFF NO. 501 <br />