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HomeMy WebLinkAboutReso - CC - 011-2021DocuSign Envelope ID: 6DAADA1D-9380-4C9E-BC43-58B1AFAD798E RESOLUTION NO. 011-2021 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME AUTHORIZING THE FUTURE APPROPRIATION OF THE TOWN SQUARE CONTRIBUTION PURSUANT TO THE DEVELOPMENT AGREEMENT BETWEEN THE CITY OF BURLINGAME AND 220 PARK- BURLINGAME, LLC WHEREAS, on February 1, 2021, the City Council of the City of Burlingame held a duly noticed public hearing on an ordinance that proposed adoption of a development agreement between the City of Burlingame ("City") and 220 Park- Burlingame, LLC ("Project"); and WHEREAS, per the development agreement, the Project agrees to make a contribution of $2,000,000 to the City as part of the consideration for the City granting various easements to the Project; and WHEREAS, this $2,000,000 contribution is subject to five percent increases, based upon when the Project meets various milestones defined in the development agreement; and WHEREAS, as part of the development agreement, the City agrees to initially earmark the contribution for the City Town Square Project, but under the stated terms of the development agreement, it may later transfer the contribution to the General Fund of the City for the City's use in its discretion; and WHEREAS, the City Council believes it is in the best interest of the community to commit these funds to the City Town Square Project, without the possibility of later transferring there to the General Fund. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME DOES RESOLVE AS FOLLOWS: SECTION 1. Upon the City's receipt of the Town Square Contribution from the Project, the City will immediately create a Town Square Project Fund in the Capital Improvement Projects Fund. The City will then place the contribution amount directly into this fund that is dedicated to the City Town Square Project, where it shall remain until expended. D r Ann O'Brien Keighran ayor I, MEAGHAN HASSEL-SHEARER, City Clerk of the City of Burlingame, do hereby certify that the foregoing Resolution was introduced at a regular meeting of the City Council held on the 16th day of February, 2021, and was adopted thereafter by the following vote: AYES: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, OBRIEN KEIGHRAN, ORTIZ NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE DocuSigned by: SD484C3D8OF7449._. Meaghan Hassel -Shearer, City Clerk