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