SUBJECT: Authorization to Accept a Monetary Donation from the California Community Foundation in the Amount of $1,080,000 to Assist in the Purchase of Real Property for the Childs and B Street Transit-Oriented Development (TOD) Affordable Housing Project and Approve the Associated Donation Acceptance Agreement REPORT IN BRIEF Considers accepting a monetary donation of $1,080,000 from the California Community Foundation to assist in the purchase of land for the Childs and B Street TOD Affordable Housing Project and approving the associated Donation Acceptance Agreement. RECOMMENDATION City Council - Adopt a motion: A. Accepting donation and increasing revenue in the amount of $1,080,000 and appropriating the same in Fund 070 Housing Administration; B. Authorizing the City Manager or the Assistant City Manager as designee, to execute all necessary agreements and documents; and C. Authorizing the Financer Officer to make necessary budget adjustment.

What this record is

Amount

$1.08M

Runs until

no end date published in this record

Type

purchase

Read automatically from the title of the official record. The source document below is authoritative.

Committee

City Council/Public Finance and Economic Development Authority/Parking Authority

Requested by

Development Services Department

Introduced

April 16, 2020

On agenda

May 4, 2020

Passed

May 4, 2020