CC Resolution 8928
RESOLUTION NO. 8928
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF CAMPBELL
APPROVING A BUDGET ADJUSTMENT TO INCREASE THE
REDEVELOPMENT DEBT SERVICE FUND
WHEREAS, on February 3, 1993, an Assignment and Redevelopment Agreement (the
"Agreement") was executed between the Redevelopment Agency and Fry's Electronics;
WHEREAS, the Agreement provided for rent reimbursement payments to Fry's in order
to make it economically feasible for them to open a store at 600 E. Hamilton Avenue;
WHEREAS, the rent reimbursement payments are based on a formula dependent upon
sales tax generated from the store for the previous year;
WHEREAS, the Agency's payments to Fry's shall be payable only from sales tax
revenue paid to the City with respect to the property and thereafter paid to the Agency pursuant
to an agreement between the Agency and the City;
WHEREAS, because of sales greater than projected, the Agency did not budget sufficient
funds for the payment;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Campbell hereby approves the attached budget adjustment in the amount of $66,500.50.
PASSED AND ADOPTED this 16th day of Jan. 1996 by the following roll call
vote:
AYES:
Councilmembers
Burr, Conant, Watson, Dougherty
NOES: Councilmembers None
ABSTAIN: Councilmembers None
ABSENT: Councilmembers None
ATTEST:
.'1
{L~
Anne Bybee, City Clerk
]:\FRYSANNU
C:J:TY OF CAMPSJl:T.T.
REQUEST FOR BUDGET ADJUS'.L.~NTS
DEPARTMENT/PROGRAM
DIVISION
DATE
UQtJEST NO.
-r;t.\).
City Manager
Redevelopment
BUDGET TRANSFER
TO BE REDUCED:
FUND
ACCOUNT NUMBER
DUCRIPrION
AMOUNT
TO BE INCREASED:
FUND ACCOUNT NUMBER DESCRIPTION AMOUNT
364 816.7438 RDA Debt Service- Other $66,500.50-
364 6899 Transfer-In 66,500.50
101 0816.9899 Transfer-Out 66,500.50
101 535.4110 Sales Tax 66,500.50
R.a.on for Requ..t (Be 8pec~~~c)1
Reimbursement payment for Fry's Electronics
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I
DEPARTMENT HEAD
REV 2/90