CC Resolution 8782
RESOLUTION NO. 8782
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 Ave.;
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 $66,101.
PASSED AND ADOPTED this 21st day of February, 95, by the following roll
call vote:
A YES: Councilmembers
Watson, Dougherty, Conant, Wilkinson, Burr
NOES: Councilmembers
None
ABSTAIN: Councilmembers
None
ABSENT: Councilmembers
None
APPROVED;=-~~~
ATTEST:
~
Anne Bybee, City Clerk
CITY OF CAMPBET.T.
REQUEST FOR BUDGET ADJUSTMBMTS
DEPARTMENT/PROGRAM
DIVISION
DATE
UQU!ST NO.
City Manager
Redevelopment
2/21/95
9 ~ e-r,- 71-
BUDGBT TRAHS:rBR
TO BE REDUCED:
FUND
ACCOUNT NUMBER
DESCRIPlION
AMOUN'l'
TO BE INCREASED :
FUND ACCOUNT NUMBER DESCRIPTION AMOUNT
064 816.4438 RDA Debt Service $66,101
064 320.3599 Transfer-In 66,101
001 99.990.0816.4999 Transfer-Out 66,101
001 320.3605 Sales Tax 66,101
Rea.on for Reque.t (Be Spec~f~c)1
Reimbursement payment for Fry's Electronics
(JO/t; 3 - 9/9'1)
Signature:
REV 2/90