CC Resolution 8684
RESOLUTION NO. 8684
A RESOLUTION OF THE CIlY OF CAMPBELL APPROVING
A BUDGET ADJUSTMENT TO PROVIDE FOR THE ANNUAL
PAYMENT TO HOME DEPOT
WHEREAS, on November 19, 1991, the Redevelopment Agency Board approved a
Disposition and Development Agreement (ItDDAIt) with Home Depot to facilitate the
development of a Home Depot store; and
WHEREAS, the DDA requires that the Redevelopment Agency make annual
payments to Home Depot of up to $200,000 under certain conditions; and
WHEREAS, the DDA specifies that the payment to Home Depot shall be payable
only from sales tax revenue paid to the City with respect to the store and thereafter paid
to the Agency pursuant to an agreement between the Agency and City; and
WHEREAS, on April 6, 1993, the City and Agency approved a Redevelopment
Cooperation Agreement indicating that annually the City shall consider budgeting the sales
tax to the Agency in the amounts necessary to pay Home Depot; and
WHEREAS, Home Depot has met the conditions of the DDA and is entitled to
receive the first annual rebate in the amount of $200,000.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of
Campbell hereby approves the attached budget adjustment transferring $200,000 in sales tax
funds to the Redevelopment Agency.
PASSED AND ADOPTED this 21st day of June, 1994, by the following roll call vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Councilmembers:
Councilmembers:
Councilmembers:
Councilmembers:
Conant, Ashworth, Burr, Dougherty, Watson
None
None
NOne
A7bu ~
Anile Bybee, City Clerk
CITY OF CAMPBE:r..L
REQUEST POR BUDGET ADJUS..J.."~NTS
DEPARTMENT/PROGRAM
DIVISION
DATE
REQUEST NO.
General Fund
6/21/94
BJi 't4-0(g -1# '-
f~ ~ 0(. ~
BUDGET TRANSFER
TO BE REDUCED:
FUND
ACCOUNT NUMBER
DESCRIPTION
AMOUNT
001
;1D"-. ,(;<90
~~
$200,000
TO BE INCREASED:
FUND
ACCOUNT NUMBER
DESCRIPTION
AMOUNT
001
.99.990.0816.4999
Transfers Out to RDA
Debt Service
$200,000
Reason for Request (Be spac~r~c):
Transfer of Sales Tax to RDA in order to make annual payment to Home Depot per
Disposition and Development Agreement approved on November 19, 1991.
DEPARTMENT HEAD
FINANCE DIRECTOR
CITY MANAGER
REV 2/90