HomeMy WebLinkAboutCity Council Resolution 2289 RESOLUTION NO. 2289
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SARATOGA AUTHORIZING A PARTIAL CREDIT OF SURPLUS
FUNDS FROM THE ESTABLISHMENT OF PARKING DISTRICT
NO. FOUR
WHEREAS, the City of Saratoga established Parking District No. 4 for the
construction of a parking lot and related facilities, the cost of which was assessed
against those parceLs of land located within the District, consisting of the following:
Assessor's Parcel Number Current Owner
517-09-068 Cali Investments, a California
limited partnership
517-09-07 1 Eugene Zambetti
517-09-034 and Floyd F. Gaines and
517-09-035 Arvilla J. Gaines
WHEREAS, all improvements for Parking District No. 4 have now been
completed and all direct and incidental costs pertaining thereto have been paid in full;
and
WHEREAS, after the payment of all costs and expenses, the City has on
hand surplus funds, including accrued interest thereon, in the amount of approximately
$73,000.00; and
WHEREAS, the City has determined that $60,000.00 of the surplus funds
should be applied, on a promted basis, as a credit against the next maturing
installments of the assessment payable by each of the participants in the District, and
the balance of surplus funds in the amount of approximately $13,000.00 should be
retained by the City as a reserve for payment of future maintenance expenses relating
to Parking District No. 4, as provided by State law.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SARATOGA AS FOLLOWS:
1. Each of the current participants in Parking District No. 4 shall be
entitled to a credit against the future installments of the assessment for Parking
District No. 4 in the amount set forth bebw, such credit to be applied against each
successive installment otherwise payable from and after the date of this resolution
until the entire credit has been exhausted. The amount of the credit allocated to each
participant in Parking District No. 4 shall be as follows:
-1-
Current Owner PercentaiSLe' Amount of Credit
Cali Investments 88.75% $ 53,250.00
Eugene Zambetti 9.40% 5,640.00
Floyd and Avilla Gaines 1.85% 1 ~ 110.00
100% $ 68,000.00
2. The balance of surplus funds held by the City, in the amount of
approximately $13,000.00, shall be applied as needed toward the payment of future
maintenance expenses for Parking District No. 4 as permitted by law, and no further
charges shall be levied by the City against the participants in said District for such
maintenance expenses until the surplus funds have been exhausted.
3. The City Clerk is authorized and directed to furnish a certified copy
of this resolution to the Assessor and Tax Collector for the County of Santa Clara with
instruction to modify the tax roll in accordance with the foregoing. The City Clerk
should further request that an amended tax bill for the 1985-86 fiscal year be sent to
each of the participants in Parking District No. 4 reflecting the credit against the
assessment provided herein.
Passed and adopted at a regular meeting of the City Council of the City of
Saratoga held on the 20th day of November, 1985, by the following vote:
AYES: Councilmembers Callon, Fanelli, Hlava, Moyles and Mayor Clevenger
NOES: None
ABSTAI~Dne
ABSENT:
MAYOR
CITY CLERK