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City of San Leandro <br />Meeting Date: October 16, 2017 <br />Resolution - Council <br />Agenda Section:File Number:17-593 ACTION ITEMS <br />Agenda Number: <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Keith Cooke <br />Engineering & Transportation Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:RESOLUTION to Authorize the City Manager to Write Off the Loan Created for <br />Purchase of 2139 Laura Avenue and Appropriate Revenue from the Sale of <br />2139 Laura Avenue for the Creation of a Neighborhood Investment Program for <br />the Davis West Neighborhood <br />WHEREAS, as directed by the City Council, staff sold City property located at 2139 Laura <br />Avenue, in the Davis West neighborhood; and <br />WHEREAS, the sale yielded net proceeds of $542,000; and <br />WHEREAS, the City Council supports investments that enhance the quality of life and <br />wellness and infrastructure improvements in the Davis West neighborhood; and <br />WHEREAS, the City Council now desires to create a neighborhood investment program in <br />the Davis West neighborhood for such quality of life improvements as airport noise mitigation as <br />well as beautification; and <br />WHEREAS, the City Council seeks to invest revenues from the sale of 2139 Laura Avenue <br />in the neighborhood investment program for the Davis West neighborhood. <br />NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as <br />follows: <br />1. That the City Manager is hereby authorized to write off the General Fund $340,000 <br />loan created to purchase the 2139 Laura Avenue property; and <br />2. That the City Manager is hereby authorized to create a neighborhood investment <br />program for the Davis West neighborhood; and <br />3. That an appropriation in the amount of $542,000 from the General Fund reserves to <br />Page 1 City of San Leandro Printed on 10/10/2017 <br />412