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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br /> RESOLUTION NO. 2017-151 <br /> RESOLUTION TO AUTHORIZE THE CITY MANAGER TO WRITE OFF THE LOAN <br /> CREATED FOR PURCHASE OF 2139 LAURA AVENUE <br /> AND APPROPRIATE REVENUE FROM THE SALE OF 2139 LAURA AVENUE <br /> 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 <br /> Laura 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 <br /> Avenue 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 /> a new Expenditure Accounts "Davis West Neighborhood Investment Program 010-14-021 <br /> (which is comprised of$500,000 General Fund revenue for FY 17-18 and $42,000 added to <br /> General Fund revenue from sales proceeds) is hereby authorized to fiend the Davis West <br /> neighborhood investment program; and <br />