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File Number: 23-051 <br />At the February 23, 2023 , City Council Finance Committee meeting, the Committee review and <br />recommended allocation of up to $3.2 million in one-time City General Fund surplus to fill the gap <br />funding needed to acquire the Nimitz Motel. If the City is awarded Project Homekey grant funding, <br />the City’s one-time surplus funds used for the gap funding may be reimbursed by Homekey. <br />Overall, the acquisition of the Nimitz Motel will have no impact to Fund Balance, unless the City is <br />not awarded Project Homekey funding. The City Council has remained committed that the Nimitz <br />Motel is the optimal site to provide interim navigation center and/or permanent <br />affordable/supportive housing for the homeless even if Homekey funds may not be approved <br />again. The acquisition of the Nimitz Motel will be paid for with a variety of approved State, federal <br />and/or local funds that have been previously approved by the City Council or other public <br />agencies for this purpose. Attachment B shows the most current summary of existing acquisition <br />funding sources (which may be subject to change as City staff explores additional State and <br />federal funding sources before it submits its forthcoming Project Homekey grant application). <br />ATTACHMENTS <br />·Attachment A: Resolution Authorizing the City Manager to Approve and Execute <br />Amendment No. 5 to the PSA for the Nimitz Motel <br />o Ex A1: Fifth Amendment to the PSA <br />·Attachment B: Nimitz Motel Acquisition Funding Sources <br />·Attachment C: Powerpoint to City Council <br />PREPARED BY: Tom Liao, Director, Community Development Department <br />Page 5 City of San Leandro Printed on 3/1/2023