HomeMy WebLinkAbout010-91RESOLUTION NO. 10-91
AUTHORIZING TOWN MANAGER TO SECURE LOW-INTEREST PRIVATE MARKET LOAN
FROM THE BANK OF THE SAN RAMON VAIJ.F~, AND APPROPRIATING FUNDS IN THE
AMOUNT OF $420,000 TO PREPARE TOWN-OWNED SITE FOR DAY CARE PURPOSES.
WHEREAS, the Town of Danville owns certain real property located adjacent to the
Sycamore Valley Park site; and
WHEREAS, by Resolution No. 231-90 the Town Council of the Town of Danville agreed
to lease such real property and certain improvements to be placed and constructed
thereon to be Sycamore Valley Day Care Center for the purpose of providing child care
services to residents of Danville and the Tri-Valley region; and
WHEREAS, to accomplish its obligations under such lease, the Town is required to place
an existing structure on such real property, renovate the structure, and perform certain
other works of improvement; and
WHEREAS, the total costs of such work are estimated to be four hundred twenty
thousand dollars ($420,000); and
WHEREAS, the Bank of San Ramon Valley has agreed to provide a low-interest loan to the
Town in the principal amount of three hundred and fifty thousand dollars ($350,000); and
WHEREAS, to fund the resulting difference between total project costs and loan proceeds,
seventy thousand dollars ($70,000) will be transferred from the One Hartz Court project
appropriated funds; and
WHEREAS, the expenditure of such monies and the establishment of such loan are in the
public interest in that they will provide needed child care services in the Tri-Valley area
and will put publicly owned property to a productive economic use; '
NOW, THEREFORE BE IT RESOLVED by the Town Council of the Town of Danville that
the Town Manager is hereby authorized to secure a low-interest loan from the Bank of
San Ramon Valley in the principal amount of three hundred and fifty thousand dollars
($350,000) to finance the preparation of a day care site; and
BE IT FURTHER RESOLVED by the Town Council of the Town of Danville that the Town
Manager is hereby authorized to appropriate funds in the amount of three hundred and
fifty thousand dollars ($350,000) and transfer seventy thousand dollars ($70,000) from
the One Hartz Court project for a total of four hundred and twenty thousand dollars
($420,000) for the day care project.
APPROVED BY the Danville Town Council at a regular meeting on January 2, 1991 by
the following vote:
AYES:
GREENBERG, LANE, RITCHEY, SCHLENDORF, SHIMANSKY
NOES: NONE
ABSTAINED: NONE
ABSENT: NONE
MAYOR
ATTEST:
APPROVED AS TO FORM:
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820 7581Nov-"?,90 8:57 P.02
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