...Title
Actions Related to the Community Benefit Payment Allocation from Google.
...Recommendations
(a) Accept an advanced funding allocation of a $5,000,000 community benefit payment from Google, LLC to be distributed through June 30, 2030, as follows:
(1) Grant fund allocation in the amount of $4,250,000; and
(2) Staff and consultant allocation in the amount of $750,000.
(b) Adopt the following Fiscal Year 2024-2025 Funding Sources Resolution and Appropriation Ordinance Amendments in the General Fund:
(1) Increase the estimate for Other Revenue by $5,000,000;
(2) Establish the Google Community Benefits - Stabilization and Opportunity Pathways City-Wide Expenses appropriation to the Office of Economic Development and Cultural Affairs in the amount of $200,000; and
(3) Establish the Google Community Benefits Reserve in the amount of $4,800,000.
CEQA: Not a Project, File No. PP17-003, Agreements/Contracts (New or Amended) resulting in no physical changes to the environment. (Economic Development and Cultural Affairs/City Manager)