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RESOLUTION 2015 -068 <br />RESOLUTION OF THE TOWN COUNCIL <br />OF THE TOWN OF LOS GATOS <br />APPROVING A PURCHASE AND SALE AGREEMENT FOR THE <br />REPURCHASE OF AN AFFORDABLE HOUSING UNIT SUBJECT TO AN EXISTING <br />BELOW MARKET PRICE (BMP) FIRST RIGHT OF REFUSAL OPTION, LOCATED <br />AT 108 SIERRA LINDA, LOS GATOS, CA, APN 407 -17 -035, AND AUTHORIZING THE <br />TOWN MANAGER TO NEGOTIATE AND EXECUTE ALL AGREEMENTS AND <br />DOCUMENTS NECESSARY AND APPROPRIATE TO EFFECTUATE <br />THE PRESERVATION OF THE AFFORDABLE HOUSING UNIT <br />WHEREAS, the Town of Los Gatos Zoning Ordinance Sections 29.10.3000 through <br />29.10.2040 establish a Below Market Price (BMP) Housing Program to assist low and moderate <br />income Los Gatos citizens purchase homes at prices below market value; and <br />WHEREAS, the residential unit located at 108 Sierra Linda was purchased as a BMP unit <br />by the property owner through the BMP Housing Program for a reduced sales price that is <br />affordable to lower income households; and <br />WHEREAS, the BMP Housing Program requires as a condition of participation that a <br />Deed Restriction with a First Right of Refusal Option allowing the Town to repurchase units at a <br />designated sales price be recorded on the title record of BMP units; and <br />WHEREAS, a Deed Restriction with a First Right of Refusal Option was recorded for this <br />BMP unit on March 1, 2005; and <br />WHEREAS, the Town was notified that the property is in foreclosure and will be sold at a <br />foreclosure sale December 31, 2015; and <br />WHEREAS, the Town has indicated it is exercising its First Right Option and purchasing <br />the unit for the designated sales prices of $360,000; and <br />