Staff Report
PREPARED BY: JOEL PAULSON
Community Development Director
Reviewed by: Town Manager, Town Attorney, and Finance Director
110 E. Main Street Los Gatos, CA 95030 ● 408-354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 08/01/2017
ITEM NO: 5
DATE: JULY 19, 2017
TO: MAYOR AND TOWN COUNCIL
FROM: LAUREL PREVETTI, TOWN MANAGER
SUBJECT: 108 SIERRA LINDA REFURBISHMENT
AUTHORIZE A BUDGET ADJUSTMENT TRANSFER IN THE AMOUNT OF
$50,348.20 FROM THE BELOW MARKET PRICE (BMP) HOUSING IN-LIEU
FEE FUND TO THE BMP HOUSING PROGRAM IN THE GENERAL FUND TO
COVER THE REFURBISHMENT COSTS FOR THE UNIT.
RECOMMENDATION:
Authorize a budget adjustment transfer in the amount of $50,348.20 from the Below Market
Price (BMP) Housing In-lieu Fee Fund to the BMP Housing Program in the General Fund to cover
the refurbishment costs for the unit.
BACKGROUND:
On December 15, 2015, the Town Council adopted a resolution approving a Purchase and Sale
Agreement for the repurchase of an affordable housing unit subject to an existing BMP First
Right of Refusal Option, located at 108 Sierra Linda, and authorizing the Town Manager to
negotiate and execute all agreements and documents necessary and appropriate to effectuate
the preservation of the affordable housing unit.
Construction costs were incurred to refurbish the unit so that it can be sold to another qualified
buyer.
DISCUSSION:
Approval of this item will allow the Town to move approximately $50,348.20 from the BMP
Housing In-lieu Fee Fund to the BMP Housing Program Fund to cover the costs of refurbishing
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SUBJECT: 108 SIERRA LINDA REFURBISHMENT
DATE: JULY 19, 2017
S:\COUNCIL REPORTS\2017\08-01-17\108 Sierra Linda\Staff Report Final.docx 7/26/2017 11:01 AM JP
DISCUSSION (cont’d):
the unit. The costs have been included in the sales price of the unit and will be reimbursed
when a sale of the unit to another income qualified BMP buyer has occurred. The unit is
currently on the market and staff believes that a sale will take place within the next few
months.
CONCLUSION:
Staff recommends Council authorize a budget adjustment transfer in the amount of $50,348.20
from the BMP Housing In-lieu Fee Fund to the BMP Housing Program to cover the
refurbishment costs for the unit.
FISCAL IMPACT:
The Town has expended approximately $50,348.20 from the BMP Housing In-lieu Fee Fund to
refurbish the unit and these expenditures will be reimbursed upon sale of the unit to another
income qualified BMP buyer.
COORDINATION:
This report has been coordinated with the Town Manger’s Office, Town Attorney’s Office, and
the Finance Department.
ENVIRONMENTAL ASSESSMENT:
This is not a project defined under CEQA, and no further action is required.