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ORDINANCE NO. 1687 <br />AN ORDINANCE OF THE TOWN OF LOS GATOS AMENDING <br />CHAPTER 3.90 OF THE ZONING ORDINANCE <br />RELATING TO THE BELOW MARKET <br />PRICE PROGRAM <br />THE TOWN COUNCIL ORDAINS: <br />SECTION 3.90.120 is amended to read: <br />SECTION I. <br />SEC. 3.90.120: SCOPE <br />Every residential condominium or planned development residential <br />subdivision at the time of subdivision, and every community <br />apartment project and every residential stock cooperative <br />apartment or unit project at the time of subdivision if the <br />transaction involves subdivision, or at the time of sale, if it <br />does not, shall contain one or more BMP dwellings according to <br />the following rules: <br />(1) Projects containing five or more but less than 20 units <br />must provide a number of BMP units equal to ten percent <br />of the number of market rate units. <br />(2) Projects with five or more but less than ten units may <br />pay a fee in lieu of building a BMP unit in order to <br />comply with this requirement. <br />(3) Projects with from 20 to 100 units must provide BMP <br />units as determined by the following formula: <br />Number of BMP units = .225 (total # of snits) °2.5 <br />(4) All projects in excess of 100 units must provide a <br />number of BMP units equal to 20% of the market rate <br />units. <br />