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RESOLUTION 2012 -012 <br />RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS <br />FINDING THAT THE PROPERTY TRANSFER OF 612 AKA 626 W. PARR AVENUE, <br />FROM VILLA VASONA LTD TO HIGHLAND PROPERTY DEVELOPMENT LLC, <br />WILL CONTINUE TO FULFILL ALL OBLIGATIONS REQUIRED UNDER PLANNED <br />DEVELOPMENT ORDINANCE 1698 AND AUTHORIZING THE TOWN MANAGER <br />TO NEGOTIATE A NEW AGREEMENT. <br />WHEREAS, that in 1983 the Town of Los Gatos entered into an Agreement for <br />Disposition of Property with Villa Vasona Ltd. for the property at 612 aka 626 W. Parr Avenue; <br />and <br />WHEREAS, that in 1986 the Town Council adopted Ordinance 1698 to allow the <br />construction of 107 Section 8 senior apartments, including ten units for the physically <br />handicapped; and <br />WHEREAS, that Ordinance 1698 contains a provision that requires the Town Council to <br />make a finding that the purchaser is willing and able to fulfill the obligations under the 1983 <br />Agreement for Disposition of Property or any amendments thereto prior to any sale or transfer; and <br />WHEREAS, that in 1989 the Town of Los Gatos entered into a First Amendment to the <br />1983 Agreement for Disposition of Property because the property was transferred from Villa <br />Vasona Ltd. to PMG; and <br />WHEREAS, PMG intends to sell the property to Highland Property Development LLC; <br />and <br />WHEREAS, Seifel Consulting, Inc. conducted a thorough analysis of Highland Property <br />Development LLC and has found the company has both the experience and financial capacity <br />necessary to continue providing the housing services and meet the Town's expectations for the <br />affordability, upkeep, and management of the property; and <br />1 <br />