Loading...
2012-012 - Property transfer of 612 aka 626 Parr Ave from Villa Vasona Ltd. to Highland Property Development, continue to fill obligations under Ord 1698, authorize TM negotiate new agreementRESOLUTION 2012 -012 RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS FINDING THAT THE PROPERTY TRANSFER OF 612 AKA 626 W. PARR AVENUE, FROM VILLA VASONA LTD TO HIGHLAND PROPERTY DEVELOPMENT LLC, WILL CONTINUE TO FULFILL ALL OBLIGATIONS REQUIRED UNDER PLANNED DEVELOPMENT ORDINANCE 1698 AND AUTHORIZING THE TOWN MANAGER TO NEGOTIATE A NEW AGREEMENT. WHEREAS, that in 1983 the Town of Los Gatos entered into an Agreement for Disposition of Property with Villa Vasona Ltd. for the property at 612 aka 626 W. Parr Avenue; and WHEREAS, that in 1986 the Town Council adopted Ordinance 1698 to allow the construction of 107 Section 8 senior apartments, including ten units for the physically handicapped; and WHEREAS, that Ordinance 1698 contains a provision that requires the Town Council to make a finding that the purchaser is willing and able to fulfill the obligations under the 1983 Agreement for Disposition of Property or any amendments thereto prior to any sale or transfer; and WHEREAS, that in 1989 the Town of Los Gatos entered into a First Amendment to the 1983 Agreement for Disposition of Property because the property was transferred from Villa Vasona Ltd. to PMG; and WHEREAS, PMG intends to sell the property to Highland Property Development LLC; and WHEREAS, Seifel Consulting, Inc. conducted a thorough analysis of Highland Property Development LLC and has found the company has both the experience and financial capacity necessary to continue providing the housing services and meet the Town's expectations for the affordability, upkeep, and management of the property; and 1 WHEREAS, Highland Property Development LLC wants to rescind the 1983 Agreement for Disposition of Property and the First Amendment to the 1983 Agreement for Disposition of Property and negotiate a new Agreement that does not require them to pay property taxes and removes the Town's option to repurchase the property; and NOW, THEREFORE, THE TOWN COUNCIL OF THE TOWN OF LOS GATOS DOES HEREBY RESOLVE that Highland Property Development LLC is willing and able to fulfill the obligations of the 1983 Agreement for Disposition of Property and the First Amendment to the 1983 Agreement for Disposition of Property. FURTHER RESOLVED, by the Town Council that the Town Manager is authorized and directed to negotiate a new agreement, subject to Town review and approval, with Highland Property Development LLC on behalf of the Town of Los Gatos. PASSED AND ADOPTED at a regular meeting of the Town Council held on the 19th day of March, 2012, by the following vote: COUNCIL MEMBERS: AYES: Steven Leonardis, Diane McNutt, Joe Pirzynski, Barbara Spector, and Mayor Steve Rice NAYS: ABSENT: ABSTAIN: SIGNED: MAYOR OF THE TOWN OF LOS GATOS LOS GATOS, CALIFORNIA CLERK ADMINISTRATOR OF THE TOWN OF LOS GATOS LOS GATOS, CALIFORNIA 01