1986-056-Amending The Housing Element Of The General Plan With Respect To The Below Market Price ProgramRESOLUTION NO. 1986 -56
TOWN OF LOS GATOS
TOWN COUNCIL
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
AMENDING THE HOUSING ELEMENT OF THE
GENERAL PLAN WITH RESPECT TO
THE BELOW MARKET PRICE PROGRAM
WHEREAS, pursuant to Government Code Section 65355, The Town Council of the
Town of Los Gatos conducted a public hearing for consideration of amendments to the
Housing Element of the Los Gatos General Plan on February 3, 1986, February 18,
1986, and April 7, 1986, for preparation of this resolution.
WHEREAS, during these hearings, the Town Council considered all of the items shown
in Resolution No. 86 -2 of the Planning Commission.
RESOLVED: The Town Council finds the amendments will maintain internal
consistency throughout the General Plan.
FURTHER RESOLVED: The Town Council hereby makes the negative declaration;
FURTHER RESOLVED: The Town Council adopts the following amendment to the
adopted, existing Los Gatos General Plan:
Amending Section 3.0 Housing Element, 3.6 Implementation, Subsection l.b, as
follows:
3.6 IMPLEMENTATION
b. Below Market Price (BMP)
All residential developments with five or more but less than 20 units must provide a
number of Below Market Price (BMP) units equal to 10% of the number of market rate
units. Residential developments with five or more but less than ten units may pay a
fee in lieu of building a BMP unit in order to comply with this requirement. All
residential developments with from 20 to 100 units must provide BMP units as
determined by the following formula:
Number of BMP units = .225 (total # of units) -2.5
All residential developments in excess of 100 units must provide a number of BMP
units equal to 20% of the number of market rate units. In determining the density
of the development, the BMP units shall not be counted.
PASSED AND ADOPTED at a regular meeting of the Town
Council of the Town of Los Gatos held on the 21 day of April ,
1985, by the following vote:
AYES: COUNCIL MEMBERS Thomas J. Ferrito, Brent N. Ventura and
Mayor Terrence J. Daily.
NOES: COUNCIL MEMBERS None
ABSTAIN:
COUNCIL
MEMBERS
Joanne
Benjamin
ABSENT: ` "COUNCIL
MEMBERS
Eric D.
Carlson
SIGNED: '
MAYOR OF O OF LOS OS
ATTEST:
TU RAF ;THE TOWN OOLOS MIPS
ZONIN:GP- 85 -2 #3
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