Item 34 Staff Report Consider Adopting Resolution Authorizing Town Manager to Execute a Below Market Rate Agreement for the Terraces Located at 800 Blossom Hill RoadTOWN OF LOS GATOS
COUNCIL AGENDA REPORT
DATE: March 26, 1993
TO: MAYOR AND TOj6dAICOUNCI
FROM: TOWN MANAGER
COUNCIL AGENDA
DATE: 4-5-93
ITEM NO. Jett
SUBJECT: CONSIDER ADOPTING RESOLUTION AUTHORIZING TOWN MANAGER TO EXECUTE
A BELOW MARKET RATE AGREEMENT FOR THE TERRACES LOCATED AT 800
BLOSSOM HILL ROAD
RECOMMENDATION:
Adopt Resolution authorizing Town Manager to execute a Below Market Rate Agreement for the Terraces
located at 800 Blossom Hill Road.
BACKGROUND:
The requirement for Below Market Price units is included in the Terraces Planned Development (PD) overlay
ordained in Ordinance No. 1788. The Ordinance states, "At least twenty-nine of the independent living units
(20 percent) shall be Below Market Price units as defined by the Town Zoning Ordinance and General Plan."
(Section V., Item 7, Page 3). Higher density and taller buildings were approved by the Town Council in
exchange for the public good derived from Below Market Price (BMP) units.
DISCUSSION:
The attached resolution authorizes the Town Manager to execute an agreement with American Baptist
Homes of the West which stipulates elements of the Terraces BMP housing program implementation:
• Administration
• Monthly Service Fees
• Applicants
• Availability of Units
• Market
• Annual Review
FISCAL IMPACT:
None.
ENVIRONMENTAL ASSESSMENT:
Is not a project as defined under CEQA, and no further action is required.
PREPARED BY: Regina A. Fa
Community es Director
RAF:dr — 3/26/93 3:00 pm
CSD07:A: \CNCLRPTS\terrac.bmp File #
ATTACHMENT: 1. Resolution
DISTRIBUTION: David B. Ferguson, American Baptist Homes of the West, 400 Roland Way,
Oakland, CA 94621-2031
Reviewed by:
Attorney
Clerk Finance Treasurer
COUNCIL ACTIN ACTION DIRECTED TO:
1
RESOLUTION
RESOLUTION OF THE TOWN COUNCIL
OF THE TOWN OF LOS GATOS
AUTHORIZING THE TOWN MANAGER TO EXECUTE A
BELOW MARKET RATE AGREEMENT WITH
AMERICAN BAPTIST HOMES OF THE WEST
FOR THE TERRACES, 800 BLOSSOM HILL ROAD
WHEREAS, the requirement for Below Market Price units is included in the
Terraces Planned Development (PD) overlay ordained in Ordinance No. 1788; and
WHEREAS, the attached agreement (Exhibit A) with American Baptist
Homes of the West stipulates elements of the Terraces BMP housing program
implementation;
NOW, THEREFORE, THE TOWN COUNCIL OF THE TOWN OF LOS
GATOS DOES HEREBY RESOLVE AS FOLLOWS: Authorize the Town Manager to
execute an Below Market Rate Agreement with American Baptist Homes of the West for
the Terraces.
PASSED AND ADOPTED at a regular meeting of the Town Council of the
Town of Los Gatos, California, held on the 5th day of April, 1993, by the following vote:
COUNCIL MEMBERS:
AYES:
NAYES:
ABSENT:
ABSTAIN:
SIGNED:
ATTEST:
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
CLERK OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
CSD08:A: \ RESOS\ CS040593. R00
TOWN CLEF:K
AGR: 9.3S
REC:
AGREEMENT BETWEEN AMERICAN BAPTIST HOMES OF THE WEST,
INC. AND THE TOWN OF LOS GATOS RELATING TO BELOW MARKET
PRICE HOUSING AT THE TERRACES
American Baptist Homes of the West, Inc., (hereinafter "ABHOW'), doing business
as the Terraces of Los Gatos, enters into this Agreement with the Town of Los Gatos
(hereinafter 'Town") to provide housing and services at reduced rates to eligible senior
citizens as part of the Terraces program.
The Terraces of Los Gatos is a Licensed Residential Care Facility for the Elderly
and a Continuing Care Retirement Community regulated by the State of California.
ABHOW agrees to provide and rent 29 Below Market Price (hereinafter "BMP") units to
eligible senior citizens. As used in this Agreement, "senior" means persons aged 62 or
older.
1. ADMINISTRATION
ABHOW will retain administrative control and responsibility of the program
provided for in this Agreement as required by company policy and developed to meet the
demand of Federal Conditions of Participation in Medicare as a certified provider.
ABHOW will administer the BMP units in compliance with this Agreement and its Exhibit
A, and the following sections of the Town's current Resolution Specifying Rules, Procedures
and Criteria for the Town's BMP housing program:
•
I.B. Applicant Priority
I.C. Confidentiality
M.A. Applicant Eligibility
III.C. Tenant Selection
A copy of the current Resolution is attached hereto and made a part of this Agreement as
Exhibit B.
2. BELOW MARKET PRICE MONTHLY SERVICE FEES
The initial BMP monthly service fees are specified in the attached Exhibit A which
is made a part of this Agreement. These fees are determined by subtracting the percentage
Page 1 of 3
of subsidy as specified in this Agreement from the market rate monthly service fees for
units at the Terraces. The monthly service fees includes both service and shelter elements.
ABHOW agrees to rent 29 units located at the Terraces at the BMP monthly service fees
as specified in this Agreement. Said units shall be rented to eligible senior citizens in
accordance with the standards provided in this Agreement.
The market rate monthly service fees shall be reduced in the percentage specified
below to determine the amount of the below market price monthly service fees. These
percentages may not be decreased.
Alcove 12.5 percent
1 Bedroom/1 Person 18.2 percent
1 Bedroom/2 Persons 14.7 percent
Also see Exhibit A.
3. APPLICANTS
Except as otherwise provided in this Agreement, to receive consideration for the
BMP units, all applicants must meet the admissions criteria set for all other applicants at
the Terraces and must be able and willing to enter into a Continuing Care Agreement.
In order to be eligible, applicants for the BMP units must have an annual household
income of 80 percent or less of the Metropolitan San Jose's median income as defined by
the U.S. Department of Housing and Urban Development.
4. AVAILABILITY OF UNITS
In accordance with the Town's approval of the project, ABHOW will make available
and shall rent 29 Alcove and/or 1 bedroom units as BMP units. Twenty-nine units is 20
percent of the market rate units constructed at the Terraces project. If ABHOW is unable
to rent a BMP unit to a qualified individual or individuals after best efforts have been
made to do so for a period of not less than 90 days, the unit may be rented at the market
rate so long as the next vacant unit is then designated a BMP unit and best efforts to find
a qualified individual for the BMP unit are made for at least 90 days. If more than one
Page 2 of 3
BMP unit is filled by a market rate tenant, then all new vacancies will be designated BMP
units until 29 units are designated as BMP units. Temporary vacancies due to temporary
assignment to the Assisted Living or Nursing Facilities will not count as vacancies to be
designated BMP units.
Refusal to accept a specific unit by an eligible BMP applicant will not prejudice the
applicant's place on a waiting list.
5. MARKETING
ABHOW will market all units.
6. ANNUAL REVIEW
ABHOW will submit an annual summary of occupancy and activity in the BMP
program to the Town's Director of Community Services. The Town will monitor the BMP
program at the Terraces every six months during the first two years after the date this
Agreement is entered into and will monitor the Terraces BMP program annually thereafter.
ABHOW will notify the Town whenever the total BMP unit count falls below 29 and will
inform the Town of efforts to increase the waiting list. ABHOW will also notify the Town
of new vacancies to be designated as BMP units. ABHOW will notify the Town 60 days
prior to any increase in the market rate monthly service fee and the BMP monthly service
fee.
Dated: 3/% 1 13 Amican Baptist Homes of the West, Inc.
avid B. F n
Executive i resident
Dated: Town of Los Gatos
CSD 14:A: \CONTRACT\TERRACESAG R
David W. Knapp
Town Manager
Page 3 of 3
EXHIBIT A
The Terraces of Los Gatos Below Market Price Program
Alcove
0ne Bedroom Double 0cc.
Market Rate MSF* 1,440 1,650 2,180
Service Element Price 585 615 1,145
Shelter Element Price 855 1,035 1,035
* Monthly Service Fee
Federal Guidelines to determine applicant eligibility
1992-93 HUD income levels for Metropolitan San Jose @ 80 percent of median
income:
Single Person $27,000
Couple $30,900
Maximum Shelter Price
Single Person
Couple
Shelter Element Price
Maximum Shelter Price
Raw Differential
BMP Monthly Subsidy
(27,000 x 33% /12) $743
(30,900 x 33% /12) $850
BMP Monthly Service Fee
Subsidy as Percentage of Market
Rate MSF.
CSDI4:A:\contract\Am.rBapt.fin
Alcove One Bedroom Double 0cc.
855 1,035 1,035
743 743 850
112 292 185
180 300 320
1,260 1,350 1,860
12.5% 18.2% 14.7%
EXHIBIT B
. RESOLUTION 1992-88
RESOLUTION OF THE TOWN COUNCIL
OF THE TOWN OF LOS GATOS
SPECIFYING RULES, PROCEDURES AND CRITERIA
FOR THE TOWN'S BELOW MARKET PRICE HOUSING PROGRAM
THIS resolution establishes the rules, procedures and criteria that will be used to
administer the BMP Housing Program as requested pursuant to Zoning Ordinance Sections
3.90.100 through 3.90.135.
RESOLVED:
GENERAL PROVISIONS
A. Every multifamily rental dwelling project at the time of building permit, every
residential condominium or planned development residential subdivision at
the time of subdivision, and every community apartment project and every
residential stock cooperative apartment or unit project at the time of
subdivision if the transaction involves subdivision, or at the time of sale, if it
does not, shall contain one or more BMP dwellings according to the rules
listed below with the following exception: Any planned development with an
underlying zone of HR, shall only be required to pay an in -lieu fee as
established by section F of this resolution.
1. Projects containing five or more but fewer than twenty market rate
units must provide a number of BMP units equal to 10 percent of the
number of market rate units.
2. Projects which include 20 to 100 market rates units must provide BMP
units as determined by the following formula:
Number of BMP units = .225 (total # of market rate units) - 2.5
3. All projects in excess of 100 market rate units must provide a number
of BMP units equal to 20 percent of the market rate units.
CS008:.:\RESOS\CS051892.R88
-1-
4. Whenever the calculations of below market price units result in a
fraction of one-half or more, the number of units to be reserved is
increased to the next whole number.
B. Applicant Priority
Point system to establish applicant rating and ranking.
Six points:
(i) Senior citizens who reside in the Town at the time of application
and have lived in the Town for at least the prior two years. A
senior citizen is defined as any person 62 years of age or older
at time of application or married couples living together when
at least one spouse is 62 years of age or older at time of
application.
(ii) Salaried Town employees as defined in the Town's Personnel
Rules, who have been employed by the Town for a period of
no less than 12 months prior to the time of application.
(iii) Senior Citizens who have lived in the Town for at least two
years and have moved out of the Town within the last five years
prior to the time of application.
(iv) Handicapped persons who reside in the Town at the time of
application and who have lived in the Town for at least the prior
two years.
(v) Households which are required to relocate their residence as
a result of Council action.
Five points:
Single heads of household with dependent children who reside
in the Town at the time of application and have lived in the
Town for at least the prior two years.
Four points:
Persons who live in the Town of Los Gatos at time of
application and who have lived in the Town at least the prior
CS008:s:\RESOS\CS051892.R88
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two years.
Three points:
Persons who work in the Town of Los Gatos at time of
application and have worked in the Town for at least the prior
two years.
Two points:
Households who have lived in the Town for at least 10 years and
have moved out within the last five years prior to the time of
application.
One point:
Households who live or work within Santa Clara County at the
time of application and are eligible according to family size and
income criteria.
Household size is worth two points per person. Applicants will
be ranked according to total points and must have at least one
point to be eligible for consideration.
2. Household Size/Unit Size:
The objective of the BMP Housing Program is to maximize the number
of people who may benefit from the BMP housing units. Applications
for any unit will first be prioritized according to the point system above
and then in order of household size.
C. Confidentiality
Client information is confidential and not considered public information
except for statistical information on the BMP units and general demographic
information on the buyers and renters of BMP housing units. Through
implementation of the BMP program the Town is attempting to provide a
supply of low -moderate income housing not to set the occupants of such
housing apart from the general community, attaching a stigma to the
occupants. Furthermore, no public interest is served by disclosure of this
information. The address of the projects containing BMP units (not the
CSOO8:a:\RESOS\Cs051892.R88
- 3 -
individual units) nlay be provided as well as a range of sales prices.
II. OWNER OCCUPIED UNITS
A. Applicant Eligibility
1. Household Income:
Income limits are set according to household size and range from 80
percent - 120 percent of the Santa Clara County Median Income, as
determined by the Federal Department of Housing and Urban
Development. Current income guidelines are attached as Exhibit A.
2. Buyer Qualification:
a. A buyer's qualification is determined by the family's ability to
make the monthly payments for the unit. The monthly housing
cost shall include_ the following factors:
Unit Price
Current Lending Rates
Estimated Taxes
Estimated Insurance Costs
Homeowner's Fees
Other expenses as determined necessary by the lender.
b. All persons must qualify for their own mortgage without
assistance from the Town. Qualifications must include the
ability to pay taxes, insurance, closing costs and any homeowner
association fees in addition to the mortgage.
c. For a resale unit, the closing costs and title insurance shall be
shared by the buyer and seller in a manner consistent with the
previous sale/purchase of the unit. For a new unit, the fee shall
be shared by the Town from the in -lieu fees, and the buyer.
B. Buyer Selection
1. Applications determined to be eligible according to Section II. A. will
be prioritized in accordance with the point system described in Section
I.B.
CS008:i:\PESOS\C5051892.R88
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2. A lottery will be used to rank each qualified applicant in the case of
a tie.
3. An applicant has two opportunities to refuse a unit before being
removed from the current applicant pool.
4. Applicants who do not qualify for a particular project shall retain their
eligibility.
5. The highest ranked applicant must obtain pre -approval for a loan
within one week after notification of its eligibility to purchase the unit.
The applicant must submit documentation of loan approval within
four weeks of notification of its eligibility to purchase the unit.
C. Determination of Initial Selling Price
1. The initial sales price of the unit will be determined by consultation
between the Town Manager or delegate and the developer within the
price range outlined in Exhibit B, "Initial Selling Price." The Manager
is authorized to approve changes in specifications to lower the price
of the BMP units which do not violate any Town code or ordinance
requirements, such as changes in carpeting, lighting fixtures, etc. The
initial price will be set by a BMP price agreement, which must be
signed by the Town Manager and the developer prior to the Planning
Commission review of the project.
2. The initial price of a unit may include direct construction costs and
may include a proportionate share of the costs of providing utility
services, required on -site improvement, financing and premium points,
loan standby fees, landscaping and parking, provided that the price
shall not exceed an amount which will allow a range of qualified buyers
(as defined above) to purchase a unit.
3. The initial price shall not include cost of land, builder's profit,
marke . costs, planning, promotional or advocacy expenses, options
prelimin drawings, preparing working drawings and specifications,
off -site improvements, public agency fees, bonds, insurance, recreational
CSO08:.:\RESOS\CS051892.R88
-5-
facilities and engineering and architectural fees related to construction.
4. The range in which the initial selling price shall be set will be
determined through completion of the following calculation on an
annual basis (See Exhibit B):
a. Calculation of the Housing Multiplier
i. Determination of Total Housing Cost
Sales Price - 10 percent down payment = mortgage
+ Annual Debt Service
+ Taxes
+ Homeowners Fees
+ PMI
= Total Housing Cost
ii. Determination of Minimum Household Income
Assume 30 percent of household income to go towards
housing:
Total Housing Cost/.30 = Minimum household income
iii. Determination of Multiplier
Sales Price/Minimum Household Income = Multiplier
b. Initial Sales Price Ranges
Minimum and maximum sales prices are established by
completing the following formula for a range of family sizes:
Income (80, 100, and 120 percent of median income) x
multiplier = sales price.
D. Deed Restrictions
1. All Below Market Price dwelling units must be owner -occupied except
as noted in 2. below.
2. Owners of Below Market Price dwelling units are not permitted to
lease, rent, sublet, or otherwise assign their interest in the property,
except that the property may be leased for a maximum of 12 months
within a 10-year period. Tenants will be limited to persons whose
CSD08:4:\RESOS\CSOS1892.1488
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annual income is less than 80 percent of the County's Median Income
as defined by the Federal Department of Housing and Urban
Development. Priority will be given to those households whose income
is less than 50 percent of the median income as defined by H.U.D.
Income guidelines determined by H.U.D. are set forth in Exhibit A.
Rents will be restricted to thirty percent of the maximum H.U.D.
income for low income households. Household size will be assumed
as follows: studio and one bedroom -1 person; two bedrooms - 3
persons; three bedroom - 4 persons. All leases must be arranged
through the Town or its designee and the Owner must accept qualified
tenants.
3. In order to lease a unit under the terms of 2. above, the owner must
still be qualified within the income limits of the Below Market Price
Program in effect at the time of the lease, otherwise the owner must
sell the unit.
4. The Town has the right of first refusal on the sale of the BMP units.
The Town must exercise its right of refusal within six months from
notice of availability of a unit. The developer has second right of
refusal on first sale of all new units if the Town is unable to find a
buyer.
5. Resale provisions are provided in Section E. below.
E. Resale of Units
1. If the owner elects to sell his/her unit, the Town must be notified.
2. When a Below Market Price dwelling unit becomes available for resale,
the owner must allow the Town to set the resale price and make the
unit available to other program applicants.
3. The Town, after receiving a recommendation from the Agent will
determine the resale price in accordance with the deed restriction
recorded on the property.
4. Agent notifies the next qualified buyer in the application pool.
CSDO8:a:\RESOS\CS051892.R88
-7-
F. In -Lieu Fees
1. Establishment of Fee:
Projects 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 the requirements
in Section I.A. Hillside Planned Developments with five or more
residential building sites shall require the payment of an in -lieu fee.
The fee shall be equal to the amount of six percent of the building
permit valuation for the project. The total building permit valuation
is determined by the chief building official.
2. Fees will be paid prior to or at close of escrow of each unit.
3. In -lieu fees will be deposited into the Town's Affordable Housing
Fund. Funds will be used, in part, for administration of the program.
Applications/recommendations for use of remaining funds will be
reviewed as received. Possible use of the funds include, but is not
limited to, the following:
landbanking
writing down the cost of owner occupied units to make them
-affordable to low/moderate income households
purchasing rental units for renting to eligible tenants
III. RENTAL UNITS
A. Administration
The program shall be administered by the Town or its designee.
B. Applicant Eligibility
1. Household Income:
In order to be eligible, applicants must have a household income
under 80 percent of the County's median income as defined by the
Federal Department of Housing and Urban Development. (See
Exhibit A, attached.)
2. Ability to ay Rent
A tenant's ability to pay monthly rent will also be considered in
CS008:4:\RESOS\CS051892.R88
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determining tenant eligibility.
-C. Tenant Selection
1. Applications determined to be eligible according to paragraph B,
above, will be prioritized in accordance with the point system
established in Section I.B. of this resolution.
2. If necessary, a lottery will be used to rank each qualified applicant in
the case of a tie.
3. An applicant has two opportunities to refuse a unit before being
removed from the current applicant pool.
D. Management
1. BMP rental units shall be managed in the same manner as other units
in the development.
2. Tenants are eligible to receive conciliation and mediation services
provided through the Town's Rental Mediation Program except as they
regard rent increases.
E. Unit Rents
Tenants will be limited to persons whose annual income is less than 80
percent of the County's Median Income as defined by the Federal Department
of Housing and Urban Development. Priority will be given to those
households whose income is less than 50 percent of the median income as
defined by H.U.D. Income guidelines determined by H.U.D. are set forth in
Exhibit A. Rents will be restricted to thirty percent of the maximum H.U.D.
income for low income households. Household size will be assumed to be as
follows: studio and one bedroom - 1 person; two bedrooms - 3 persons; three
bedrooms - 4 persons.
F. Annual Review
If a tenant's income increases so that it falls between 80 and 100 percent of
the County's Median income, then their rent will be set at 30 percent of their
annual income; and, the unit shall still be considered a BMP Rental Unit.
However, if a tenant's income exceeds 100 percent of the median, the rent will
CSD08:a:\RESOS\C5051892.R88
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be at market rater in this latter case, the unit will no longer be a BMP unit
and the next available unit must be rented to an eligible household so that
the number of subsidized units remains the same.
FURTHER RESOLVED, that Resolution 1990-213 is repealed
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town
of Los Gatos held on the 18th day of May, 1992 by the following vote:
COUNCIL MEMBERS:
AYES:
Randy Attaway, Joanne Benjamin, Steven Blanton,
Brent N. Ventura, Mayor Eric D. Carlson
NAYES: None.
ABSENT: None.
ABSTAIN: None.
SIGNED:
ATTEST:
is/ Eric D. Carlson
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
is/ Marian V. Cosgrove
CLERK OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
CS008:i:\RESOS\CS051892.R88
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EXHIBIT A
CURRENT INCOME GUIDELINES
DETERMINED BY
FEDERAL DEPARTMENT OF HOUSING & URBAN DEVELOPMENT
REVISED 4/17/91
X OF MEDIAN
50 80 100 120
Persons
In
Household
1 20200 26600 40400 48500
2 23100 30400 46700 55450
3 25950 34200 51900 62300
4 28850 38000 57700 69200
5 31150 41050 62300 74800
6 33450 44100 66900 80300
7 35750 47100 71500 85800
8 38100 50150 76200 91400
Revised Guidelines, Incorporated into
Resolution: 1986-45
Date: 4/6/86
Revised through Resolution 1988-45
Date: 2/6/88
Revised through Resolution 1989-53
Date: 4/24/89
Revised through Resolution 1990-213
Date: 10/15/90
Revised through Resolution 1992-88
Date: 5/18/92
CSDOI:A:\reports\GUIDELIN.MUD
1
EXHIBIi'=B
INITIAL SALES PRICE RANGES
1. Calculation of the Housing Multiplier
To calculate the initial sales price ranges the Town of Los Gatos
multiplies the current income guidelines (determined by the Federal
Department of Housing and Urban Development) by 2.28.
Assumptions:
a.
* Loan:
* Private Mortgage Insurance:
* Underwriting Ratio:
Determination of Total Housing Cost
Sales Price
10% down
Annual Debt Service
(12%, 30 Years)
Taxes (rate of 1.15%)
Homeowners Fees ($100 mo.)
PMI (Private Mortgage Ins.) .44X
Total Housing Cost
b. Determination of Minimum Household
Income
c.
Total Housing Cost
0.3
Determination of Multiplier
Sales Price
Minimum Household Income
Average multiplier — 2.28
12%, 30 Year
.44% of Loan Amount
Total housing cost no more than 30%
of total income
EXAMPLE A EXAMPLE B
$130,000 $50,000
- 13.000 - 5.000
$117,000 $45,000
$12,969 $ 4,988
1,495 575
1,200 1,200
515 198
$16,179 $ 6,961
EXAMPLE A
EXAMPLE B
S16.179 S6.961
0.3 — $ 53,930 0.3 — $23,203
EXAMPLE A
$130.000
53,930 — 2.41
EXAMPLE B
S50.000
23,203 — 2.15
-2-
2. Initial Sales Price Ranges
The following chart reflects the sales prices affordable for families at
80, 100, and 120 percent of the County median. (Income X 2.28 - Sales
price).
SALES PRICES
Household Size 80X 10O% 12O%
1 60,648 92,112 110,580
2 69,312 106,476 126,426
3 77,976 118,332 142,044
4 86,640 131,556 157,776
5 93,594 142,044 170,544
6 100,548 152,532 183,084
7 107,388 163,020 195,624
8 114,342 173,736 208,392
RECOMMENDED SALES PRICE RANGE
Unit Size
Studio 1-2 People $60,648 to $110,580
1 Bedroom 60,648 to 126,426
2 Bedroom 69,312 to 157,776
3 Bedroom 86,640 to 183,084
4 Bedroom 93,594 to 208,392
Revised Guidelines, Incorporated into Resolution 1986-45
Date: 4/7/86
Revised through Resolution 1989-53
Date: 4/24/89
Revised through Resolution 1990-213
Date: 10/15/90
Revised through Resolution 1992-88
Date:5/18/92
CS001:A:\HOUSING\SISPRICE.RNG
RESOLUTION 1993-49
RESOLUTION OF THE TOWN COUNCIL
OF THE TOWN OF LOS GATOS
AUTHORIZING THE TOWN MANAGER TO EXECUTE A
BELOW MARKET RATE AGREEMENT WITH
AMERICAN BAPTIST HOMES OF THE WEST
FOR THE TERRACES, 800 BLOSSOM HILL ROAD
WHEREAS, the requirement for Below Market Price units is included in the
Terraces Planned Development (PD) overlay ordained in Ordinance No. 1788; and
WHEREAS, the attached agreement (Exhibit A) with American Baptist
Homes of the West stipulates elements of the Terraces BMP housing program
implementation;
NOW, THEREFORE, THE TOWN COUNCIL OF THE TOWN OF LOS
GATOS DOES HEREBY RESOLVE AS FOLLOWS: Authorize the Town Manager to
execute an Below Market Rate Agreement with American Baptist Homes of the West for
the Terraces.
PASSED AND ADOPTED at a regular meeting of the Town Council of the
Town of Los Gatos, California, held on the 5th day of April, 1993, by the following vote:
COUNCIL MEMBERS:
AYES: Randy Attaway, Steven Blanton, Linda Lubeck, Patrick O'Laughlin,
Mayor Joanne Benjamin
NAYES: None.
ABSENT: None.
ABSTAIN: None.
SIGNED: /s/ Joanne Benjamin
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
PEST:
/s/ Marian V. Cosgrove
CLERK OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
CSD08:A:\RESOS\CS040593. R49
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April 5, 1993
Los Gatos, California
SKATEBOARDING CONT.
Motion by Mr. Blanton, seconded by Mrs. Lubeck, to continue this item to April 19, 1993, at
which time it shall return as an urgency ordinance with a map delineating the area under
restriction. (C-2 Zone and public parking lots) The businesses impacted by the ordinance will
be notified and allowed input into the formulation of the ordinance and its boundaries. Carried
by a vote of 4 ayes. Mr. O'Laughlin was absent.
SIGN REQUIREMENTS/SPECIAL EVENTS/ZONING AMENDMENT (32.46)
Motion by Mr. Attaway, seconded by Mrs. Lubeck, that Council initiate an amendment to the
zoning ordinance and refer to the Planning Commission for hearing. Ordinance would restrict
to one the display of temporary signs for all special events whether or not a special events permit
is required. Carried by a vote of 4 ayes. Mr. O'Laughlin was absent.
GEOGRAPHIC INFORMATION SYSTEM/GIS/PERMIT TRACKING SYSTEM (33.28)
Motion by Mr. Attaway, seconded by Mr. Blanton, that Council approve purchase of 'Tier II"
"Permits"/GIS software and support. Carried by a vote of 4 ayes. Mr. O'Laughlin was absent.
Motion by Mr. Attaway, seconded by Mr. Blanton, that Council increase Building/Engineer
Capital Purchase budget 3420-77000 by $66,670. Carried by a vote of 4 ayes. Mr. O'Laughlin
was absent.
Motion by Mr. Attaway, seconded by Mr. Blanton, that Council increase miscellaneous revenue
100-48609 by $14,800 - San Jose Water Refund. Carried by a vote of 4 ayes. Mr. O'Laughlin
was absent.
Motion by Mr. Attaway, seconded by Mr. Blanton, that Council decrease the accounts by the
amounts stated in the Council report. Carried by a vote of 4 ayes. Mr. O'Laughlin was absent.
Council consensus to direct staff to prepare contracts for approval at april 19, 1993 Council
meeting.
BLOSSOM HILL ROAD 800/THE TERRACES/BELOW MARKET RATE/AGREEMENT
RESOLUTION 1993-49 (34.19)
Motion by Mr. Attaway, seconded by Mrs. Lubeck, that Council adopt Resolution 1993-
entitled, RESOLUTION OF THE TOWN OF LOS GATOS AUTHORIZING THE TOWN
MANAGER TO EXECUTE A BELOW MARKET RATE AGREEMENT WITH AMERICAN
BAPTIST HOMES OF THE WEST FOR THE TERRACES, 800 BLOSSOM HILL ROAD.
Carried by a vote of 3 ayes. Mr. O'Laughlin was absent. Mr. Blanton abstained due to the fact
that his living directly across the street from the project poses a possible conflict of interest.
ADJOURNMENT
Motion by Mr. Attaway, seconded by Mrs. Lubeck, to adjourn this meeting at 9.33 p.m. to Closed
Session to discuss McNelly v. the Town and Significant Exposure to Litigation as announced at
the beginning of this evening's meeting in the Closed Session report. Carried by a vote of 4
ayes. Mr. O'Laughlin was absent.
A 1"1'EST:
Marian V. Cosgrove
Town Clerk
TC: D5: MM040593
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