2014-056 - Authorize Sale of 576 W Parr Ave #23RESOLUTION 2014 -056
RESOLUTION OF THE TOWN COUNCIL
OF THE TOWN OF LOS GATOS
AUTHORIZING THE SALE OF A BELOW MARKET PRICE (BMP)
RENTAL UNIT LOCATED AT 576 W. PARR AVENUE,
LOS GATOS, CA, APN 406 -43 -057,
UNDER THE TERMS AND CONDITIONS OF THE
TOWN'S BMP HOUSING PROGRAM,
WHEREAS, the Town of Los Gatos Zoning Ordinance Sections 29.10.3000 through
29.10.2040 establishes a Below Market Price (BMP) Housing Program to assist low and moderate
income Los Gatos citizens purchase homes at prices below market value; and
WHEREAS, the residential condominium unit located at 576 W. Parr Avenue #23 was
purchased on August 15, 2006 for less than market value by the Town of Los Gatos and intended
for inclusion in the BMP Housing Program for eventual sale at a reduced sales price that is
affordable to lower income senior households; and
WHEREAS, the Town of Los Gatos maintained the unit as an affordable rental unit for a
low income senior tenant since the unit was acquired in 2006; and
WHEREAS, the residential unit is now vacant; and
WHEREAS, the need for homes that are affordable to lower income households in Los
Gatos continues to exist; and
WHEREAS, the Town has a desire to maintain its affordable housing stock in the BMP
inventory by selling this unit as a BMP unit that is affordable to lower income senior households.
NOW, THEREFORE, BE IT RESOLVED, that Town Council of the Town of Los
Gatos authorizes the sale of the BMP unit located at 576 W. Parr Avenue #23 under the terms and
conditions of the Town's BMP Housing Program Guidelines.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on the 19 °i day of August, 2014, by the following vote:
COUNCIL MEMBERS:
AYES: Marcia Jensen, Diane McNutt, Joe Pirzynski, Barbara Spector, Mayor Steven Leonardis
NAYS:
ABSTAIN:
SIGNED:
MAYOR OF THE TOWN OF-COS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
CLERK ADMINISTRATOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA