1997-120-Execute Documents Required To Purchase And Sell A Below Market Price Housing Unit At 203 Palmer DriveRESOLUTION 1997 -120
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
AUTHORIZING THE TOWN MANAGER TO EXECUTE DOCUMENTS
REQUIRED TO PURCHASE AND SELL A BELOW MARKET PRICE
HOUSING UNIT AT 203 PALMER DRIVE
WHEREAS, the Town of Los Gatos Zoning Ordinance Sections 3.90. 100 through 3.90.135
establishes a Below Market Price (BMP) Housing Program to assist low and moderate income Los
Gatos citizens purchase homes at prices below market value.
WHEREAS, the Program requires construction of dwellings that persons and families of
moderate income can afford to buy or rent, and assures to the extent possible that the resale prices
of those dwellings and rents, if they are rented, will be within the means of persons and families of
low and moderate income.
WHEREAS, the Program helps the Town meet State mandated housing goals and is
governed by rules, procedures, and criteria outlined within Resolution 1992 -88; and
WHEREAS, Town Council has authorized the purchase and resale of a BMP unit at 203
Palmer Drive in accordance with Program procedures, and
NOW, THEREFORE, THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
DOES HEREBY RESOLVE THAT THE TOWN MANAGER IS AUTHORIZED TO
EXECUTE:
1) all documents required to purchase and sell the BMP housing unit at 203 Palmer Drive.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on the 20th day of October, 1997, by the following vote.
COUNCIL MEMBERS:
AYES: Randy Attaway, Steven Blanton, Jan Hutchins, Linda Lubeck,
Mayor Joanne Benjamin.
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED:
YOR OF THE TOWN!O LOS GATOS
LOS GATOS, CALIFORNI