Desk Item
PREPARED BY: ROBERT SCHULTZ
Town Attorney
Reviewed by: Town Manager, Assistant Town Manager and Finance Director
110 E. Main Street Los Gatos, CA 95030 ● 408-354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
TOWN COUNCIL REPORT
MEETING DATE: 11/06/2018
ITEM NO: 11
DESK ITEM
DATE: NOVEMBER 6, 2018
TO: MAYOR AND TOWN COUNCIL
FROM: ROBERT SCHULTZ, TOWN ATTORNEY
SUBJECT: ADOPT A RESOLUTION APPROVING THE PURCHASE AND SALE
AGREEMENT FOR THE SALE OF TOWN-OWNED PROPERTY LOCATED ON
WINCHESTER BOULEVARD AT LARK AVENUE, APN 424-31-055,
AUTHORIZING THE TOWN MANAGER TO EXECUTE ALL DOCUMENTS
NEEDED TO COMPLETE THE TRANSACTION IN A FORM ACCEPTABLE TO
THE TOWN ATTORNEY, AND AUTHORIZE A REVENUE BUDGET
ADJUSTMENT IN THE AMOUNT OF $1,905,000 TO RECOGNIZE THE SALE
REVENUE.
REMARKS:
After the distribution of the Council Report, a Council member inquired as to what account(s) the
Town staff recommends depositing the sales proceeds when received.
Staff recommends that Town Council establish a new Surplus Property Revenue General Fund
Assigned Reserve and place the Winchester Land proceeds in this reserve. The establishment of
this new Reserve can occur as part of the same motion to adopt the resolution.
The Town Council would identify and decide the ultimate use of the funds through budget
appropriation(s) at a later date. For example, the Town Council may appropriate some or all of
this reserve through a budget adjustment or as part of the Town Council’s consideration of next
year’s proposed Operating and/or Capital Budgets.
Attachment previously received with the November 6, 2018 Staff Report:
1. Draft Resolution with Exhibit A, Draft Purchase and Sale Agreement