2002-177-Authorizing The Town Manager To Execute Purchase Agreements For Below Market Price Housing Program Units In Foreclosure And/Or Bankruptcy Proceedings And Authorizing Related Budget AdjustmentRESOLUTION 2002 -177
RESOLUTION OF THE TOWN COUNCIL, OF THE TOWN OF LOS GATOS
AUTHORIZING THE TOWN MANAGER TO EXECUTE PURCHASE .AGREEMENTS
FOR BELOW MARKET PRICE HOUSING PROGRAM UNITS
IN FORECLOSURE AND/OR BANKRUPTCY PROCEEDINGS
AND AUTHORIZING RELATED BUDGET ADJUSTMENTS
WHEREAS., the Town of Los Gatos Zoning OrdinanceSectons 29..10.3000 through
29.10:.3040 establish a Below Market Price (BMP) Housing Program to .assist low .and moderate
income Los Gatos citizens to purchase homes; and
WHEREAS, the BMP Program requires construction of dwellings that persons and
families of low and moderate income can afford to buy, and assures to the extent possible that the
resale prices of those dwellings will be within the means of persons .and families of low and
moderate income; and
WHEREAS, the Housing Element of the Town's General Plan states,, "If necessary,
the Town will exercise its `right of first refusal' to purchase BMP units which may have resale prices
that exceed low or moderate income affordability limits."; and
WHEREAS, occasionally BMP units come in danger of losing their affordability,
through foreclosure and/or bankruptcy proceedings; and
WHEREAS, the Town wishes to ensure BMP units in foreclosure and/or bankruptcy
proceedings remain in the BMP Program, and retain their affordabiltyto persons and families of low
and moderate income.
~~
NOW, THEREFORE, THE TOWN COUNCIL OF THE TOWN OF LOS
GATOS DOES HEREBY RESOLVE:
1) The Town Manager is authorized to execute purchase agreements for Below Market Price
(BMP) Housing Program units in foreclosure and/or bankruptcy,proceedings. This authority
shall be limited to those circumstances in which adequate time to request purchase authority
for a specific unit from Council is not available.
2) The Town Manager is authorized to make budget adjustments related to the execution of
such purchase agreements. Funds for purchases made under the authority of this Resolution
shall be taken from the BMP In-Lieu Fund.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town
of Los Gatos, California, held on the 4`" day of November, 2002, by the following vote,
COUNCIL MEMBERS:
AYES: Steven Blanton, .Sandy Decker, Steve Glickman, Joe Pirzynski,
Mayor Randy Attaway
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED:
MAYOR OF HE TOWN LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
~ ~~1 -tie. ~~~
CLERK OF THE TO~JVN OF LOS GATOS
LOS 'iJATOS, CALIFORNIA
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