2004-121-Authorizing The Town Manager To Execute Purchase Agreements For Below Market Price Housing Program Units In Urgency Circumstances Authoring Related Budget Adjustments And Rescinding ResolutRESOLUTION 2004 -121
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 URGENCY CIRCUMSTANCES,
AUTHORIZING RELATED BUDGET ADJUSTMENTS,
AND RESCINDING RESOLUTION 2002-177
WHEREAS, the Town of Los Gatos Zoning Ordinance Sections 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 a variety of circumstances; and
WHEREAS, the Town wishes to ensure that :all BMP units remain in the BMP
Program, `and retain their affordability to 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
i
(BMP) Housing Program units. 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.
3) Resolution 2002-177 is hereby rescinded.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town
of Los Gatos, California, held an the 4~" day of October, 2004, by the foIlowing vote.
COUNCIL MEMBERS:
AYES: Sandy Decker, Diane McNutt, Joe Pirzynski, Mike Wasserman,
Mayor Steve Glickman.
NAYS : None
ABSENT.: None
ABSTAIN: None
SIGNED:
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
CLERK OF THE TOWN OF
LOS GATOS, CALIFORNIA
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