2009-106 - Approving Agreement Of Purchase And Sale And Escrow Instructions For Acquisition Of 930 University Avenue (Apn 424-31-064)RESOLUTION 2009-10G
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
APPROVING AGREEMENT OF PURCHASE AND SALE AND ESCROW
INSTRUCTIONS FOR ACQUISITION OF
930 UNIVERSITY AVENUE (APN 424-31-064)
WI3EREAS:
A. In June 2007 Council approved the sale of a 13-acre Town-owned parcel located in Vasona Park (the
"Vasona Pack Property") to the County of Santa Clara fot• $6 million and the transfer to the Town of a .66 acre County-
owned parcel adjacent to Oak Meadow Pack, with both properties remaining in park use in perpetuity and with a
guarantee that the County will allow Billy Jones Raih•oad to continue to operate on County property. Pursuant to Council
direction, the proceeds from the sale, and all interest accruing thereof, are reserved for use in acquiring and developing
community and youth sports facilities,
B. Verizon Corporation owns a 2.7 acre property (APN 424-31-064) located at 930 University Avenue (the
"Property"), currently used as a corporation yard, which Verizon offered for sale on the open market.
C. The Property is entirely unconstrained for development of a multipurpose sports facility.
D. The Town's offer to acquire the property was tentatively accepted by Verizon Corporation, subject to
Council's approval of the Agreement of Purchase and Sale and Escrow Instructions attached hereto as Exhibit "A" and
incorporated herein by this reference.
E. Council wishes to complete the acquisition of the Property for purposes of developing a community and
youth sports facility consistent with prior direction given with regard to the use of the proceeds of the sale of the Vasona
Park I'ropet~ty.
12ESOLVED:
rhhe Agreement of Purchase and Sale and Escrow Instructions fot• Acquisition of 930 University Avenue is
approved and the Town Manager is hereby authorized to execute the agreement in substantially the form of Exhibit "A"
hereto.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los Gatos, California held
on the 215' day of September, 2009, by the following vote:
COUNCIL MFsMBEIZS:
AYES: Diane McNutt, Joe Pirzynslci, Steve Rice, Barbara Spector, Mayor Mike Wasserman
NAYS: None
ABSENT:
AB S' CAIN:
SIGNED: ~~~ ~ ~~~~ ~2 ~'`~~~
MAYOR OF TFIE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
CI,ERI kF' lN1ST'I:~yTOR OF THE TOWN OF LOS GATOS
I,OS GATOS, C«I.,II?oRNIA