Ord 1687 - AN ORDINANCE OF THE TOWN OF LOS GATOS AMENDING CHAPTER 3.90 OF THE ZONING ORDINANCEORDINANCE NO. 1687
AN ORDINANCE OF THE TOWN OF LOS GATOS AMENDING
CHAPTER 3.90 OF THE ZONING ORDINANCE
RELATING TO THE BELOW MARKET
PRICE PROGRAM
THE TOWN COUNCIL ORDAINS:
SECTION 3.90.120 is amended to read:
SECTION I.
SEC. 3.90.120: SCOPE
Every residential condominium or planned development residential
subdivision at the time of subdivision, and every community
apartment project and every residential stock cooperative
apartment or unit project at the time of subdivision if the
transaction involves subdivision, or at the time of sale, if it
does not, shall contain one or more BMP dwellings according to
the following rules:
(1) Projects containing five or more but less than 20 units
must provide a number of BMP units equal to ten percent
of the number of market rate units.
(2) Projects with five or more but less than ten units may
pay a fee in lieu of building a BMP unit in order to
comply with this requirement.
(3) Projects with from 20 to 100 units must provide BMP
units as determined by the following formula:
Number of BMP units = .225 (total # of snits) °2.5
(4) All projects in excess of 100 units must provide a
number of BMP units equal to 20% of the market rate
units.
(5) Whenever the calculations of below market price units
result in a fraction of one -half or more the number of
units to be reserved is increased to the next whole
number.
SECTION II.
This ordinance takes effect 30 days after the date it is adopted.
Within 15 days after this ordinance is adopted the Town Clerk shall cause
it to be published once in a newspaper of general circulation published
and circulated in the Town.
This ordinance was introduced at a regular meeting
of the Town Council of the Town of Los Gatos on July 14th , 1986
and adopted by the following vote as an ordinance of the Town of Los Gatos
at a regular meeting of the Town Council on August 4th , 1986.
AYES: COUNCILMEMBERS Thomas J. Ferrito, Brent N. Ventur
and Mayor Terrence J. Daily
NOES: COUNCILMEMBERS None
ABSTAIN: COUNCILMEMBERS Joanne BenJamin
ABSENT: COUNCILMEMBERS Eric D. Carlson
SIGNED: iv
MAYOR OF THE TOWN OF LOS 6ATOS
ATTEST:
CLERK OF THE TOWN OF LOS GATOS
ZONIN(A- 86- 3 /pg.1&2)