137 Bersano Lane1 WN pE.
.41
!ps•�Aj�S COUNCIL AGENDA REPORT
DATE: September 26, 2012
TO: MAYOR AND TOWN COUNCIL
FROM: GREG LARSON, TOWN MANAGER
MEETING DATE: 10/1/12
ITEM NO: H
SUBJECT: AUTHORIZE THE TOWN MANAGER TO PROCEED WITH THE RE- PURCHASE
OF PRIVATE PROPERTY SUBJECT TO AN EXISTING BELOW MARKET PRICE
(BMP) FIRST RIGHT OF REFUSAL OPTION AT 137 BERSANO LANE, LOS
GATOS, CA - APN 424 -29 -054.
RECOMMENDATION:
Authorize the Town Manager to proceed with the re- purchase of residential property located at 137
Bersano Lane, Los Gatos, CA subject to an existing Below Market Price (BMP) first right of refusal
subject to price and terms established by Council as authorized in Closed Session.
BACKGROUND:
Before entering into discussions (for the sale or acquisition of real property), State law requires that the
Town identify its negotiators, the real property which the negotiations may concern, and the persons
with whom the negotiators may negotiate. The purpose of this report is to inform the community of the
Town's intentions to potentially exercise an option right to re- purchase residential property under the
BMP program.
DISCUSSION:
With Council approval, staff will proceed with exercising the Town's first purchase right as allowed by
the existing recorded agreement. Negotiations for sale or purchase of properties may be the subject of
future Closed Session meetings. Although the Town Manager will serve as the chief negotiator, it is
likely that he will delegate that authority to other Town staff to assist.
The property, 137 Bersano Lane, is a 2- bedroom 1.5 -bath townhome that is listed in the Town's Below
Market Housing Program inventory and subject to an existing first refusal right to purchase option in the
Deed Restriction recorded in December 2007.
PREPARED BY: TODD CAPURSO 6Lb
Acting Director of Community Development
Reviewed by: -LaL Assistant Town Manager Town Attorney ETmance
\\leom\daWDEVVc reporls\20IMN9 1 ST Right of Refusal Opdon.doc
PAGE
MAYOR AND TOWN COUNCIL
SUBJECT: AUTHORIZE THE TOWN MANAGER TO PROCEED WITH FIRST OPTION
RIGHT TO PURCHASE
September 26, 2012
ENVIRONMENTAL ASSESSMENT:
This action is not a project defined under CEQA, and no further action is required.
FISCAL IMPACT:
There are sufficient funds are available in the Town's Housing In -lieu Fee Fund to purchase this
unit. Upon resale to another qualified buyer, the Housing In -lieu Fee Fund expenditures will be
reimbursed to the existing fund.