HomeMy WebLinkAboutRESO 6005, ORIGINAL
RBSOLU'.l'ION NO. 6005
RESOLUTION or TBB COtJNCIL OP TB~ CITY or PALO ALTO
AOl'HORIZING STAPP TO AMEND SUBDIVISION AGRBIMENT
FOR 600 MIDDLEPIELD/664 HAMILTON AVBN~B
WHEREAS, on January 9, 1981, a Subdivision Agreement was executed
between the City and Palomar (•Developer•) r~quirin9 the developJr to
make in lieu payments as units at 600 Middlefield/664 Hamilton Avenue
are sold and providing that all payments b~ made no later than June 30,
1982: and
WHEREAS, the Subdivision Agreement was originally signed during a
mor£ optimistic real estate ma~ket, an~ it was believed that &11 ~nits
would be sold before June 30, 1982: and
WHEREAS, the payment t~rmination date was unique to this developer
and would be financially harmful to this eeveloper1 and
WtJBREAS, the City•s Planning staff finds thitt there is compelling
reason to change the agreement to allow paymen'ts to be paid as each
unit is sold, even if those payments occur after Jun@ 30, 1~82, with
such payments adjusted according to an interest factor r~lated tc th~
City's Inv£staent Rate: and
WB!RBAS, the ~hange would require an amendment by staff of the
6xisting Subdivision Agreeaentr
NOW, TRBRE~ORE, the Council of the C~ty of Palo Alto does RESOLVE
as follows:
SBCTXOM 1. City staff is authorized to make the necessary aaend-
ments-ro· tne Subdivieion A.greeaent. betJeen the City and Palomar to
allow in lieu paYJllents to be aiide aft~r ,Tune 30, 1982, and to allow
such pa111ents to be adjusted accordin~ to an interest factor related to
City's Inves~'ent Rate.
SBCTIOR 2. ThiB project is found to be categorically exempt from
the California Bnvironaental Quality Act in accordance with the provi-
sions of Class 1 (ainor alteration to existing private structures) of
the California Environmental Quality Act regulations.
INTRODUCED 1JID PASSED: March 8, 1982
AYBSs Bec"'tel, Cobb. Eyerly, Fazzin?, Fletcher, Klein, Levy, Renzel, w-. herspoon
HOBS: None
ABSTENTIONS: None
ABSBMT: None
APPROVED:
t o er
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Co..unlty Bnvironaent