HomeMy WebLinkAboutRESO 5974• • ORIGl~JAL
RESOLUTION NO. 5974
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
DECLARING ITS INTEN'l'ION TO COMMIT FIFTY-ONE PERCENT
OF THE HOUSING PARCEL OF THE TERMAN SCHOOL SITE TO
DEVELOPMENT OF HOUSING FOR PERSONS OF LOW AND
MODERATE INCOME
WHEREAS, the City intends to acquire the 21.5 acre site of the
former Terman Middle School ("Terman School Site") from the Palo Alto
Unified School District ( "PAUSD") for multi-use development for th3
benefit of the people of the City of Palo Alto~ and
WHEREAS, the City intends to acquire a right to lease the 21. 5
acre Terman School Site with an option to purchase 4.1 to 4.35 acres
thereof, as described on Exhibit "A" attached hereto1 and
WHEREAS, the City intends to allow the developm~nt of housing on
the 4.1 to 4.35 acres of the Terman School Site; and
WHEREAS, the City has accrued $6 75, 000 in Community Development
Block Grant ( "CDBG"} Land Bank funds during program years 1979-80,
19 81)-81, an~ 1 981-82, and intends to use such funds in the initial
payment for the purchase of that portion of the Terman School Site to
be developed in housing: and
WHEREAS, it is under.stood by the City and the PAU3D that $675,000
is less than the fair market value of the portion of the Terman School
Site to be developed in housing; and
WHEREAS, the release of the CDBG Land Bank funds by the Department
of Housing and Urban Development ("HUD") is conditioned on representa-
tions by the City regarding the specific use of such funds;
NOW, THEREFORE, the Council of the City of Palo Alto does RESOLVE
as follows:
SECTION 1. The City of Palo Alto will commit 4.1 to 4.35 acres of
the Terman school Site for housing and 51 % of such housing developed
will be for persons of low and moderate income as defined by HUD.
SECTION 2. The CDBG Land Bank funds budgeted for the acreage
committed to housing on the Terman School Site (1979-80, 1980-81, and
1981-82 program funds) will be fully expended in the initial payment
for the purchase of such 4. 1 to 4. 35 acres and will not serve as
partial payments, or payments spread over a number of program years.
INTRODUCED AND PASSED: November 23, 1981
AYES: Bechtel, Eyerly, Fazzino, Fletcher, Henderson, Klein, Levy,
Renzel, Witherspoon
NOES: None
ABSTENTIONS: None
ABSENT: None
APPROVED:
Community Environment
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