HomeMy WebLinkAboutRESO 4859. . • ORIGINAL·
RESOLU'l' ION NO. 4859 ..
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO-A!.TO
AMENDING DEVELOPMENT PLAN CONDITION "a" OF S2CTION
2 OF ORDINANCE NO. 2667 RELATING TO THE P-C CLASSI-
FICATION FCa 690 ARASTRADERO ROAD
WHEREAS, on July 24, 1972, Ordinance no. 2667 was passed
changing the classification of a portion of the property known
as 690 Arastradero Road from R-l:B-10 to P-C, subject to con-
ditions1 and
WHEREAS, the approved development plan fer said proper•:.y was
subject to t11e condition in Section 2 of said ordinance that four
(4) living units shall be constructed under Section 235 of the
National Housing Act or successor program for moderate income
families; and
WHEREAS, said Section 235 program has been indefinitely
suspended; and
WHEREAS, a private program has been proposed as a successor
program to the said Section 235 program1
NOW, THEREFORE, ~he Council of the City of Palo Alto does
RESOLVE that Condition "a" to the development plan contained in
Section 2 of Ordinance No. 2667 hereby is amended to read as
follows:
"a. All improvements and development shall be
substantially as shown on the approved develop-
ment plan. Four (4) living units shall be offered
for sale to households of moderate income by the
developer in cooperation with the City or the City's
designated representative who will assist the de-
veloper in the q~alification of buyers.
The said four (4) living ·units shall consist of
two (2) 2-bedroom units with an initial selling
price of $26,700 and two (2) 3-bedroom units with
an initial selling price of $30,700.
All of the units sold to moderate incCmie buyers are
hereby made subject to a right of first refusal to
purchase such unit or units vested in the City of
Palo Alto or any governmental or nonprofit organi•
zation designated by the City of Palo Alto.
The City or its designee may assign this right to
an individual private buyer who meets the City's
approved eligibility qualifications.·
Until such time as the right of first refusal
herein is exercised or expires, none of the four
units to be sold to moderate incaae buyers here-
under or any p~t or portion thereof shall be
leased, rented, assigned or otherwise transferred
to any person or entity, except with the express
written consent of the City of Palo Alto or its
designee, which consent shall be consistent with
the City's qoal of creating, prPserving, main-
taining, and protecting housing in Palo Alto for
persons of low and moderate income.
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RiCJl:.t of first refusal and the rental restrictions
above must be included in the deed of ownership by
the developer. The riqht may be exercised by the
City or its desiqnee within 60 days of written
notice of intent to sell by the owner or written
notice of any other method or mode of termination
of ownership. If and in the event that the City
or its designee exercises its option or purchase,
close of escrow of such pu=chase shall be within
90 day$ of the opening of such escrow. Closing
costs shall be purusant to the custom and pr.actice
in the City of Palo Alto at the time of the opening
of such escrow. The purchase price of such unit or
units shall be fixed at the lowest price arrived at
via the following two methods of price agreement:
1. The City or its desiqnee shall have an
appraisal made by an appraiser of its choice to
establish the market value. The owner may also
have an appraisal made by an appraiser of his choice
to establish the market value. If agreement cannot
be reached, the midpoint of the two appraisals shall
be termed the market price.
2. The price of each •.mi t shall be the b~se
price for whi_ch the unit oriqinally sold, plus that
amount equiva.J.ent to the rise in the cost of living
index for the San Francisco Bay Area as determined
by the u. s. Department of Labor, Bureau of Labor
Statistics.
Should the City or its designee decide not to ex-
ercise the above optic~ or to sell them on the open
-= ;narket, the develo:Per shall ha"'e the right of -
second r~fusal for acquisition in accordance with
the price determination rules outlined above. The
developer would then be free to sell at market
rates."
INTRODUCED AND PASSED: January 14, 1974
AYES: Clay, Comstock, Henderson, Pearson, Rosenbaum, Sher
NOES: None
ABSENT: Bea hrs, Berwald, Nortor.-
city cietf
AP:iL:: . ----4J~
Mayor
orney
APPROVED: J
cWatJ;5y
APPROVED:
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