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Home My WebLink AboutRESO 5150.. . , • .. • RETURN RECORDED DOCUMENT TO: Office of the City Clerk 250 Hamilton Avenue F 271 Pt~: 521 • Palo Alto, CA 94301 RESOLUTION NO. 5150 RESOLt.i"l'ION. OF. THE-COUNCIL OF TfiE CITY OF PALO ALTO AMENDING ORDINANCE'·NO~ 27rl, CLASSIFYING PROPERTY KNOWN AS 777' SAN ANTONIO TO p.;..c, TO CHANGE CERTAIN CONDITIONS OF THE APPROVED DEVELOPMENT PLAN RELATING TO HOUSING AND A PARK The Council of the City of Palo Alto does RESOLVE as follows: tht! approved Development Ordinance No. 2711, are SECTIOW-1; · Tl'm-conditions of Plan, as· set forth in Section 2 of hereby amended "t;o read-as .. follows: ~-~1 ~ - a. -1 ~ ~- Use: Of the 140 living units constructed on~ ~ :_~ ~ ~. the property, seven of such units shall be l~sed '~ ~~ to the Santa Clara County Housing Authority £Or r-.:.;, . · -; ·, low-rent housing under Section 23 of the Natii>naln ·:i ~ .. 11't Housing Act or successor legislation. ''' :0 ·:~ ~ 0 ~ :::: ~ ... , All of the uni ts ldased ·to the Santa Clar"i. Couil\ty (> Housing Authority under Section·23 of the Nati~ai===' Housing Act· or successoz ·legislation are hereby subject to a right of first· refusal to purchase such unit or uni ts vested in·· the City of Palo Al to or any governmental or non-profit organization designated by the City of Palo Alto~ -The right of first refusal may be exercised by the City, or its designee, within· sixty (60).days of written notice of the expiration of such Section 23·, or successor lease, or written notice of any other method or mode of termination. If and in the event that· the City~ or its desiqnee, exercises its option to purchase, close of escrow of such .. 'purchase sh~ll' be with1.n ninety (90, days of the opening of ·such escrow. Closing costs of escrow shall be pursuant to.the custom· and· practice in the City .of Palb .. Al:to·· at tl'te-time. of the opening of such escrow. The· purchase price of such unit or units shall be fixed at the lowest price arrived at by the following two methods of price agreement: i. The City, or its desiqnee, shall have an appraisal made· by an. appraiser. of its choice to establish· the market value. The develoEer or its successor or nominee shall have an appraisal made by an app~aiser·of its choice · to establish the market value; · If agreement cannot be reached a third. appraiser shall be chosen by the parties to make an a~ais~l by which the J;tlll:ties ag~ee to be bound, ii. The price of each unit shall be the base price for which an equivalent unit in the complex was originally sold, plus that amount equi- valent to the rise in the cost of living index for the S.3.n Fkancisco Bay Area as determined by the United States Department of Labor, Bureau of Labor Statistics. NO FEE FOR RECORDATION PER GOVERNMENT CODE SECTION 6103 .. • # • • Seven of such living units shall be conveyed to moderate income purchasers at a price of approximately $33,000,.~n accora~nce with the orocedure established for such conveyances-administered by Staff and . ...-the Palo Alto Housing Corporation, subject to a right of first refusal vested in the City and restrictions upon rental, both approved by the City Attorney prior to conveyance. SECTION 2. All other provisions of Section 2 of Ordin- ance No. 2711, including the requirc~e~ts of a public park of approximately 1. 5 acres and the requireme!lt of the reservation of the southerly portion of the property for entirely low/ moderate income housing, are deleted. SECTION 3. All other provisions of Ordinance No. 2711 shall remain in full force and effect except as provided herein. a. The development plan showing the ·new develop- ment proposed for the southerly portion of the property, entitled The Greenhouse No. 2, con- sisting of 10 sheets, received on June 17, 1975, filed in the Zoning Adrainistrator's records as 75-ZC-5, is hereby transmitted to the Archi- tectural Review Board -for review pursuant to Chapter 16.48 of the Palo Alto Municipal Code and to the Planning Commission. After such review, the development plan shall be sub- mitted to the City Council for approval. b. Improvements: Structures, off-street parking, landscaping, circulation and all other improve- ments shall be substantially as shown on the approved development plan. Said development plan shall be subject to the condition that the developer construct 88 living units, of which 12 percent, or at least 10 of such units, shall sell at a price 15 percent below the lowest price at which any-of the remaining units are offered on the market. Of the minimum 10 required units, at least five shall contain two bedrooms and at least five shall contain three bedrooms. In no event shall the price of the required three bedroom units exceed $38,000 or the price of the required two bedroom units exceed $31,000. SECTION 4. The development schedule shall be as follows: a. b. Start of construction within one year of the date of this resolution. · Completion of construction and development within one year of start of construction -=rt'°'ei· l"ll"H•O a\ .. ...,;;! ... ~-: -t"" ... ~> 0 ~~fl> ,_.,_,.~ ..... :13:0 -J l• >fl'l ·~;8.§ ~p ,, ~ • .. . · .. ! -• • · F 2?7 ~1~: 523 SECTION s. Based upon information provided· at the meetinq of September IS, 1975, the council of the City· of Palo Alto finds that the passage of this resolution will have no significant adverse environmental impact. · INTRODUCED-AND" PASSED: September 22, 1975 AYES: Beahrs, Berwald, Carey, Clay. Eyerly, Norton, Sher, Witherspoon NOES: Comstock ABSENT: None ABSTENTION: None AP£~=- MaY'for AP ity Manager • -3-