CC Resolution No. 7492
RESOLUTION No.7492
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF CUPERTINO
PROVIDING FOR OPTIONAL METHODS TO SATISFY BMR HOUSING
PROGRAM PARTICIPATION REQUIREMENTS AFFECTING THE
DEVELOPMENT KNOWN AS CHATEAU CUPERTINO
APPROVED UNDER 21-Z-87 AND 17-U-83 (REV.)
WHEREAS, The developer of said project is obligated to participate
in the BMR program, and to discharge that obligation prior to issuance
of occupancy permits for said project.
NOW, THEREFORE, BE IT RESOLVED that the developer may satisfy his BMR
participation obligation in the following ways:
1) File necessary documents obligating 17 dwelling units to the BMR
program
2) pay the entire in-lieu fee immediately, adjusted for the present
value of money, equaling $77,820,
3) Provide a letter of credit or deed restriction ensuring full
payment of the undiscounted fee over the aforementioned three year
period.
PASSED AND ADOPTED at a regular meeting of the City Council of the City
of Cupertino this 2nd Day of May, 1988 by the following vote:
vote
Members of the City Council
AYES:
NOES:
ABSENT:
ABSTAIN:
Johnson,
None
None
Koppel
P1ungy, Rogers, Gatto
ATTEST:
APPROVED:
/s/ Dorothv Cornp..l;11~
Dorothy Cornelius, City Clerk
/s/ .John M. C:;:¡t"tn
John M. Gatto, Mayor