CC Resolution No. 7390
RFSOWl'ION NO. 7390
A RFSOWl'ION OF THE CITY CXXJNCIL OF THE CITY OF OJr'.ta<.1'.J..I'fO
AUIHORIZING THE AD;2UISITION OF RFAL PROPERI'Y CDNSISTING
OF A RESIDENTIAL UNIT I.OC'ATED AX 20701 CEIES'I'E CIRCŒ
IN THE CITY OF aJPERl'INO,
AND APPROPRIATING $97,410 FOR SAID RJRæASE
WHERFAS, the City, as required by the Below Market Rate Program, has
established a proper price, in the am:::JUl1t of $96,900 for the purchase of
an existin;J Below Market Rate residential dwellin;J unit bein;J resold.
Said unit is located at 20701 Celeste Circle, and legally cies=ibed as
Unit No. 94 of arlldin;J 12 of Lot 4 of Tract 7394.
WHERFAS, due to time limitations, it is in the best interest of the
City to prepare a contin;Jency offer to purchase said Below Market Rate
dwellin;J unit so that it may be resold in a timely marmer, to a qualified
Below Market Rate purchaser, and
WHERFAS, said acquisition could total $97,410, includin;J the purchase
price and haneowner's dues.
NCM, 'IHEREFORE, BE IT RFSOLVED that Rebert w. ~an, City Manager,
is hereby authorized to open an escrow with the appropriate title 0CII1'q)any
and ac::caI'plish the acquisition of the above-c1es=ibed residential unit, in
the event that a qualified buyer appears to be unable to close escrow
prior to March 15, 1988;
BE IT FURIHER RFSOLVED that City Manager ~an is hereby authorized
to file appropriate instructions with any amerximent deemed appropriate and
take any steps necessary to close said escrow.
BE IT FURIHER RFSOLVED that $97,410 is hereby appropriated fram the
general furxi for said purchase.
PASSED AND AOOPI'ED at a regular meetin;J of the City Council of the
City of CUpertino this ~ day of January , 1988 by the followin;J
vote:
RFSOWl'ION NO. 7390
Vote Members of the City Council
NOES: None
AYES: Johnson, Koppel, Plungy, Rogers, Gatto
ABSENT: None
ABSTAIN: None
A'ITEST:
/s/ Dorothv Cornelius
City Clerk
APPROVED:
/s/ John Gatto
Mayor, City of CUpertino
.