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102-Draft Resolution.pdf
RESOLUTIONNO. 11- ARESOLUTIONOFTHECITYCOUNCILOFTHE CITYOFCUPERTINOAUTHORIZINGTHESALEOFTHEPROPERTY LOCATEDAT 10346 SCENICBOULEVARD,CUPERTINO,CALIFORNIA WHEREAS,theCityCouncilbyitsResolutionNo. 7765, adopted on March 6, 1989, causedthepropertylocatedat 10346 ScenicBoulevardto beacquiredandheldjointlywith theCityManger,DonaldBrown;and WHEREAS,theCityCouncilbyitsResolutionNo. 00-254,adopted on October 2, 2000, authorizedtheCity’s purchase ofDonaldBrown’sinterestinthe propertylocatedat 10346 ScenicBoulevard;and WHEREAS,theCityCouncilbyitsResolutionNo. 00-261,adopted on October 16, 2000,authorizedtheexecution ofanAgreementforHousingAssistance,Purchaseof Equity Interestin houseandlotlocatedat 10346 ScenicBoulevardbyDavidKnapp,CityManager; and WHEREAS,DavidKnappexecutedtheAgreementforHousingAssistanceandacquired anequityinterestinthepropertylocatedat 10346ScenicBoulevard. WHEREAS,theterms oftheAgreementforHousingAssistance permitthepartiesto sell theresidenceatanytimebased upon a pricewhichismutuallyagreedbythe parties;and WHEREAS,theterms oftheAgreementforHousingAssistance setforthadditional termsforthe saleoftheresidenceandadjustments oftheequities betweenthe parties;and WHEREAS,the parties desireto selltheresidence;and WHEREAS,there has been presentedtotheCityCouncilaresidential purchase agreementfor $1,440,000,a pricethatismutuallyagreedbythe parties;and WHEREAS, $1,440,000isthefairmarket oftheresidencebased on nearbycomparable sales\[as shownintheattached bankappraisal\]; NOW, THEREFORE,BEITRESOLVED THAT: The propertynegotiatorfortheCity ofCupertinoisauthorizedtoexecute on behalf oftheCity theattachedresidentialpurchaseagreementandallrequiredescrow documentsforthe saleofthe propertylocatedat 10346ScenicBoulevardfor$1,440,000;and The parties shallreceivetheirrespectiveequity sharesfromthe proceeds ofthe salein accordancewiththeterms oftheAgreementforHousingAssistance. PASSEDANDADOPTEDataregularmeetingoftheCityCouncil oftheCity of Cupertinothis 21st dayofJune, 2011 bythefollowing vote: VoteMembers oftheCityCouncil AYES: NOES: ABSENT: ABSTAIN: ATTEST:APPROVED ________________________________________________________ KimberlySmith,CityClerkGilbertWong, Mayor,City ofCupertino