04/14/1983 - Laserfiche WebLink

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CITY COUNCIL TOM OF IAS ALTOS HILLS 26379 Freront Road Los Altos Hills, California MINUTFS OF A SPECIAL MEETING Thursday, April 14, 1983 ce: Reel 142, Tr. II, Side II, 285-480 Mayor Perkins called the Special Meeting of the City Council to order at 3:45 p.m. in the Council Chambers of Town Hall. mffim�a a • « Present: Mayor Perkins and CouncihTenbers Allison, Hillestad, Proft and van Tamelen Absent: None Staff: City Manager Ann Hinshaw, City Attorney Frank Gillio, City Planner John Carlson and City Clerk Pat Dowd Press: Ed Hering, San Jose Mercury B. MATADERO CREEK SUBDIVISION - RnATED MAPPERS 1. Lot #11 Jackye Wolfe, Fox and Carskadcn, noted that lot #11 had been sold for $207,000 r acted a 10$ discount for an all cash transaction and the close of escrow was scheduled for April 18, 1983. The buyer now wished to change the terms as follows: $207,000 purchase price, dowapayment of $109,250, seller to carry the balance of $97,750 for 6 months at 14% interest. Ms. Wolfe also noted that since the buyer was involved in refinancing negotiations for the do copayment, he was also requesting a later close of escrow, i.e. April 29, 1983. Additionally, the financial statawnts of the buyer needed to be certified by an accountant. Since it was tax time it was being requested that a five working day extension be granted to caoplete this certification. Council discussed these proposed changes, including the ramifications to the Town of interest charges. M%7TION SEODNDED AMID CAPJUM: Moved by Hillestad, seconded by van Tamelen and passed by the following roll call vote to present a counter offer on Lot #11 of $209,700. AYES: Mayor Perkins and CouncihTimbers Hillestad, Proft and van Tamelen NOES: Councilman Allison INION SECONDED AMID CARRIED: Moved by Allison, seconded by van Tamelen and passed unanimously to include in the counter offer certain language stating escrow shall close no later than May 18, 1983 with all funds due to the Town to include 148 interest (computed on $209,700) from April 18, 1983. MOTION SD9DIDED AND CARRIED: Moved by Proft, seconded by Allison and passed unani- mously to include in the counter offer an extension of five working days for appli- cant to submit a financial statement certified by an accountant and four working days for the Town to approve.