HomeMy WebLinkAbout1513 411 411
RESOLUTION NO. 1513
A RESOLUTION APPROVING A DISCOUNT AND ACCEPTING TENDER-
OF CASH .PAYMENT FOR THE ADJUSTED BALANCE OF THE PURCHASE '
PRICE OF LOT 17, TRACT NO. 7187 , MATADERO. CREEK .SUBDIVISION,
AND AUTHORIZING EXECUTION AND, DELIVERY OF A RECONVEYANCE :THEREOF
RESOLVED, by the City Council ofthe- City- of the Town of .Los Altos
Hills , County of Santa Clara, State of California, that
WHEREAS, the City of the Town of Los Altos Hills (herein called
the "Town") is the owner of certain real property described as Matadero
Creek Subdivision, namely:
TRACT NO. 7187, being- a portion of -Lots 1 and .2 of that
part of the Rancho Purissima Concepcion partitioned for .
Juana Briones , W. Matthews, R. F. Budges and T. B. Bishop,
recorded in Book 'A' of Maps, at Page 21, Santa Clara .
County -Records ,
and consisting of Lots 1 to 20, inclusive (herein called the "Property") ;
and
WHEREAS, Town purchased and subdivided the Property in order to
devote a portion thereof to open space and recreationaluses forwhich
the City Council heretofore determined it to be well suited by reason
of its location and natural setting, and to fund theacquisition of
the portion of the Property to be dedicated to open space and recrea-
tional uses by the controlled development and sale of the lots within
Tract No. 7187 for single family residential use; and
WHEREAS, the Town proceeded with the sale oflots within the Sub-
division in order to raise sufficient funds with which to pay the
unpaid balance of the purchase price of the Property, together with
accrued interest, to the Palo Alto Unified School District on or before
December 31, 1982, which is the due date; and.
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WHEREAS, by reason of existing economic conditions the" sale of
lots in the Subdivision has proceeded more ' slowly than was originally
anticipated by the Town; and
WHEREAS , the Town does not now have within the Revenue Fund set
up for this Subdivision sufficient funds with which to pay the balance
remaining owing on the Property; and
WHEREAS , heretofore on May 19, 1982, the Town approved the sale
of Lot 17 to Ramchand Nagpal and Shaku Nagpal, for a total purchase
price of $307,000 .00 , the purchase price to be paid as follows:. An
amount equal to twenty-five percent to be paid at the close of escrow
and the remaining balance at the rate of fourteen percent per annum
was to be paid monthly to the Town; and •
WHEREAS., the purchasers of the above-numbered Lot now have pro-
posed to pay the balance of the purchase price in cash -at this time
provided that a ten percent discount from the amount of the purchase
price is approved as consideration 'for the cash payment; and'
'WHEREAS, the City Council -has determined that the payment of . the
balance owing after an appropriate adjustment of the amount of the
sale price by reason of a ,ten percent discount would be in the best
• interests of the Town and its inhabitants because it would make avail-
able . an unexpected amount of cash to be applied to the unpaid balance
owing the Palo Alto: Unified. School District, •
NOW, THEREFORE, the City Council of the City of the Town of Los
Altos Hills does hereby resolve and order as follows :
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1. A ten percent discount in the amount of the principal purchase
price set forth above is approved in consideration of the cash payment
• now tendered. .
2. The amount of the discount is determined to be the sum of •
$30,770. 00.
3. The . amount of the unpaid principal balance of the purchase
price is determined to be the sum of $230 ,775.00 , plus accrued . interest.
4. The tender by the above-named purchasers of the sum of
$200,005.00 in .payment of the remaining principal balance of tile pur-
chase price :for the above-numbered Lot hereby is accepted.
5. Upon receipt of the sum of $200;605.00, and accrued interest, •
the Town: ' (a) Shall- enter into and the Mayor, and Acting City Clerk
there be, .and they and each of them hereby is authorized and directed
on behalf of the Town, respectively, to execute and attest all neces-
sary-.documents to obtain ,reconveyance of title to the above-numbered
.Lot to the persons entitled thereto; and (b) Shall deliver the Note
and Deed of Trust 'to . the parties entitled thereto. "
- REGULARLY passed and adopted this 22nd day of December , 1982.
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Mayor
'ATTESTI
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c ing City lerk