HomeMy WebLinkAbout1511 411
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RESOLUTION NO. 1511
A RESOLUTION. APPROVING A DISCOUNT AND ACCEPTING TENDER
OF CASH PAYMENT FOR THE ADJUSTED BALANCE OF THE PURCHASE
PRICE OF LOT 9, TRACT NO. 7187, MATADERO CREEK SUBDIVISION,
AND AUTHORIZING EXECUTION AND DELIVERY OF A RECONVEYANCE THEREOF
RESOLVED, by the City Council of the 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 recreational uses for which
the City Council heretofore determined it to be well suited by reason
of its location and natural setting, and to fund the acquisition 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 of lots within the Sub-
division in ordertoraise sufficient funds with which to pay the . un
paid 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 July 7, 1982, the Town approved the sale
of Lot 9 to Isam J. Qubain and Marguerite Qubain, for a total purchase
price of $272,000.00, 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 offourteen 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 thecash 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
$27, 200. 00 .
3. The amount of the unpaid principal balance of the purchase
price is determined to be the sum of $204,000.00, plus accrued interest.
4. The tender by the above-named purchasers of the sum of $176 ,800 . 00
in payment of the remaining principal balance of the purchase price
for the above-numbered Lot hereby is accepted.
5. Upon receipt of the sum of $176 ,800.00, 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 necessary
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.
By -
Mayor
ATTEST:
/ ting City lerk
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