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HomeMy WebLinkAbout1428 RESOLUTION NO. 1428 RESOLUTION DECLARING THE INTENTION OF THE CITY OF THE TOWN OF LOS ALTOS HILLS TO. SELL PARCELS OF REAL PROPERTY AND CALLING FOR SEALED BIDS RESOLVED, by the City Council of the a 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, t;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, the 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 naturalsetting, and to fund the acquisition of the portion of the PROPERTY to be dedicated to open space and recreational ;uses by the controlled development and sale of the lots within Tract No. 7187 for single family resi- dential s . use; and WHEREAS, the portions ,of the PROPERTY, to be devoted to open space or recreational usesheretofore have been dedicated on the Final Subdivision .Map of Tract No. 7187 for Open Space-Conservation and Equestrian Trail/Pedestrian Path Easements,• among _others; and �. .. • . • WHEREAS, it is necessary to proceed with the sale of Lots 1 to 20 , inclusive, of Tract No. 7187 in order to secure funds with which to pay the unpaid balance of the purchase price (and interest) of the PROPERTY; and WHEREAS, the TOWN, which is authorized to dispose of real property, which it owns for the common benefit, has obtained an appraisal of the fair market value of Lots 1 to 20, inclusive, NOW, THEREFORE, the City Council of the City of the Town of Los Altos' Hill DOES HEREBY RESOLVE AND ORDER as follows: 1. The City Council hereby finds and determines thatit would be in the best interest of and forthe benefit of the TOWN and its inhabitants to sell said Lots '1 to 20, inclusive, of the PROPERTY, and hereby declares its intention to sell the PROPERTY. 2 The City Clerk of the Tc1WN is hereby directed to cause to be posted in three (3) public places in the TOWN, and to publish once in the PENINSULA TIMES-TRIBUNE, `a newspaper of general circula- tion published nearest to the TOWN and circulated in the TOWN, a Notice Inviting Sealed Bids to purchase any one or more than one of Lots 1 to 20 of Tract No. 718.7 3. Said sealed bids, shall be delivered to the City Clerk of the TOWN at the Town Hall, 26379 Fremont Road, Los Altos Hills, California, on or .before 7: 30 0"' clock.p.m. on .Wednesday,' ' April 21 , 1982 ;'.Bids-�wi1iPbe;'publicly-..opened, examined and declared before the City Council at its meeting on Wednesday, April 21 , 1982 , in the Council Chambers, Town'.Hall, Los Altos Hills, California. The Mayor will then call for oral bidding. . -2- • • The form of bid required to be used by each bidder sub- mitting a written bid is set forth in Exhibit "A", attached hereto and incorporated herein by reference. 4 . The minimum acceptable bid for each lot is: LOT NO. MINIMUM BID 1 $ 235,000 2 220,000 3 250,000 4 240,000 5 220,000 6 210,000 7 200,000 8 240,000 9 265,000 10 250,000 11 230,000 12 275,000 13 280,000 14 290,000 15 310,000 16 295,000 17 305,000 18 320,000 19 285,000 20 270,000 All bids submitted must be cash bids, but a successful bidder may elect to pay in installments on the terms set forth in -3- 411 • Exhibit "B" , attached hereto and incorporated herein by reference. 5 . The PROPERTY shall be sold under the following additional terms and conditions : TERMS AND CONDITIONS 1 . Lots 3, 6, 7, 8 and 17 shall be sold subject to the restriction that the future resubdivision or division of each of these Lots is prohibited. 2. The TOWN will pay no commissions in connection with the offer and sale of the PROPERTY. 3. Each sealed bid shall be accompanied by a separate cashier' s or certified check to the order of the TOWN in an amount equal to ten (10) percent of the amount of the bid submitted. In the event a sealed bid of a bidder is accepted, the check shall become payable to the TOWN on account of the purchase price. 4 . Immediately following the opening of the sealed bids the City Council shall solicit and receive oral bids from persons then present in the City Council chambers . Provided, however, any initial oral bid received following the opening of the sealed bids shall be in an amount of at least five (5) percent in excess of the amount of the highest sealed bid, and each suc- ceeding oral bid made shall be in an amount of at least One Hundred Dollars ($100 . 00) in excess of the amount of the oral bid which immediately preceeded it. At the close of the oral bidding the highest oral bidders , if any, shall execute and submit the Bid Form stating the amount of his bid, together with a check made payable to the order of the TOWN in an amount equal to ten (10) percent of the amount of the bid. If the oral bid is accepted, the check shall become payable to the TOWN on account of the purchase price. The deposits of each unsuccessful bidder will be returned at the close of the bidding. -4- 'S 411 5 . The City Council reserves the right to waive any and all defects in any and all bids and to waive techni- calities , to continue the sale to another time than that herein specified, to receive any higher oral bids either following the opening of sealed bids or at such time to which the sale has been continued, to withdraw the Lots comprising the PROPERTY, or any or all of them, from sale, or to reject all bids. 6 . Within five (5) days after the final acceptance of a bid, the successful bidder shall open an escrow account with a land title company to be selected by the TOWN and shall deposit in escrow in cash or cashier' s check, an amount equal to twenty-five percent of the full purchase price less his or her deposit. Escrow will close within the thirty :(30) day period following the opening of escrow unless changed by mutual agreement of the parties . Before the close of escrow a cash buyer must deposit the balance of the bid price in cash or cashier' s check. If the buyer elects to pay in installments , the buyer, before the close of escrow, shall deposit in escrow a duly executed installment note in the amount of seventy-five percent of the purchase price in the form attached as Exhibit "C" , and a duly executed and acknowledged first deed of trust on the Lot or Lots purchased in favor of the TOWN, in the form .to be approved by the TOWN. An installment buyer shall obtain for benefit of the TOWN a CLTA lender' s policy of title insurance from the land title company selected, in the amount of the purchase price and showing title to the property vested in the buyer and showing the TOWN' s lien to be a valid lien on the Lot or Lots, being pur- chased. In addition, the TOWN may require an installment buyer to execute before the close of escrow an install- ment agreement containing the terms and conditions des- cribed in Exhibit "B" hereto, and such other terms as the TOWN reasonably may require after reviewing the bidder' s qualifications . -5- 41/ • 7 . Before the close of escrow the TOWN will deposit in escrow a deed granting the Lot or Lots being pur- chased to the buyer, without warranty or covenant of any kind, and subject to all liens, encumbrances, covenants and restrictions, and other clouds on title, of record or. not. 8 . Escrow shall not close until all the conditions stated in Paragraphs 6 and 7 have been satisfied. All interest on funds deposited in escrow, if any, may be retained by the TOWN and shall not be credited to any sums due the TOWN from the buyer. 9 . All closing costs , including, but not limited to all title insurance premiums , costs and fees of escrow, documentary transfer taxes, if any, recording fees and all other fees related to transfer of title and close of escrow shall be paid by the buyer. 10 . Any bid made shall be subject to all the terms and conditions hereof. On the final acceptance of a bid these terms and conditions shall be binding on the bidder. If a bidder whose bid is finally accepted fails to complete the purchase of the Lot or Lots bid upon within the time period specified and on the terms and conditions set forth herein., his deposit may be retained by the TOWN as liquidated damages. The bidder agrees that his or her deposit is a reasonable estimate of the TOWN' s damages in the event the bidder fails to complete the transaction. If the TOWN fails to fulfill its obligations tocomplete the sale of the Lot or Lots bid upon to a bidder whose bid has been finally accepted, on the terms set forth herein, the bidder will be entitled, as its sole remedy, to recover the full amount of its deposit. 11. By submitting any bid to purchase any of the Lots and by acceptance of title thereto, the successful -6- 411 411 bidder shall acknowledge, agree and represent to the TOWN that, in reliance solely upon their own investiga- tion and judgment and not upon any statement, represen- tation or other act or omission of the TOWN, its officers or employees, the successful bidder determined that the Lot or Lots bid upon in their existing "as is" condition are suitable for the successful bidder' s needs , uses and purposes , notwithstanding, among other things, any limitation, conditions or restrictions affecting the Lot or Lots bid upon. 12. The successful bidder for the purchase of any Lot or Lots will be required to comply with all ordi- nances of the TOWN, and laws of the State of California, and of the United States of America, relating to the use of the Lot or Lots. 13. Time is of the essence. REGULARLY passed and adopted this 18th day of March 1982. BY //( / Mayor ATTEST: City Clerk -7- • III • EXHIBIT "A" BID FORM City of the Town of Los Altos Hills Matadero Creek Subdivision 1. BID FOR: Lot Number 2. CASH BID PRICE: $ ,including ten (10) percent deposit. A qualified successful bidder may elect to pay in installments (25% or more at close of escrow; balance carried at 14% annual interest payable monthly; principal balance payable three years from the close of escrow; no penalty for early payoff). I intend ` do not intend to elect to pay in installments. 3. Bidder's Name (principals only) Type of Entity State of Organization (partnership, corporation, individual). Address Telephone Name of officer/manager/general partner Title 4. The undersigned bidder submits this bid subject to all the terms and conditions of the Resolution of Intention to Sell Parcels of Real Property, dated March 18, 1982, and agrees to be bound thereby. DATE: . Name of Bidder By (Signature) rale) 411 • EXHIBIT "B" • CONDITIONS APPLICABLE TO INSTALLMENT BUYER • 1.' A bidder who is found to:ibe responsible and qualified by the Council may elect to pay his or her purchase price.in installments, as follows: •25o of the purchase price in cash at close of escrow, Interest payments at 14% annually; payable monthly, on the balance with principal due within three years of the close of escrow: He or she will be required to execute the Installment Note attached as Exhibit "C" hereto for the deferred portion of the_purchase price, _ • 2. A bidder who intends to elect to pay the purchase price of the Property in installments must note his or her intention on the Bid Form. The bidder may rescind his or her election to pay in installments at any time before the close of escrow by so notifying the City Clerk. 3. Prior to finally accepting the bid of an installment buyer, the Council will review the bidder's qualifications. The bidder must satisfy the City Council: A. That, if the bidder is other than an individual, the bidder is in good standing in the state of its organization and is qualified . to do business in California, and that the parties executing the Bid Form and other documents relating to purchase of the Property on behalf of the bidder are competent to bind the bidder and are authorized to do so. In this regard, the Council may require, if the bidder is a corporation, certified copies of resolutions of the bidder's Board of Directors, or in the case of a partnership, certified copies of the partnership agreement, and the recorded certificate of limited partnership, if applicable, and such other organizational documents as the Council reasonably may request. • B. That the bidder has the financial ability to make the installment payments in a timely manner. In this regard, the Council may require current audited financial statements of the bidder.or its • or if there are no audited statements,principals, financial state- ments which are certified by the bidder or its principals to be a fair representation of the financial condition and operation of bidder or its principals, as the case may be, determined in accordance with good accounting principles, and such additional supporting information as the City Council reasonably may require. In addition, the City Council may require the bidder Or its prin- cipals to warrant that they now are not and have not been involved in bankruptcy, insolvency, or foreclosure proceedings, and are not in default under any notes or other obligations. 411 4. The-City Council may make final acceptance of the bid of an install- ment bidder conditional upon the bidder's agreement to provide the Town with assurances that the installment note will be paid in a timely manner. The Town may require the bidder to agree to: A. Provide the Town, during the term of the Installment Note, with the year end audited or certified financial statements of the buyer andJor its principles, plus interim financial statements if available; and B. To pay the outstanding balance of the Installment Note upon the occurrence of (1) any events of default described in=_the Installs ment Note or in the Deed of Trust, (2) an adverse change in the buyer's_financial condition sufficient to impair its ability to make timely payments On the Note, including the commencement of bankruptcy or insolvency proceedings against the buyer, and (3) the Town's discovery of material misstatements or omissions in any information provided by the bidder to the City Council. 410 EXHIBIT "C" INSTALLMENT NOTE $ Los Altos Hills, California , 19 FOR VALUE RECEIVED, the undersigned, - a ("MAKER") , promises to pay to the City of the Town of Los Altos Hills, a municipal coproration, or order ("BOLDER") , at Lbs Altos Hills, California, on or before.the due date hereof, the sum of dollars ($ ) with interest on the unpaid principal balance at 14% (fourteen percent) annually payable monthly. Interest shall be computed daily .on the basis of a .365-day year and actual days elapsed, andla change- in the interest rate shall take effect on the effective date of the change in the prime rate. 1. -Payments • (a) Interest at the rate of .14o annually payable monthly. Principal payable within three years of the close of escrow, or sooner. (b) This Note may be prepaid in whole or in part at any time upon ten (10) days advance written notice to the HOLDER. • (c) All payments received on account of this Note shall be applied first to sums other than principal due hereunder and .then to the unpaid principal balance hereof. • • 411 (d) All payments due under this Note shall be paid in currency of the United States of America, which at the time for payment is lawful for the payment of public and private debts. (e) All payments on this Note shall be made at the Town Hall, 26379 Fremont Road, Los Altos Hills, California, or such other 'place as the HOLDER of .this Note may from time totime. designate. (f). All payments on•-thi's Note shall be without expense to the HOLDER and the MAKER agrees to -pay all costs and expenses, including recon- veyance feesandreasonable attorneys' fees of HOLDER, incurred in connection with the payment of this Note and therelease' of any security herefor. 2 Waivers. (a) The MAKER and ; any guarantors or endorsers hereof hereby waive diligence, presentment, protest and. demand, and notice of protest, notice of demand, notice of dishonor and notice of non-payment of this Note, and expressly agree that this Note -or any payment hereunder may be extended from time to time; and that the HOLDER hereof may accept further security':or' release any security for this Note, all without in any way affecting the lia- bility of the MAKER or any such guarantor or endorser. (b) No extension of time for payment of this Noteor any, installment hereof made by agreement by the HOLDER hereof with any person now or hereafter liable for the payment of this Note, shall operate to release, discharge, modify, change or affect the original liability of the MAKER or any guarantors or endorsers under this Note, either in whole or in part. (c) The obligations of the MAKER under this Note shall be absolute and the MAKER, waives. any and all rights to offset, deduct or withhold any payments or charges due under this Note for any ' reason whatsoever. 3. Default.. (a) Any of the following shall constitute an event of default under this Note: -2- • (i) Any failure to pay, in full, any payment required hereunder when due; (ii) Any failure in the performance by the MAKER of any term, condition, provision or covenant set forth in this Note; (iii) The occurrence of any event of default under any agreement or any other instru- ment securing the obligations of MAKER under this Note. (b) Upon the occurrence of such an event of default, the entire unpaid principal balance, together with all other sums then payable under this Note shall, at the option of the HOLDER, become immediately due and payable upon written notice to the MAKER without further demand. (c) Should any payment required under this Note not be paid when the same becomes due and payable, without further notice and without prejudice to the rights of the HOLDER under any of the provisions of this Note or of any instrument which secures the Note, the MAKER shall, if required by HOLDER, pay to the HOLDER a "late charge" in the amount of $ 50.00 for each seven (7) day period said payment is late; provided, however, that no such late charge shall be payable if the HOLDER accelerates this Note because of such default. MAKER acknowledges that the actual expenses incurred by HOLDER in handling late payments is impossible to ascertain, and agrees that the late charge set forth above is a reasonable estimate of the additional expense of HOLDER resulting from late payments. (d) The failure to exercise any of the remedies or options set forth in paragraphs (b) and (c) above upon the occurrence of one or more of the fore- going events of default shall not constitute a waiver of the right to exercise the same or any other remedy at any subsequent time in respect to the same or any other default. The acceptance by the HOLDER hereof of any payment which is less than the total of all amounts due and payable at the time of such payment shall not constitute a waiver of the right to exercise any of the fore- going remedies or options at that time or at any subsequent time, or nullify any prior exercise of any such remedy or option, without the express consent of the HOLDER hereof, except as and to the extent otherwise provided by law. -3- • 4 .- Security. This Note is secured by a Deed of Trust of even date herewith wherein the MAKER is the Trustor, is the Trustee, and HOLDER is the Beneficiary, covering certain real property situated in the City of the Town of Los Altos Hills, County of Santa Clara, State of California, as more fully described therein. 5 . Miscellaneous Provisions . (a) All notices hereunder shall be in writing and shall be deemed to be sufficiently given or served for all purposes when presented person- ally or sent by registered or certified mail or by telegraph, postage prepaid, to any party hereto at the address set forth below or at such other addresses as any party shall sub- sequently designate in writing: MAKER: HOLDER: (b) The MAKER promises to pay all costs and expenses, including reasonable attorneys' fees, incurred by the HOLDER hereof in the enforcement of the provisions of this Note. (c) This Note may not be changed orally, but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification or discharge it is sought. (d) This Note shall be governed by and construed in accordance with the laws of the State of California. -4- ® • (e) The times for the performance of any obliga- tion hereunder shall be strictly construed, time being of the essence. • • • MAKER By • (Title) • • -5- • • Y • NOTICE INVITING SEALED BIDS Pursuant to Resolution No. 1428 entitled "RESOLUTION DECLARING THE INTENTION OF THE CITY OF THE TOWN OF LOS ALTOS HILLS TO SELL PARCELS OF REAL PROPERTY AND CALLING FOR SEALED BIDS" , adopted March 18 , 1982, by the City Council of the City of the Town of Los Altos Hills, said Council hereby invites sealed bids in writing for the purchase of one or more than one of the following described Lots : Lots 1 to 20, inclusive as shown on the Map of Matadero Creek Subdivision entitled "TRACT NO. 7187, being a portion of Lots 1 and 2 of that part of the Rancho Purissima Concepcion parti- tioned 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. The minimum acceptable bid for each Lot is: LOT NO. MINIMUM BID 1 $ 235,000 2 220,000 3 250,000 4 240,000 5 220,000 6 210,000 7 200,000 8 240,000 9 265,000 10 250,000 11 230,000 12 275,000 13 280,000 14 290,000 15 310,000 " • 411 LOT NO. MINIMUM BID (Continued) 16 $ 295,000 17 305,000 18 320,000 19 285,000 20 270,000 Each sealed bid shall be delivered to the City Clerk of the City of the Town of Los Altos Hills at the Town Hall, 26379 Fremont Road, Los Altos Hills, California, on or before 7 : 30 o' clock p.m. on Wednesday, April 21 , 1982. Bids will be publicly opened, examined and declared, and referred to and considered by the City Council at its meeting on said day and hour in the Council Chambers , Town Hall, Los Altos Hills, California. Each sealed bid shall be in writing and shall be accompanied by a separate cashier' s or certified check to the order of the City, in an amount equal to ten (10) percent of the amount of the bid submitted. In the event a sealed bid of a bidder is accepted, such check shall become payable to the City on account of the purchase price. Immediately following the opening of the sealed bids , the City Council shall solicit and receive oral bids from persons then present in the City Council Chambers. Provided, however, any initial oral bid received following the opening of the sealed bids shall be in an amount of at least five (5) percent in excess of the amount of the highest sealed bid, and each succeeding oral bid made shall be in an amount of at least One Hundred Dollars ($100. 00) in excess of the amount of the oral bid which immediately preceeded it. The Bid Form, which must be used by each bidder, and the Terms and Conditions of Sale, as set forth in Resolution No. 1428 , may be obtained from the City Clerk, Town Hall, 26379 Fremont Road, Los Altos Hills, The City Council reserves the right to waive any and all defects in any and all bids and to waive technicalities, to continue the sale to another time than that herein specified, to receive any higher oral bids either following the opening of sealed bids or at such time to which the sale has been continued, to withdraw the Lots comprising the Property, or any or all of them, from sale, or to reject all bids . DATED: March 24 , 1982. LOS ALTOS HILLS CITY COUNCIL By City erk -2- 110 a Revision of Housing Needs, Town of Los Altos Hills March 12, 1982 REALISTIC RESPONSE TO HOUSING NEED Based on the analysis of trends in housing construction within the Town and the potential availability of building sites, the Housing Needs figure for the Town of Los Altos Hills and its Urban Service Area is reduced from 517 • to 200. This figure represents a construction rate of 40 units per year for the five years. This rate will not be achieved unless housing market condi- tions change markedly within the next 12 to 18 months. WES/ii • • 3