HomeMy WebLinkAboutAGENDA REPORT 1991 1002 CC REG ITEM 11BMOORPARK
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799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864
M E M O R A N D U M
TO: The Honorable City Council /
FROM: Patrick J. Richards, Director of Community Development
DATE: October 2, 1991 (CC meeting of 10- 02 -91)
SUBJECT: WESTLAND COMPANY - AFFORDABLE HOUSING AGREEMENT & RESALE
RESTRICTION AGREEMENT
Please find attached final recommended adjustment to the above
referenced agreements.
Staff is recommending that the Council consider the attached prior
to taking final action regarding the Westland Company Affordable
Housing Agreement and Resale Agreement.
CR ?ARK, CAL: ORNIA
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PAUL W LAWRASON JR BERNARDO M PERT Z SCOTT MON )Mt P,' HOY E TALLE" ,R
Mayor Mayor Pro Tem Councllm, bea JOHN E WOZNI
Councitmem-e' Cauncflmember
The Honorable City Council
October 2, 1991
Page -2-
WESTLAND COMPANY
AFFORDABLE HOUSING AGREEMENT
"Section 2.7 Appropriate Documentation. Developer shall use
the forms of the Resale Restriction Agreement -in the form of
Exhibit "A" attached hereto (with respect to sales of Affordable
Detached Units) and Exhibit "B" attached hereto (with respect to
sales of Affordable Condominium Units) and any other documents
approved by the City Attorney as may be required by City in order
to implement the provisions and intent of this Agreement.
Notwithstanding anything to the contrary in this Section 2.7, and
until such time as all Affordable Housing Units to be constructed
in connection with this Agreement have been sold to First -time Home
Buyers pursuant to this Agreement, City may modify the Resale
Restriction Agreements provided that, such modifications do not,
without Developer's consent, alter the amount of equity transferred
to City by Buyer pursuant to Section 2.18 herein or the principal
amount of the promissory notes described and set ......... ,.... I'
WESTLAND COMPANY PROJECT
RESALE RESTRICTION AGREEMENT
Recommended Revi_s ic{n (10/2/91)
AMEND
6.3 Within twenty -one (21) days of the receipt of Buyer's
written notice of intent to sell or transfer fee simple title to
Home, City shall give Buyer written notice of its non - binding
intent to purchase Home. City shall include in its notice of non-
binding intent or its notice declining purchase of the home, the
name of a licensed real estate appraiser selected from the list
supplied by Buyer.
6.6 Any appraisal report used to determine fair market value
of property (as required by provisions in sections 6 and 7 herein)
shall not be more than six (6) months old at the time of close of
escrow or transfer of fee simple title to the Home.
•m
7. , 8. and 9. The appraised value shall be the price for
which the Home is sold unless an amount greater or less than the
appraised value is approved in writing by the city of Moorpark
prior to the close of escrow of any sale or transfer.