HomeMy WebLinkAboutCity Council Resolution 2473.15 RESOLUTION NO. 2473.15
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SARATOGA ESTABLISHING A POLICY FOR TRANSFER OF
DEVELOPMENT RIGHTS IN CONNECTION WITH THE
FORMATION OF VILLAGE PARKING DMTRICT NO. 3
WHEREAS, the City Council has adopted various resolutions for the
establishment of Village Parking District No. 3; and
WHEREAS, upon construction of the parking facilities for said District, the
number of parking spaces will exceed the number required for the existing structures
within the District, computed according to a ratio of I space for each 350 square feet
of floor area; and
WHEREAS, the City Council has determined that the excess number of parking
spaces will be 31.2, and such excess is equivalent to 10,92{] square feet of additional
development that would be permitted within the District; and
WHEREAS, the City Council has decided to offer to each of the property owners
in the District an opportunity to acquire development rights, to be allocated between
them according to the size of their respective properties; and
WHEREAS, the City Council desires to establish the terms and conditions
pursuant to which such development rights will be offered,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Saratoga as follows:
1. The City shall grant to the owner(s) of each parcel of property within Village
Parking District No. 3 an option to purchase development rights in proportion to the
size of their respective properties. The allocation shall be divided to the nearest
1/10th parking space such that each 1/ll}th of a space shall equal the right to
construct 35 square feet of floor area. Based upon this allocation, the development
rights to be offered to the owner(s) of each parcel would be as follows:
OWNER: SPACES: DEV.RTS: SQ. FEET:
Commodore (The Inn) 3.6 36 1,260
Brozda 1.7 17 595
Melton 1.8 18 630
Wallace 0.9 9 315
Rosenreid 3.9 39 1,365
Masek 1.1 11 385
Payne 2.5 25 875
Cancellieri 0.5 5 175
Mead 0.5 5 175
Casabonne 1.7 17 595
Craw ford 0.6 6 210
Sullivan 0.3 3 105
Chabre 8.0 80 2,809
Downey Savings 1.7 17 595
Cunningham 2.4 2_!4 840
TOTAL: 31.2 3 12 10,920
-1-
2. The purchase price for acquisition of the development rights during the option
period shall be $1,360 for each development right (or each 35 square feet) which the
property owner elects to purchase.
3. The options must be exercised not later than 5:00 p.m. on January 31, 1989,
at which time the options will automatically expire. Exercise of an option can only be
accomplished by delivering to the City Clerk the "Notice of Exercise of Option" that
will be furnished to the property owners, accompanied by a non-refundable deposit in
the amount of $60 for each development right to be acquired. The deposit shall be
credited to the total purchase price when the transaction is closed.
4. During the option period, any portion or all of the development rights offered
in an option may be transferred to another property owner within the District, on such
terms as the parties may agree upon; provided, however, the transfer shall not become
effective until written notice thereof is delivered to the City Clerk, signed by the
transferror and the transferco.
5. If an option is exercised, the purchase price for the development rights to be
acquired shall be paid in full to the City not later than sixty days after the date on
which the City receives the Notice of Exercise of Option. Immediately following such
payment, the City shall execute and record in the Office of the Recorder for Santa
Clara County a "Transfer of Development Rights" evidencing the acquisition of such
rights from the City and the transferability of such rights to any other person owning
property located within Village Parking District No. 3.
6. All development rights which are not acquired pursuant to the exercise of the
options described above shall be available for purchase by any person owning property
within the District, on a first come first served basis. The price shall be $1,360 for
each development right for which a Notice of Intent to Purchase is delivered to the
City Clerk not later than 5:00 p.m. on June 30, 1989. Thereafter, the price shall be
$1,450 for each development right, adjusted quarterly (commencing on September 30,
1989) based upon the percentage of any increase in the Cal Trans Highway Index. Any
Notice of Intent to Purchase shall be accompanied by a deposit equal to five percent
of the total purchase price, and the transaction shall be closed within sixty days after
the City's receipt of such Notice.
7. Except with respect to development rights which are the subject of an
outstanding option granted by the City or an executed purchase agreement by which
the City is bound, the City Council may, at any time, modify the price and terms of
sale set forth herein or may, at any time, determine that any portion or all of the
unsold development rights are no longer available for sale.
PA~SED AND ADOPTED at a regular meeting of the City Council of the City of
Saratoga held on the 5th day of October , 1988, by the following vote:
A YES: Counc ihnembers Clevenger ,Moyle s, Peterson, Stut zman and Mayor Anderson
NOES: None
ABSTAIN: None ~,~
Attest:
City Clerk
-2-