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RESOLUTION NO. 63-2008
APPROVING AN AGREEMENT TO PURCHASE REAL PROPERTY (32
CEDAR HOLLOW DRIVE)
WHEREAS, the Town of Danville requires the provision of affordable housing
units within new subdivisions, which units are deed restricted for 20 years with
the Town having the right of first refusal to purchase such units to keep them in
the affordable program; and
WHEREAS, one such unit is located at 32 Cedar Hollow Drive and has been in
the program as affordable to moderate income families since it was first sold in
1996; and
WHEREAS, this unit is now in foreclosure and the Town and the lender on the
property have reached an agreement allowing the Town to purchase the
property at a price consistent with the affordability restrictions, thereby allowing
the Town to resell the property to a qualifying family and maintain its
afford ability; now, therefore, be it
RESOLVED, that the Danville Town Council hereby approves the purchase of
the real property located at 32 Cedar Hollow Drive from US Bank National
Association at a price of $425,000 and authorizes the Town Manager to execute
the purchase agreement and to take all other actions and execute any other
documents necessary to complete the escrow and purchase.
APPROVED by the Danville Town Council at a regular meeting on June 4, 2008,
by the following vote:
AYES:
NOES:
ABSTAINED:
ABSENT:
Andersen, Arnerich, Doyle, Shimansky, Stepper
None
None
None
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MAYOR
APPROVED AS TO FORM:
ATTEST:
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CITY ATTORNEY ?