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RESOLUTION NO. 12-2009
APPROVING THE SALE OF 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 to
maintain affordability; and
WHEREAS, in order to avoid losing the affordability of one such unit through
foreclosure, the Town purchased the home at 32 Cedar Hollow Drive in August
2008; and
WHEREAS, Community Development Agency Resolution No. 3-2008 provides
that all proceeds from the sale of the property shall be deposited in the
Community Development Agency's Low and Moderate Housing Fund; and
WHEREAS, the Town now desires to sell the property toa qualifying buyer,
with the maximum income on the unit being set at 110% of county median and
the deed restriction of 20 years being reset at the date of sale to the new owner,
both of which further the goals of the Town's Inclusionary Ordinance and the
Community Development Agency's housing goals; now, therefore, be it
RESOLVED, that the Danville Town Council hereby approves the sale of the real
property located at 32 Cedar Hollow Drive at a price of $385,000 and authorizes
the Town Manager to execute a sales agreement and to take all other actions and
execute any other documents necessary to complete the sale.
APPROVED by the Danville Town Council at a regular meeting on March 3,
2009, by the following vote:
AYES: Arnerich, Doyle, Andersen, Shimansky, Stepper
NOES: None
ABSTAINED: None
ABSENT: None
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CITY ATIORNEY 7-
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CITY CLERK
APPROVED AS TO FORM: