HomeMy WebLinkAbout051-2014RESOLUTION NO. 51-2014
AUTHORIZING THE TOWN MANAGER TO EXECUTE A REGULATORY
AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS
INCLUDING RESALE PRICE RESTRAINT FOR THE BELOW MARKET RATE
UNIT REQUIRED TO BE PROVIDED IN THE NINE -UNIT MULTIFAMILY
PROJECT TO BE DEVELOPED AT 943 CAMINO RAMON
WHEREAS, on February 16, 2010, the Danville Town Council conducted a second
reading of Town Council Ordinance No. 2010 -02 and approved Town Council
Resolution No. 14 -2010, with these actions serving to provide approval of
Preliminary Development Plan - Rezoning request PUD 07 -01, Final Development
Plan request 07 -14, and Major Subdivision request SD 9204; and
WHEREAS, by approving these planning entitlements, the Town authorized the
development of the 0.75 + /- acre property located at 943 Camino Ramon with a nine-
unit multifamily residential project; and
WHEREAS, conditions of approval for the project require the developer (i.e.,
Glennmont LLC) to make provision of one unit in the project having a sales price
that does not exceed the maximum price affordable to a four - person household
earning 110% of the area median income; and
WHEREAS, Glennmont LLC is required to execute a Regulatory Agreement and
Declaration of Restrictive Covenants Including Resale Price Restraint ( "Agreement ")
with the Town of Danville regulating the occupancy, sale and resale of the below
market rate unit; and
WHEREAS, the provision of the below market rate unit (BMR Unit) in the project
serves, in part, to meet the housing needs identified in the Danville 2007 -2014
Housing Element and the Danville 2030 General Plan; and
WHEREAS, the Town Council reviewed the draft Agreement for the regulation of
occupancy, sale and resale of the BMR Unit on July 1, 2014; and
WHEREAS, a staff report was submitted recommending that the Town Council
approve the agreement with Glennmont LLC for the BMR Unit; now, therefore, be it
RESOLVED, that the Danville Town Council hereby finds that the Agreement
regulating the occupancy, sale and resale for the BMR Unit to be developed as part of
the nine -unit multifamily project at 943 Camino Ramon to be appropriate; and, be it
further
RESOLVED, that the Danville Town Council hereby authorizes the Town Manager
to execute the Regulatory Agreement and Declaration of Restrictive Covenants
Including Resale Price Restraint with Glennmont LLC in the form as submitted to the
City Clerk, together with such changes as may hereafter become necessary, provided
such changes do not materially increase the obligations of the Town.
APPROVED by the Danville Town Council at a regular meeting held on July 1, 2014,
by the following vote:
AYES: Storer, Doyle, Arnerich, Morgan, Stepper
NOES: None
ABSTAIN: None
ABSENT: None
APPROVED AS TO FORM:
1
CITY ATTORNEY
ATTEST:
CITY CLE
PAGE 2 OF RESOLUTION NO. 51-2014