RESOLUTION NO. 23-___
Resolution Of The City Council Of The City Of Emeryville Authorizing The City Manager To Execute All Documents Necessary To Effectuate The Sale Of A Below Market Rate Unit Located At 1500 Park Avenue #314 For $355,900; Amending The Fiscal Year 2023-2024 Operating Budget To Increase Revenues To, And Expenditures From, The Measure C Affordable Housing Bond Fund (Fund No. 284) By The Net Proceeds Collected Upon The Close Of The Sale Of The Property; And Appropriating The Net Proceeds Collected To The Fiscal Year 2023-2024 Operating Budget For The Below Market Rate Acquisition Program
WHEREAS, 1500 Park Avenue #314 (“Property”), a one-bedroom condominium unit, was developed as a Below Market Rate (“BMR”) unit, affordable to moderate income households; and
WHEREAS, on October 3, 2023, the City Council of the City of Emeryville adopted Resolution No. 23-27 authorizing the City Manager to purchase the Property for $355,900 to retain the Property as a part of the City of Emeryville (“City”) BMR homeownership portfolio; and
WHEREAS, the City intends to resell the Property to a qualified buyer for no more than $355,900 through a lottery process; now, therefore be it RESOLVED, that the City Council of the City of Emeryville hereby authorizes the City Manager to sell the Property for an amount not to exceed $355,900 through a lottery process; and be it further
RESOLVED, that the City Council of the City of Emeryville hereby authorizes the City Manager to execute all necessary documents to effectuate the sale of the Property; and be it further
RESOLVED, that the City Council of the City of Emeryville hereby amends the Fiscal Year 2023-2024 Operating Budget to increase revenues to, and expenditures from, the Measure C Affordable Housing Bond Fund (Fund No 284) by the net proceeds collected from the sale of the Property; and be it further
RESOLVED, that the City Council of the City of Emeryville hereby appropriates the net proceeds from the sale of the Property to the Fiscal Year 2023-2024 Operating budget for the Below Market Rate Unit Acquisition Program.
DocuSign Envelope ID: E38B50C0-7472-442B-92C7-5ED7BDA3CDD3 Resolution No. 23-___
BMR Resale; 1500 Park Avenue #314
City Council Meeting | November 7, 2023
ADOPTED, by the City Council of the City of Emeryville at a regular meeting held Tuesday, November 7, 2023, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
MAYOR
ATTEST: APPROVED AS TO FORM:
CITY CLERK CITY ATTORNEY
DocuSign Envelope ID: E38B50C0-7472-442B-92C7-5ED7BDA3CDD3