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<br /> DES:dft 1) 101/90 (031/29) <br /> DES:dft 1 04/90R <br /> o R T r: T N A L 12/10/90 <br />R E SOL U T ION N O. 11461 <br /> ------ - -- <br />RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF <br />AGREEMENT AND OPTION TO PURCHASE <br /> <br />WHEREAS, <br /> <br />(THOMAS M. AND LOUISE V. CURRAN) <br />the City of Redwood City has developed a <br /> <br />"First-Time Home Buyers Program" pursuant to which opportunities <br /> <br />are provided to low and moderate income households to purchase <br /> <br />housing on a first-time basis; and <br /> <br />WHEREAS, Thomas M. and Louise V. Curran ("Owners") as owners <br /> <br />of that certain condominium project known as the Chestnut-Hilton <br /> <br />Condominiums have agreed, as a condition of approval of said <br /> <br />project and other valuable consideration to sell certain of said <br /> <br />condominium units (the "Units") to first time buyers of low and <br /> <br />moderate income; and <br /> <br />WHEREAS, in order to preserve the availability of said Units <br /> <br />for persons of low or moderate income it is necessary to provide <br /> <br />certain restrictions with respect thereto; and <br /> <br />WHEREAS, there has been presented to, and reviewed by, this <br /> <br />Council an agreement providing for such restrictions and giving <br /> <br />the City an option to buy any or all of the designated Units in <br /> <br />furtherance of the City's First Time Home Buyers Program; <br /> <br />NOW, THEREFORE; <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY AS <br /> <br />FOLLOWS: <br /> <br />That certain agreement by and between the City of Redwood <br /> <br />Ci ty, a municipal corporation of the State of California, and <br />