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Board approves escrow agreement for Transfer of Development Rights proceeds with Mountain View
Summary
Trustees authorized an escrow agreement with the City of Mountain View to hold any future proceeds from Transfer of Development Rights (TDR) transactions pending a successor funding or joint‑use agreement.
The Los Altos School District board approved an escrow agreement with the City of Mountain View to deposit and disburse any future proceeds from Transfer of Development Rights (TDR) transactions related to district property.
Staff said the escrow agreement has been reviewed by legal counsel and negotiated in good faith with Mountain View; proceeds would remain in escrow until a successor agreement or a joint‑use funding arrangement is finalized. The board moved and seconded the motion (Vladimir; Stella) and voted unanimously to approve the escrow arrangement.
