RES 94129 - Laserfiche WebLink

Resolution No. 94-129 Page Two On July 1, 1988, the City of Plen~anton's Lower-Income Housing Fund had a balance of $2,030,013; During the period from July 1, 1988 to June 30, 1989, the City collected an additional $307,200 from developers; During the period July 1, 1988 to June 30, 1989, the Lower-Income Housing Fund also increased by $1,876,743, as a result of interest ($81,991) and by reimbursement from the Ridgeview Commons project ($1,487,552); During the period July 1, 1988 to June 30, 1994, the City has expended $1,865,200 of Lower-Income Housing Fund; To the extent the City of Pleasanton has collected a lower-income housing fee for this period and any portion remains unexpended, the City Council declares that it has committed $2.9 million in assistance to the Case Avenue Project, a lower income housing project, sohedulod to begin construction in 1994 or 1995. The City Council finds that there is a reasonable relationship between the purpose of the lower-income housing fee and the purpose for which it is charged and committed in that the Case Avenue housing pwject will consist of affordable housing units and the assistance to seeh project is one of the adopted purposes of the lower-income housing fund. Section 3: This resolution shall become effective immediately upon its passage and adoption. I HEREBY CERTIFY THAT THE FOREGOING WAS DULY AND REGULARLY ADOFrED BY THE CITY COUNCIL OF THE CITY OF PLEASANTON, AT A MEETING HELD ON NOVEMBER 1, 1994 BY THE FOLLOWING VOTE: AYES: NOES: None ABSENT: None ABSTAIN: None Councilmembers - Dennis, Mohr, Pico, Scribner, and Mayor Tarvet Michael H. Roash, City Attorney At-it.ST: