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ATTACHMENT B <br /> THE CITY OF 4M <br /> J <br /> pLEASANTONo <br /> City Council <br /> Staff Report <br /> March 2, 2004 <br /> Housing Division <br /> SUBJECT: REVIEW OF FUTURE OWNERSHIP OPTIONS FOR RIDGE VIEW <br /> COMMONS <br /> STAFF RECOMMENDATION: <br /> Staff recommends the City Council approve Option I as outlined in this <br /> report and authorize staff negotiations with Eden Housing, Inc., (Eden) <br /> regarding the future ownership of Ridge View Commons. <br /> HOUSING COMMISSION RECOMMENDATION: <br /> The Housing Commission reviewed this item at their meeting of February <br /> 19 and recommended Option I as detailed in this report. <br /> SUMMARY: Ridge View Commons was financed 1990 with State tax- credits that <br /> resulted in an ownership structure consistent with tax credit financing. A <br /> number of these ownership requirements are scheduled to expire in 2005 <br /> and as a result, staff has been meeting with Eden and private legal counsel <br /> to discuss alternative ownership options. This report discusses the options <br /> and recommends City Council direction to proceed with this project. <br /> Honorable Mayor and Members of the City Council: <br /> BACKGROUND <br /> The City currently maintains a Ground Lease with Ridge View Commons Associates for the <br /> benefit of Ridge View Commons which is a 200 unit affordable senior project located at 5252 <br /> SR:04:049 <br /> Page 1 <br />