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THE CITY OF d j in. DRAFT DI .E.A Q 4NTONo Housing Commission Minutes (EXCERPT) City Council Chambers, 200 Old Bernal Avenue, Pleasanton, CA February 19, 2004 7:00 p.m. 8. PUBLIC HEARINGS AND OTHER MATTERS B. Review of Ownership Options for Ridge View Commons Steven Bocian gave an overview of the item. Mr. Bocian reported that the tax credit term for the project is nearing its end. Staff has been in discussions with Eden Housing about how the ownership transition of this project should be handled. The City's Ground Lease for the project includes language that allows the City acquire the improvements on the property provided that the acquisition is approved by HUD. The City hired an attorney last year to review all of the various agreements on the project and to make contact with someone at HUD. The conclusion was that, although there has not yet been a final answer from HUD, there would not be a problem with the City assuming ownership of the development if it so chooses. Staff has discussed with Eden potential ownership options. The report identifies three: 1. The ownership and improvements would stay with Eden Housing who developed the property and owned it since it opened. 2. Eden and the City would form a nonprofit with the City having some board members. 3. The City would own the improvements in which case the City would most likely transfer it to the Housing Authority or to a nonprofit created by the City. Staff is recommending Option 1. Mr. Bocian feels that Eden brings extensive knowledge about the project and about affordable housing in general. Eden has been good to work with in the past. The City would continue to have the final role in determining the property management for the project as well as the annual operating budget and resident rents. Eden would continue to handle compliance issues, accounting issues, financial matters, working with the property manager, and related matters. Page 1