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12 THE CITY OF CITY COUNCIL AGENDA REPORT pL EASANTON. February 16, 2010 Assistant City Manager TITLE: APPROVAL OF THE PRINCIPLES OF AGREEMENT BETWEEN THE CITY, KOTTINGER PLACE TASK FORCE AND THE PLEASANTON GARDENS BOARD OF DIRECTORS REGARDING A RECOMMENDATION TO CONTINUE THE DEVELOPMENT PROCESS FOR A NEW LOW INCOME SENIOR DEVELOPMENT AT 240 KOTTINGER DRIVE SUMMARY At your meeting of December 1, 2009, the City Council conducted a joint workshop with the Kottinger Place Task Force (Task Force) to review its predevelopment report and related recommendations regarding developing a new senior housing rental development on the site currently housing the City's 50 -unit Kottinger Place senior housing project located at 240 Kottinger Drive. As a follow up to City Council comments made at the workshop, staff has developed the "Principles of Agreement between the City, the Kottinger Place Task Force, and the Pleasanton Gardens Board of Directors" (Policy Objectives) which meet the general interests of all parties, including the concerns and opportunities discussed by the City Council. Approval of the Policy Objectives would authorize City staff, and the Task Force, to move forward with the selection of a non profit developer to prepare more detailed project designs /plans and financial information for a new 128 -150 unit senior rental development, to further review on the potential for rehabilitating the existing Kottinger Place and Pleasanton Gardens units, and a preliminary review of options for the reuse of the Pleasanton Gardens site. RECOMMENDATION Approve the Principles of Agreement between the City, the Kottinger Place Task Force and the Pleasanton Gardens Board of Directors (Attachment 1). FINANCIAL STATEMENT There is no direct financial impact as a result of staffs recommendation.