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THE CITY OF O5 CITY COUNCIL AGENDA REPORT pL£ ASANTON, March 15, 2011 City Manager Housing Division TITLE: AUTHORIZATION TO ENTER INTO A LOAN AGREEMENT IN THE AMOUNT OF 25,000 WITH THE TRI- VALLEY HOUSING OPPORTUNITY CENTER (TVHOC) TO ADDRESS SHORT -TERM OPERATING EXPENSES SUMMARY Staff is requesting City Council authorization to enter into negotiations with the Cities of Dublin, Livermore, San Ramon, and the Town of Danville to provide a loan to the Tri- Valley Housing Opportunity Center (TVHOC) for expenses associated with its ongoing operations. The maximum loan amount from all agencies combined would be $125,000 and the City of Pleasanton's contribution would be $25,000. Each jurisdiction entering into the Agreement would provide a proportional share of the funding to be allocated over the remainder of Fiscal Year 2010 -11 while the TVHOC completes its restructuring and secures additional outside funding resources. To date, the cities of Livermore and Dublin have approved the loan. Danville and San Ramon city councils are scheduled to review later this month. RECOMMENDATION 1) Authorize the City Manager to negotiate and execute a joint agreement with the cities of Dublin, Livermore, San Ramon, and the Town of Danville to provide funding in an amount not to exceed $125,000 for the TVHOC to cover operating expenses for Fiscal Year 2010 -11 2) Approve a budget amendment reflecting Pleasanton's share of $25,000. FINANCIAL STATEMENT City of Pleasanton funds would come from the Lower Income Housing Fund (LIHF). This loan was not anticipated in the Fiscal Year 2010 -11 budget, and therefore an additional appropriation of $25,000 is recommended from the Lower Income Housing Fund. Staff anticipates that repayment of the loan would be in the form of services provided by TVHOC to the City directly. As a result, no cash repayment is anticipated.