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John Carroll noted that people are generally unaware of Form 460 and campaign contributions of any candidate running for political office in Alameda County can be viewed on the Alameda County Registrar's website. As indicated by previous speakers, one of the more recent From 460's shows a disturbing amount of money coming from cities outside of Pleasanton to influence a local city election. He asked that the public review this information carefully and ask themselves what the intended purpose and ultimate consequences could be. Mayor Hosterman noted that all of the campaign activities noted are lawful. If that is something the community would like to change, then there is a future opportunity for such a discussion. Councilmember Sullivan noted that campaign reports are also available on the City's website. PUBLIC HEARINGS AND OTHER MATTERS 10. Review of Kottinger Place Predevelopment Report and authorization to proceed to Phase II (project development phase) Assistant City Manager Bocian provided a general overview of the staff report via PowerPoint. He stated that in February 2012, the Council approved an agreement with MidPen Housing to prepare a predevelopment analysis report to research the potential for redeveloping the Kottinger Place and Pleasanton Gardens senior affordable housing developments. Since that time, MidPen, the Kottinger Place Redevelopment Task Force and staff have conducted a series of stakeholder and public meetings to study development alternatives. One result of these meetings is that despite previous uncertainty, the Pleasanton Gardens Board of Directors and task force have found that their interests can and do in fact meet with respect to the preferred development option. In September 2012, both the task force and Housing Commission unanimously approved the predevelopment report. Staff is now seeking Council approval and direction regarding the next phase of the project. The task force and MidPen spent considerable time identifying development alternatives with site plan features that retained the existing character and sense of open space of the sites and complement the surrounding neighborhood. They also spent considerable time looking at potential development costs, which range from $38 to $61 million across the three options described below: • Option 1 retains and rehabilitates 36 of the existing single story units and adds 61-71 units in a newly constructed multi-story building on the Kottinger Place site only. This is not a preferred development option due to the high cost of rehabilitating and upgrading existing units. • Option 2 (preferred option) proposes all new construction of single and multi-story buildings at both Kottinger Place and Pleasanton Gardens, providing a total of 172-189 units. This approach achieves the greatest financial efficiency and most units, while still retaining the original character of the site. • Option 3 proposes all new construction on the Kottinger Place site only. Mr. Bocian reviewed funding estimates identified in the predevelopment report. The report estimates 9% in tax credits based on the preferred option, though this is ultimately dependent upon the tax credit market at the time investors are sought. He also noted that the report recommends that the Council allocate $8 million towards the project, which is twice the amount allocated to the project several years ago and approximately half of the money currently in the Lower Income Housing Fund. In addition, the City and Pleasanton Gardens would be contributing their sites to the project. Pleasanton Gardens has also offered to transfer approximately $300,000 in reserves to the project and to turn over 32 Section 8 housing vouchers to the resulting development. City Council Minutes Page 3 of 12 October 16, 2012