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Mayor Thorne opened the item for public comment. Milly Seibel, Executive Director of TVHOC, said the funding request is cover old recurring debt, much of it lingering from the inability to sell the commercial property during the economic downturn. TVHOC had fully anticipated selling at least a portion of the property within a year of acquisition and, while the market has been slow to recover, they are confident that with a new realtor and the changing economic climate they will be able to do so. She introduced Board members Randi DeHollander and Becky Dennis. She reported that TVHOC provided financial education, homebuyer education and foreclosure recovery services to more than 100 Pleasanton families and shared the story of one woman who was ultimately able to keep her home with the assistance of TVHOC. She said the funding request would allow TVHOC to restructure its debt and continue on the path towards sustainability. She also noted that thanks to a grant writer funded through the Cil:y of Livermore, they received two grants at the end of 2012 and expect to be strong contenders for more throughout the year. Councilmember Brown asked what level of success they have experience with home retention. Ms. Seibel said they assisted 106 families with foreclosure loan recovery in 2012 and only 2 or 3 actually experienced foreclosure. Councilmember Brown asked if TVHOC would be able to sustain itself if the City elected not to offer the other two legs of the funding request. Ms. Seibel said it would be much more difficult and they may have to throttle back on some services, but that they also intend to exponentially increase outreach and fundraising efforts in 2013. Vice-Mayor Cook-Kallio asked Ms. Seibel to discuss how citizens typically come to learn of their resources. Ms. Seibel said TVHOC provides a homebuyer education class, the next of which is at Las Vacitas College on January 261". The full day course costs $49 per household, includes sessions on budgeting and lending and is an excellent resource for people in any stage of the home buying process. She noted that the class is not limited to Tri-Valley residents and that as an HUD approved counseling agency, they are able to fulfill HUD's homebuyer education requirements and provide attendees with a certificate that many lenders and affordable housing groups look at with preference. Mayor Thorne closed public comment Vice-Mayor Cook-Kallio said they are fortunate enough to live in this kind of community, but that the citizens who need TVHOC's services are often invisible. TVHOC has done a wonderful job of reaching to identify those in need and she thanked them for providing such a well rounded and valuable service to the entire community. Councilmember Brown concurred, said she fully endorses the program and noted that TVHOC also provides free tax service. 26. MOTION: It was m/s by Cook-Kallio/Pentin to approve and authorized the City Manager to execute a Loan and Governance agreement with Tri-Valley Housing Opportunity Center and approved an approbation of $51,667 from the Lower Income Housing Fund and a $155,001 loan and governance agreement to the Center to meet existing debt; authorized the City Manager to negotiate with the cities of Livermore and Dublin and the TVHOC regarding additional requests for financial assistance and other matters related to TVHOC operations and finances. Motion carried by the following vote: City Council Minutes Page 11 of 13 January 15,2013