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WHEREAS, the Kottinger Place Development receives an annual HUD Public Housing Operating Subsidy and an Annual Capital Fund grant to assist with project operations and capital needs; and WHEREAS,the City is the owner of the .5 acre property located at 4133 Regalia Avenue (the "Regalia Parcel") which is part of Kottinger Village Park maintained by the Pleasanton Parks and Community Services Department and of the .5 acre property at 4138 Vineyard Avenue (the "Vineyard Parcel", together with the Pleasanton Gardens Parcel, the Kottinger Parcel and the Regalia Parcel,the "Site"); and WHEREAS, in November 2003, the Pleasanton City Council (the "City Council") authorized a study regarding the potential replacement, expansion or renovation of the Kottinger Place Development and the Pleasanton Gardens Development (the "Study"). In February 2004, the City formed a ten-member Kottinger Place Redevelopment Task Force (the "Task Force") including two representatives from the Board and two members from the City of Pleasanton Housing Commission (the "Housing Commission") to coordinate and provide input on the Study; and WHEREAS, as part of the Study, on February 7, 2012, the City entered into an Exclusive Negotiating Rights Agreement with MidPen Housing Corporation (the "Developer") pursuant to which the Developer conducted a predevelopment process to identify the steps required to proceed with a senior affordable rental housing development to be developed on the Site, anticipated to consist of between one-hundred seventy-two (172) and one-hundred eighty-nine (189) residential dwelling units that would be age restricted to residents 62 years of age or older with incomes less than sixty percent(60%) of the AMI, related interior and exterior improvements, including, but not limited to, a rental office and a community center (the "New Development"); and WHEREAS, at the Board meeting on July 31, 2012, the Board expressed support for its participation in the redevelopment of the Kottinger Place Development and Pleasanton Gardens Development, and encouraged the City Council to support a report providing various renovations and development options for the Kottinger Place Development and the Pleasanton Gardens Development in furtherance of the Study (the "Predevelopment Report"), and expressed its willingness to contribute the Pleasanton Gardens Parcel and its available cash reserves, estimated at Three Hundred Thousand Dollars at that time ($300,000), to the City and to assign the HAP Contract to the Developer for the purpose of pursuing the New Development; and WHEREAS, on October 16, 2012, the City Council accepted the Predevelopment Report, otherwise known as the Kottinger Place and Pleasanton Gardens Predevelopment Analysis Report, authorized the drafting of a Disposition, Development and Loan Agreement(the "DDA") with the Developer for the demolition of the Kottinger Place Development and Pleasanton Gardens Development and for the development of the New Development, and appropriated Eight Million Dollars ($8,000,000) from the City's Lower Income Housing Fund as financial support for the New Development; and Page 2 of 6 191\52\1404312 3 10 23 2013