16 - Laserfiche WebLink

reserves of the Pleasanton Gardens Development, and that the transfer of the Pleasanton Gardens Parcel and the reserves shall occur upon the relocation of Pleasanton Gardens residents to the New Development. The Board reserves its option to preserve dedicated, non-project generated funds to cover costs of ceasing business. Also within thirty (30) days after approval of the New Development's PUD, Pleasanton Gardens shall assign the HAP contract to the Developer and work diligently to secure any necessary approvals by HUD. 7. The Board shall continue to manage the Pleasanton Gardens Development until the transfer and assignment described in Number 6 and the financing outlined in Number 11 occur or until some alternative time approved by the City, the Board and the Developer. 8. It is anticipated that the Site will be ground leased from the City to a California limited partnership of which a limited liability company controlled by the Developer will serve as its general partner, for a period of at least fifty-five (55) years (the "Limited Partnership") for the purpose of operating the New Development in accordance with a regulatory agreement with the City (the "Regulatory Agreement") and the ground lease. The Regulatory Agreement and ground lease will set forth regulations requiring the New Development remain affordable to households with incomes at no more than sixty percent(60%) of the AMI and meet project age requirements. 9. The Board will provide for the assignment of the HAP Contract to the Developer or to the Limited Partnership, at no cost to the Developer or to the Limited Partnership, to be used initially for the existing thirty-one (31) households in the Pleasanton Gardens Development. As tenancies for those households expire, the Section 8 units will be made available to other or new households in the New Development. 10. The City agrees to utilize the financial reserves transferred from Pleasanton Gardens exclusively for the purpose of meeting costs related to the construction of the New Development and/or the New Development's ongoing operations. The City shall make the reserves available to the Developer for the costs of construction of the New Development. 11. The City anticipates the New Development will be financed utilizing, in part, Tax Credits, City Lower Income Housing Funds, HOME/CDBG Funds, Federal Home Loan Bank's Affordable Housing Program, and HUD Project-Based Section 8. 12. Households then currently living at Pleasanton Gardens Development at the time the New Development is ready to be occupied, and who qualify to live at the New Development, will be given preference for a ground floor unit in the New Development once Phase II is complete, as provided by the Developer's relocation plan. The relocation of Current Residents will comply with California Relocation Assistance Law(Government Code Section 7620 et seq.) and the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (42 USC 4601 et seq.) and implementing regulations at 49 CFR 24 et seq. For tenants relocated from the Pleasanton Gardens Development to the New Development who receive rental assistance through the HAP Contract, rents will continue to be thirty percent (30%) of their annual household income calculated in accordance with HUD/Section 8 guidelines. Residents will receive a utility allowance as determined by the Housing Authority of Alameda County. Page 4 of 6 191A52V1404312.3.10.23.2013