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developments and that significant renovation will most likely be required in the near future to address its aging facility. In addition, the Pleasanton Gardens Board of Directors has long focused on opportunities for increasing the amount of affordable senior housing in Pleasanton. As an extension of these matters, both the City and Pleasanton Gardens have determined that it may be advisable to work cooperatively toward the realization of the Kottinger Gardens development. A summary of the primary elements of the MOU are as follows: Both the City and Pleasanton Gardens are agreeing to the following: 1. The parties will work cooperatively toward the new development as outlined in the MOU and more specifically, the Task Force approved site plan and DDA 2. Recognition that the development is subject to the City's standard PUD review 3. Pleasanton Gardens is not financially responsible for predevelopment costs 4. Within 30-days after approval of a PUD, the City and Pleasanton Gardens will enter into an agreement to transfer ownership of its site and improvements, to the City at a cost of$1 dollar to facilitate the new development 5. The Board will continue to manage Pleasanton Gardens until such time as project funding has been approved for its site 6. Pleasanton Gardens will transfer any then existing financial reserves to the City to offset project costs 7. Households residing in Pleasanton Gardens who qualify to live in the new development will be given preference to a ground floor unit 8. The Board will cooperate regarding transferring its HUD HAP contract to the new development to allow it to take advantage of Pleasanton Gardens thirty-one Section 8 units 9. The Pleasanton Gardens and Kottinger Place waitlists will be transitioned to the new development 10.Recognition that the City intends to make the new development smoke free 11.AII parties shall meet in good faith to explore alternative options in the event project financing or PUD approval is not forthcoming Key to the above is the agreement that if the City approves the PUD, then Pleasanton Gardens will enter into an agreement to transfer ownership of its property to the City. As indicated previously, to assure minimal relocation of existing residents, the current tenant relocation concept calls for the new development to be constructed first on the Kottinger Place site at which time Pleasanton Gardens residents be relocated to the new development. Following this, MidPen will commence construction on the Pleasanton Gardens site. Also, note that pending unit vacancies, after financing is approved for the Kottinger phase of construction, some Kottinger Place residents may be relocated to Pleasanton Gardens as a means of facilitating construction. In addition, some Kottinger Place residents may be temporarily relocated off-site prior to or during development construction. Following construction, they would be relocated to the new development. Developing a plan for tenant relocation is part of the DDA and staff anticipates working closely with MidPen to exercise this phase of the project. Page 8 of 9