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RESOLUTION NO. <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON <br /> APPROPRIATING $3,750,000 FROM THE LOWER INCOME HOUSING FUND <br /> (271900) TO THE KOTTINGER GARDENS SENIOR LOW INCOME HOUSING <br /> DEVELOPMENT (PUD-101) <br /> WHEREAS, The City entered into a Disposition, Development and Loan Agreement <br /> for Kottinger Place Housing Development (Kottinger Gardens) dated November 5, 2013 (the <br /> "DDA") with MidPen Housing Corporation which includes provisions for a City Loan in the <br /> amount of Ten Million Dollars ($10,000,000); and <br /> WHEREAS, at a public hearing on June 16, 2015, city staff presented a report regarding <br /> a request from MidPen Housing Corporation to increase the amount of the City Loan by a total <br /> Three Million Seven Hundred Fifty Dollars ($3,750,000) resulting in a total City Loan amount of <br /> Thirteen Million Seven Hundred and Fifty Thousand Dollars ($13,750,000), and <br /> WHEREAS, after considering this request, the City Council determined that the <br /> additional loan amount was necessary to assure timely and adequate project funding. <br /> NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF <br /> PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: <br /> Section 1: Appropriates Three Million Seven Hundred and Fifty Thousand Dollars <br /> ($3,750,000) from the Lower Income Housing Fund (271900) for the Kottinger Gardens <br /> development. <br /> Section 2: Approves the attached First Amendment to the Disposition, Development and <br /> Loan Agreement for Kottinger Place Housing Development (Kottinger Gardens). <br /> Section 3: Authorizes the City Manager and City Attorney to execute the documents <br /> necessary to complete this action. <br /> Section 4: This resolution shall become effective immediately upon its passage and <br /> adoption. <br /> PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at <br /> a regular meeting held on June 16, 2015. <br /> I, Karen Diaz, City Clerk of the City of Pleasanton, California, certify that the foregoing <br /> resolution was adopted by the City Council at a regular meeting held on the 16th day of June, <br /> 2015, by the following vote: <br /> Ayes: <br /> Noes: <br /> Absent: <br /> Abstain: <br /> Karen Diaz, City Clerk <br />