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RESOLUTION NO. 15-771 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON <br /> APPROPRIATING $3,750,000 FROM THE LOWER INCOME HOUSING FUND (271900) TO <br /> THE KOTTINGER GARDENS SENIOR LOW INCOME HOUSINGDEVELOPMENT (PUD- 101) <br /> WHEREAS, The City entered into a Disposition, Development and Loan Agreement for <br /> Kottinger Place Housing Development (Kottinger Gardens) dated November 5, 2013 (the DDA") with <br /> MidPen Housing Corporation which includes provisions for a City Loan in the amount of Ten Million <br /> Dollars ($10,000,000); and <br /> WHEREAS, at a public hearing on June 16, 2015, city staff presented a report regarding a <br /> request from MidPen Housing Corporation to increase the amount of the City Loan by a total of Three <br /> Million Seven Hundred and Fifty Thousand 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 additional loan <br /> 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 ($3,750,000) <br /> from the Lower Income Housing Fund (271900) for the Kottinger Gardens development. <br /> Section 2: Approves the attached First Amendment to the Disposition, Development and Loan <br /> Agreement for Kottinger Place Housing Development (Kottinger Gardens). <br /> Section 3: Authorizes the City Manager and City Attorney to execute the documents necessary <br /> to complete this action. <br /> Section 4: This resolution shall become effective immediately upon its passage and adoption. <br /> PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at a <br /> regular meeting held on June 16, 2015. <br /> I, Karen Diaz, City Clerk of the City of Pleasanton, California, certify that the foregoing resolution <br /> was adopted by the City Council at a regular meeting held on the 16th day of June, 2015, by the <br /> following vote: <br /> Ayes: Councilmembers Brown, Narum, Olson, Pentin, Mayor Thome <br /> Noes: None <br /> Absent: None <br /> Abstain: None // <br /> re Diaz, City Clerk <br /> APPROVED AS TO FORM: <br /> yJul. Harryman, Acting ity Attorney <br />