RES 15771 - Laserfiche WebLink

FIRST AMENDMENT TO DISPOSITION, DEVELOPMENT AND LOAN AGREEMENT FOR KOTTINGER PLACE HOUSING DEVELOPMENT (Kottinger Gardens) This First Amendment to Disposition, Development and Loan Agreement for Kottinger Place dated November 5, 2013, (the "Amendment")is entered into as of this_day of June, 2015 (the "Effective Date"), by and between the City of Pleasanton, a municipal corporation(the "City"),and MidPen Housing Corporation,a nonprofit public benefit corporation(the "Developer"), on the basis of the following facts: RECITALS A. The City and the Developer entered into the Disposition, Development and Loan Agreement for Kottinger Place dated November 5, 2013 (the"DDA")which includes provisions for a City Permanent Loan in the amount of Ten Million Dollars ($10,000,000)of which Two Million Eight Hundred Thousand Dollars($2,800,000)is available through a City Predevelopment Loan.). B. At its meeting of June 16, 2015,the Pleasanton City Council appropriated Three Million Seven Hundred Fifty Thousand Dollars($3,750,000)from the City Lower Income Housing Fund for the purpose of increasing the amount of the City Permanent Loan from Ten Million Dollars to Thirteen Million Seven Hundred Fifty Thousand Dollars($13,750,000). C. Both the City and Developer desire to amend the DDA to reflect the City appropriation of June 16,2015 in accordance with the terms and provisions of this Amendment. NOW, THEREFORE, in consideration of the recitals hereof and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged,the City and the Developer agree as follows: 1. Section 5.2 of the DDA is hereby amended to reflect that the City Permanent Loan amount is changed from Ten Million Dollars ($10,000,000) to Thirteen Million Seven Hundred Fifty Thousand Dollars($13,750,000). 3. Except as modified by the foregoing provisions, the DDA shall remain in full force and effect.