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relocation. This is a temporary relocation, which means the rent tenants are currently paying will be covered and whatever the offsite rental is will be covered by Mid-Pen as well utilities and moving cost for the period the residents are offsite. In the event permanent relocation is triggered, Mid-Pen will pay the same difference for 42 months. The project is estimated to be completed in late fall of 2017. The goal is to finished construction of phase one by September of 2017 and start construction of phase two by the end of the same year, 2017. Councilmember Olson asked if it's possible a different institution would buy the second round of credits, to which Ms. Goldberg indicated would be possible and a similar process would occur such as going out to various institutions that shows interest. Mid-Pen is looking for an institution that will provide the best pricing and terms. Councilmember Brown asked for clarification as to where the residents will be staying besides with family as there aren't too many vacancies in Pleasanton. Ms. Goldberg said they have started securing apartments in other cities and currently have two communities in Dublin that are market rate for 1 and 2 bedrooms. Pleasanton Gardens also have two vacancies they are holding. The goal is to keep everyone who wants to stay in Alameda County in the County. Starting in January a relocation specialist will meet with each household. At the moment, the goal is to secure the 22 units they have available. Mayor Thorne opened the item for public comment. Dolores Bengtson stated that it feels right to take every opportunity available to thank the council for their wisdom and vision in support of the Pleasanton Gardens project and for choosing Mid-Pen to guide the project. She commented that in the years to come, thousands of seniors will benefit from the availability of quality and affordable housing. Christine Steiner stated that she served on the Alameda Housing Authority and has gone through this process before. She commented on how difficult it is to obtain a disposition agreement due to the fact that rules can be changed right in the middle of trying to obtain the agreement. Thanks to Mid-Pen for accomplishing this difficult task. She further stated that she has worked on three projects within the city and that these projects have one thing in common, the city owned the land and will continue to own it. She urged the Council to think of either increasing the fee in the housing fund or supplement money into the fund if the option is available because every project will involve housing funds. 10. Continued from November 17, 2015 — Consider adoption of a resolution accepting the FY 2014/15 year-end operating budget report and designating General Fund reserves Finance Director Tina Olson presented the agenda report stating that the General Fund, at midyear, March 2015, it was estimated to be $1.9M, but the city came in with an ending fund balance of$20.6M, $5.7M, more than was expected. $3.7M of that is from revenues, which included property taxes and development service fees, followed by hotel/motel tax. Councilmember Narum asked if the development service fees reflect the increases, to which Ms. Olson stated that the fees were effective in August. Ms. Olson said expenditures came in at $1.9m, which was less than estimated and this is due to vacancies from turnover staff and contractual services from the city. Councilmember Narum asked if the city is back to where they want to be financially into the repair and replacement fund. Ms. Olson said yes, the city is back to where they want to be a little over $4.5M. The city is not quite there with CIP but is getting close. Ms. Olson said the Water Fund provided good news. The city's expectation for the water fund ending balance was $7.1M, but it ended with almost $8M, a difference of $855,000 more than expected. This City Council Minutes Page 15 of 16 December 1,2015