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THE CITY OF 2 <br /> _ - HOUSING AUTHORITY OF THE CITY OF <br /> ������ ��� � <br /> F L£ PLEASANTON AGENDA REPORT <br /> �AS�4NTONo <br /> February 16, 2016 <br /> Executive Director <br /> TITLE: APPROVAL OF A DISPOSITION AGREEMENT, USE AGREEMENT, <br /> AND RELEASE OF DECLARATION OF TRUST BETWEEN THE CITY <br /> OF PLEASANTON, PLEASANTON HOUSING AUTHORITY, AND THE <br /> U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FOR <br /> THE KOTTINGER PLACE PROPERTY AND AUTHORIZATION FOR <br /> THE EXECUTIVE DIRECTOR TO SIGN ALL DOCUMENTS RELATED <br /> TO TRANSFER OF THE PROPERTY TO THE CITY <br /> SUMMARY <br /> On February 26, 2015, the U.S. Department of Housing and Urban Development <br /> ("HUD") approved the Pleasanton Housing Authority's application for the disposition of <br /> the 50-unit senior housing property located at 240 Kottinger Drive ("Kottinger Place") to <br /> the City for redevelopment as part of a new, 103-unit senior housing project proposed <br /> by MidPen Housing referred to as Kottinger Gardens. HUD's approval of disposition is <br /> contingent upon the parties executing a Disposition Agreement, Use Agreement and <br /> Release of Declaration of Trust (the "Agreements"). The Agreements describe terms <br /> and conditions for the sale and release of HUD's interest in the property. The <br /> Agreements are consistent with redevelopment plans previously approved by Housing <br /> Authority Board and the City Council for the property. <br /> RECOMMENDATION <br /> It is recommended that the Pleasanton Housing Authority Board: 1) Approve a <br /> Disposition Agreement, Use Agreement, and Release of Declaration of Trust <br /> substantially in the forms attached to the resolution and subject to final form approval by <br /> the City Attorney and Executive Director; and, 2) Authorize the Executive Director to <br /> sign all documents related to the release of HUD's interest in the Kottinger Place <br /> property and to effectuate the transfer of the property to the City for the development of <br /> Kottinger Gardens. <br /> FINANCIAL STATEMENT <br /> Disposition of the Kottinger Place property from the Authority to the City will not <br /> generate sales proceeds. Under the terms of the proposed Disposition Agreement, <br /> which is consistent with the financial plan previously approved by City Council for <br /> Kottinger Gardens, the Authority will sell the property to the City for$1.00. <br />