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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING THE DISPOSITION AGREEMENT, USE AGREEMENT AND RELEASE OF DECLARATION OF TRUST WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND AUTHORIZING THE CITY MANAGER TO EXECUTE ALL DOCUMENTS AND TAKE ALL STEPS RELATED TO THE DISPOSITION OF THE KOTTINGER PLACE PROPERTY WHEREAS, on November 12, 2013, the City Council approved a Disposition, Development and Loan Agreement ("DDLA") with MidPen Housing for the development of a 185-unit, phased, senior housing project proposed by MidPen Housing, referred to as "Kottinger Gardens" which would among other things redevelop and expand the Kottinger Place housing site at 240 Kottinger Drive (the "Disposition Property"); and WHEREAS, the DDLA anticipated the transfer of the Kottinger Place property from the Housing Authority of the City of Pleasanton (the "Housing Authority") to the City of Pleasanton (the "City") for the development of the first phase of the Kottinger Gardens project, contingent upon approval from the U.S. Department of Housing and Urban Development("HUD"); and WHEREAS, the Authority owned and operated the Disposition Property as low-rent public housing with financial assistance provided by the Department of Housing and Urban Development ("HUD") under the U.S. Housing Act of 1937, as amended, 42 U.S.C. 1437 et. seq. (the "Act"); and WHEREAS, construction and/or operation of the Disposition Property was financed in part by HUD; and WHEREAS, the Housing Authority requested HUD approval of the conveyance of the Disposition Property and HUD has, as documented in the letter from HUD to the Authority dated February 26, 2015, and forthcoming further amendment by HUD, (collectively the "Approval Letter"), agreed to such sale on the terms and conditions set forth in the Approval Letter, (the "HUD Disposition Approval"); and WHEREAS, HUD has approved the conveyance of the Disposition Property to the City for the purchase price of One and No/100ths Dollar($1.00); and WHEREAS, HUD has conditioned its approval for the transfer of the Disposition Property as set forth in the HUD Disposition Approval and on the further condition that the Disposition Property be developed with one-hundred thirty-one (131) housing units including one (1) on-site manager's unit (collectively, the "Units," or singularly, a "Unit") and that one- hundred thirty (130) Units shall be operated as affordable and reserved for households at or below eighty percent (80%) of Area Median Income for a minimum of thirty (30) years from the date the first phase of the Kottinger Gardens project receives a Certificate of Occupancy for all of the Units; and WHEREAS, HUD has conditioned its approval for the transfer of the Disposition Property as set forth in the HUD Disposition Approval and on the further condition that fifty (50) of the Units (the "PBV Units,"or singularly, a "PBV Unit")will be developed and operated as