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RESOLUTION NO. 16-822 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON <br /> APPROVING THE DISPOSITION AGREEMENT, USE AGREEMENT AND RELEASE <br /> OF DECLARATION OF TRUST WITH THE U.S. DEPARTMENT OF HOUSING AND <br /> URBAN DEVELOPMENT AND AUTHORIZING THE CITY MANAGER TO EXECUTE <br /> ALL DOCUMENTS AND TAKE ALL STEPS RELATED TO THE DISPOSITION OF <br /> THE KOTTINGER PLACE PROPERTY <br /> WHEREAS, on November 12, 2013, the City Council approved a Disposition, <br /> Development and Loan Agreement ("DDLA") with MidPen Housing for the development of a <br /> 185-unit, phased, senior housing project proposed by MidPen Housing, referred to as "Kottinger <br /> Gardens" which would among other things redevelop and expand the Kottinger Place housing <br /> site at 240 Kottinger Drive (the "Disposition Property"); and <br /> WHEREAS, the DDLA anticipated the transfer of the Kottinger Place property from the <br /> Housing Authority of the City of Pleasanton (the "Housing Authority") to the City of Pleasanton <br /> (the "City") for the development of the first phase of the Kottinger Gardens project, contingent <br /> upon approval from the U.S. Department of Housing and Urban Development ("HUD"); and <br /> WHEREAS, the Authority owned and operated the Disposition Property as low-rent <br /> public housing with financial assistance provided by the Department of Housing and Urban <br /> Development ("HUD") under the U.S. Housing Act of 1937, as amended, 42 U.S.C. 1437 et. <br /> seq. (the "Act"); and <br /> WHEREAS, construction and/or operation of the Disposition Property was financed in <br /> part by HUD; and <br /> WHEREAS, the Housing Authority requested HUD approval of the conveyance of the <br /> Disposition Property and HUD has, as documented in the letter from HUD to the Authority dated <br /> February 26, 2015, and forthcoming further amendment by HUD, (collectively the "Approval <br /> Letter"), agreed to such sale on the terms and conditions set forth in the Approval Letter, (the <br /> • "HUD Disposition Approval"); and <br /> WHEREAS, HUD has approved the conveyance of the Disposition Property to the City <br /> for the purchase price of One and No/100ths Dollar ($1.00); and <br /> WHEREAS, HUD has conditioned its approval for the transfer of the Disposition <br /> Property as set forth in the HUD Disposition Approval and on the further condition that the <br /> Disposition Property be developed with one-hundred thirty-one (131) housing units including <br /> one (1) on-site manager's unit (collectively, the "Units," or singularly, a "Unit") and that one- <br /> hundred thirty (130) Units shall be operated as affordable and reserved for households at or <br /> below eighty percent (80%) of Area Median Income for a minimum of thirty (30) years from the <br /> date the first phase of the Kottinger Gardens project receives a Certificate of Occupancy for all <br /> of the Units; and <br /> WHEREAS, HUD has conditioned its approval for the transfer of the Disposition <br /> Property as set forth in the HUD Disposition Approval and on the further condition that fifty (50) <br /> of the Units (the "PBV Units," or singularly, a "PBV Unit") will be developed and operated as <br />