RES 16831 - Laserfiche WebLink

RESOLUTION NO. 16-831 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING A GROUND LEASE AND LOAN DOCUMENTS, AND AUTHORIZING THE CITY MANAGER TO EXECUTE ALL DOCUMENTS AND TAKE ALL STEPS RELATED TO THE LOAN OF LOWER INCOME HOUSING FUNDS FOR KOTTINGER GARDENS PHASE I WHEREAS, in November 2013, the City Council approved a Disposition, Development and Loan Agreement ("DDLA") with MidPen Housing Corporation ("MidPen") for the development of a 131-unit, phased, senior housing project proposed by MidPen, referred to as "Kottinger Gardens" (the "Project"); and WHEREAS, in October 2014, the City made a $450,000 loan of HOME Investment Partnership Program Funds (the "HOME Loan") to MidPen for the first phase of the project ("Phase I"); and WHEREAS, pursuant to the DDLA, the City previously provided MidPen a $2,800,000 predevelopment loan of Lower Income Housing Funds for the project; and WHEREAS, pursuant to the DDLA, the City agreed to provide $10,950,000 in Lower Income Housing Funds to MidPen for project construction; and WHEREAS, the cumulative sum of both loans of Lower Income Housing Funds totals $13,750,000 (the "LIHF Loan"); and WHEREAS, City staff have negotiated the terms of a Ground Lease for Phase I (the "Ground Lease"), an Affordable Housing Loan Agreement that sets forth the terms of the LIHF Loan (the "Loan Agreement"), a Secured Promissory Note (the "Note"), leasehold deeds of trust that secure repayment of the HOME loan and the LIHF Loan (the "Leasehold Deeds of Trust"), and an Affordable Housing Regulatory Agreement ("Regulatory Agreement") (all of the foregoing, collectively, the "Loan Documents") that will be executed by Kottinger Gardens Phase 1 Associates, L.P., a limited partnership that will serve as developer for the Phase I project and for which an affiliate of MidPen serves as general partner. NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: SECTION 1: Approves the: Ground Lease, the Loan Agreement, the Note, the Leasehold Deeds of Trust, and the Regulatory Agreement, and authorizes the City Manager or his designee to execute and deliver each such document to which the City is a party in substantially in the forms provided attached to this Resolution as Exhibits A - F, with such modifications as may be approved by the City Manager in consultation with the City Attorney, provided that such modifications are consistent with the intent of this Resolution and do not substantially increase the obligations or impair the rights of the City. SECTION 2: Agrees to subordinate the Regulatory Agreement and the deeds of trust executed or to be executed in connection with the financing of the project to the deeds of trust and the regulatory agreements to be executed for the benefit of the project construction and