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RESOLUTION NO. 16-900 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON <br /> APPROVING A PURCHASE AND SALE AGREEMENT WITH PLEASANTON <br /> GARDENS, INC. AND AUTHORIZING THE CITY HIANAGER TO EXECUTE ALL <br /> DOCUP/ENTS AND TAKE ALL STEPS RELATED TO THE TRANSACTION <br /> WHEREAS, in November 2013, the City Council approved a Disposition, Development <br /> and Loan Agreement ("DDLA") with MidPen Housing Corporation ("MidPen") for the <br /> development of a 185-unit, phased, senior housing project proposed by MidPen, referred to as <br /> "Kottinger Gardens" (the "Project"), and <br /> 'HEREAS, pursuant to the DDLA, the City and Pleasanton Gardens, Inc entered into <br /> a Memorandum of Understanding ("MOU") to establish the terms for transfer of the <br /> approximately 1 99 acre housing site containing the 40-unit project known as Pleasanton <br /> Gardens (the "Land"), and <br /> WHEREAS, City staff have negotiated the terms of a Purchase and Sale Agreement (the <br /> "PSA"), to transfer the Land to the City along with project operating reserves to be contributed <br /> for the future Phase 2 development of the Project, contingent upon fulfillment of terms by all <br /> parties to the PSA <br /> NO` ',', THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF <br /> PLEASANTON DOES RESOLVE, DECL-RE, DETERHINE AND ORDER THE FOLLOWING: <br /> SECTION 1: Approves the attached Purchase and Sale Agreement with Pleasanton <br /> Gardens, Inc <br /> SECTION 2: Authorizes the City Manager, Nelson Fialho, or his designee, to execute all <br /> documents and to take all steps necessary to implement this Resolution and the transaction <br /> described herein, including but not limited to the execution of estoppel certificates that are <br /> consistent with the terms of this Resolution <br /> PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at <br /> Y Y Y <br /> a regular meeting held on December 6, 2016 <br /> I, Karen Diaz, City Clerk of the City of Pleasanton, California, certify that the foregoing <br /> resolution was adopted by the City Council at a regular meeting held on the 6th day of <br /> December 2016, by the following vote <br /> Ayes Councilmembers Brown, Narum, Olson, Pentin, Mayor Thorne <br /> Noes None <br /> Absent. None <br /> Abstain. None <br /> are ,Diaz, City C1='k <br /> APP'OVED AS 0 FORM <br /> V) 11 . <br /> Daniel Sodergren, City A'orney <br />