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THE CITY OF 5 `ear �.�ice` CITY COUNCIL AGENDA REPORT pLEASANTON. July 18, 2017 City Manager TITLE: AUTHORIZING AN ALLOCATION NOT TO EXCEED $4,600,000 FROM THE CITY OF PLEASANTON'S SHARE OF ALAMEDA COUNTY MEASURE Al HOUSING BOND FUNDS TO MIDPEN HOUSING CORPORATION, A CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION, TO PROVIDE ASSISTANCE IN FINANCING THE CONSTRUCTION OF KOTTINGER GARDENS PHASE 2, AN AFFORDABLE SENIOR RENTAL HOUSING PROJECT SUMMARY Kottinger Gardens Phase 2 will be a 54-unit senior rental housing development on the current Pleasanton Gardens housing site. The voter-approved passage of the Alameda County Measure Al Housing Bond ("Bond"), a $580 million affordable housing bond, resulted with the City of Pleasanton being awarded more than $13.7 million in "Base City Allocation" that may be used for the development of affordable rental housing. The City will commit $4.6 million of its share of the Bond to Kottinger Gardens Phase 2 to assist MidPen Housing Corporation ("MidPen") with the construction of this project. RECOMMENDATION Staff recommends that the City Council adopt a resolution to 1) authorize the allocation of an amount not to exceed $4.6 million from its share of Measure Al Countywide Housing Bond funds to assist with the construction of Kottinger Gardens Phase 2, and 2)authorize the City Manager, or his designee, to execute and deliver such other instruments and to take such other actions as necessary to carry out the intent of this resolution. FINANCIAL STATEMENT There is no fiscal impact to the City's General Fund or Lower Income Housing Fund (LIHF) resulting from this action. The $4.6 million requested to assist in the construction of Kottinger Gardens Phase 2 will come from the City's $13.7 million share of the Alameda County Measure Al Housing Bond. Therefore, the City's remaining "Base City Allocation" would be $9.1 million. The allocation of the $4.6 million of Measure Al funds to the Kottinger Gardens project is reflected in the City's Capital Improvement Plan adopted by City Council on June 20, 2017.