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WHEREAS, each city in Alameda County received an allocation from the Bond for affordable rental housing and Pleasanton's base allocation is approximately $13.7 million dollars; and WHEREAS, Alameda County Housing and Community Development (the "County HCD") proposed that affected cities determine whether they would like to use a portion of their Bond allocation towards filling the unexpected financing gaps in applicable affordable rental housing developments in their jurisdictions. NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: SECTION 1. The City Council finds that financial assistance in an amount not to exceed $4,600,000 is necessary to make Phase 2 of the Project financially feasible to construct, and the financial assistance will help increase the supply of affordable senior housing, especially for extremely low- and very low-income senior households, in the City. SECTION 2. The City Council authorizes an allocation not to exceed $4,600,000 from the City of Pleasanton's base allocation of Alameda County Measure Al Housing Bond Funds to MidPen Housing Corporation, or its MidPen affiliated entity, for the development of Kottinger Gardens Phase 2. SECTION 3. The City Manager, or his designee, is hereby authorized to take such further actions and execute all documents necessary or appropriate to facilitate the financing of Alameda County Measure Al Housing Bond Funds for Kottinger Gardens Phase 2. PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at a regular meeting held on July 18, 2017. I, Karen Diaz, City Clerk of the City of Pleasanton, California, certify that the foregoing resolution was adopted by the City Council at a regular meeting held on the 18th of July, 2017, by the following vote: Ayes: Noes: Absent: Abstain: Karen Diaz, City Clerk APPROVED AS TO FORM: Daniel G. Sodergren, City Attorney