RES 17959 - Laserfiche WebLink

RESOLUTION NO. 17-959 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON AUTHORIZING AN ALLOCATION IN AN AMOUNT NOT TO EXCEED$4,600,000 FROM THE CITY OF PLEASANTON'S BASE ALLOCATION SHARE OF THE ALAMEDA COUNTY MEASURE Al HOUSING BOND FUNDS TO MIDPEN HOUSING CORPORATION, A CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION, OR ITS CONTROLLED AFFILIATED ENTITY, TO PROVIDE ASSISTANCE IN FINANCING THE CONSTRUCTION OF KOTTINGER GARDENS PHASE 2, AN AFFORDABLE SENIOR RENTAL HOUSING PROJECT WHEREAS, in November 2013, the Pleasanton City Council approved a Disposition, Development and Loan Agreement("DDLA")with MidPen Housing Corporation ("MidPen")for the development of a 185-unit, phased, senior housing project proposed by MidPen, referred to as "Kottinger Gardens" (the "Project"); and WHEREAS, the Project is to be developed in two phases with 131 units to be developed in Phase 1 on the Kottinger Place housing site and 54 units to be developed as Phase 2 on the Pleasanton Gardens site (the "Land"), which is a housing site of approximately 1.99 acre and a 40-unit project; and WHEREAS, pursuant to the DDLA, the City and Pleasanton Gardens, Inc., owner of the Land, entered into a Memorandum of Understanding ("MOU") to establish the terms for transfer of the Land; and WHEREAS, City staff have negotiated the terms of a Purchase and Sale Agreement (the "PSA") to transfer the Land to the City along with operating reserves to be contributed for the future Phase 2 development of the Project, contingent upon fulfillment of terms by all parties to the PSA; and WHEREAS, Kottinger Gardens Phase 2 Associates, L.P., a California limited partnership, a MidPen affiliate, has agreed to develop the Land, which is a certain real property located at 251 Kottinger Drive in the City of Pleasanton, California, known as Alameda County Assessor's Parcel No. 094-0019-017 (the "Property"); and WHEREAS, MidPen intends to construct Kottinger Gardens Phase 2 - fifty-four (54) affordable senior residential units on the Property, consisting of fifty (50) one-bedroom, one-bath units and four(4) two-bedroom, one bath units (Phase 2 of the Project); and WHEREAS, the City has provided MidPen a $13,750,000 Low Income Housing Fund loan to develop the Project, and as Phase 1 is nearing construction completion, there is a remaining balance of $2,575,360 and $250,000 from the Pleasanton Gardens reserve totaling $2,825,360 that will be contributed to Phase 2 of the Project; and WHEREAS, the $580 million Alameda County Measure Al Housing Bond (the "Bond") was passed by County voters in November 2016 to target affordable housing program needs for low and moderate income County residents; and