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WHEREAS, each city in Alameda County received an allocation from the Bond for <br /> affordable rental housing and Pleasanton's base allocation is approximately $13.7 million dollars; <br /> and <br /> WHEREAS, Alameda County Housing and Community Development (the "County HCD") <br /> proposed that affected cities determine whether they would like to use a portion of their Bond <br /> allocation towards filling the unexpected financing gaps in applicable affordable rental housing <br /> developments in their jurisdictions. <br /> NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF <br /> PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: <br /> SECTION 1. The City Council finds that financial assistance in an amount not to exceed <br /> $4,600,000 is necessary to make Phase 2 of the Project financially feasible to construct, and the <br /> financial assistance will help increase the supply of affordable senior housing, especially for <br /> extremely low- and very low-income senior households, in the City. <br /> SECTION 2. The City Council authorizes an allocation not to exceed $4,600,000 from <br /> the City of Pleasanton's base allocation of Alameda County Measure Al Housing Bond Funds to <br /> MidPen Housing Corporation, or its MidPen affiliated entity, for the development of Kottinger <br /> Gardens Phase 2. <br /> SECTION 3. The City Manager, or his designee, is hereby authorized to take such <br /> further actions and execute all documents necessary or appropriate to facilitate the financing of <br /> Alameda County Measure Al Housing Bond Funds for Kottinger Gardens Phase 2. <br /> PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at <br /> a regular meeting held on July 18, 2017. <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 18th day of July, 2017, <br /> by the following vote: <br /> Ayes: Councilmembers Brown, Narum, Olson, Pentin, Mayor Thorne <br /> Noes: None <br /> Absent: None <br /> Abstain: None <br /> wren Di: , City Cler 4 <br /> APPROVED AS TO FORM: <br /> ` <br /> Daniel G. Sodergren, City Attorney <br />