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Attachment 1
<br /> RESOLUTION NO.
<br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON
<br /> APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE ALL
<br /> DOCUMENTS AND TAKE ALL STEPS RELATED TO THE LOAN OF $2,825,360 OF
<br /> LOWER INCOME HOUSING FUNDS AND PLEASANTON GARDENS RESERVE FOR
<br /> KOTTINGER GARDENS PHASE II
<br /> WHEREAS, in November 2013, the City Council approved a Disposition, Development
<br /> and Loan Agreement with MidPen Housing Corporation ("MidPen") for the development of a
<br /> 185-unit, phased, senior housing project proposed by MidPen, referred to as "Kottinger
<br /> Gardens" (the "Project"), and
<br /> WHEREAS, the 131 units in Phase 1 on the Kottinger Place housing site is nearing
<br /> completion, and now 54 units are to be developed as Phase 2 on the Pleasanton Gardens site
<br /> (the "Land"), and
<br /> WHEREAS, on December 6, 2016, the Pleasanton City Council approved a Purchase
<br /> and Sale Agreement with Pleasanton Gardens to transfer the Land to the City along with
<br /> operating reserves to be contributed for Phase 2 of the Project, and
<br /> WHEREAS, Kottinger Gardens Phase 2 Associates, L P , a California limited
<br /> partnership, a MidPen affiliate, has agreed to construct Phase 2, and
<br /> WHEREAS, of the original $13,750,000 Low Income Housing Fund loan that the City
<br /> provided to develop the Project, there is a remaining balance of $2,575,360 and $250,000 from
<br /> the Pleasanton Gardens reserve totaling $2,825,360 that will be contributed to Phase 2 of the
<br /> Project, and
<br /> WHEREAS, Phase 2 of the Project is also receiving a construction loan, a California
<br /> Housing Finance Agency (the "CaIHFA") permanent loan estimated at $9,085,000, and $4 6
<br /> million from Pleasanton's Base Allocation of the $580 million Alameda County Measure Al
<br /> Housing Bond funds
<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: For Phase 2 of the Project, approves substantially the forms attached and
<br /> subject to final form approval by the City Attorney and City Manager
<br /> (a) Ground Lease,
<br /> (b) Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants,
<br /> (c) Affordable Housing Loan Agreement,
<br /> (d) Secured Promissory Note,
<br /> (e) Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing,
<br /> (f) Assignment, Assumption and Modification Agreement
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