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02
City of Pleasanton
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CITY CLERK
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AGENDA PACKETS
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2017
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101717
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10/13/2017 12:05:49 PM
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10/13/2017 12:05:30 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
10/17/2017
DESTRUCT DATE
15Y
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THIS AFFORDABLE HOUSING LOAN AGREEMENT (this "Agreement") is entered <br /> into effective as of, 2017 ("Effective Date") by and between the City of Pleasanton, a municipal <br /> corporation ("City") and Kottinger Gardens Phase 2 Associates, L P , a California limited <br /> partnership ("Developer") The City and the Developer are collectively referred to herein as the <br /> "Parties." <br /> RECITALS <br /> A City owns the real property located in the City of Pleasanton, Alameda County, <br /> California, at 243-253 Kottinger Drive, known as Alameda County Assessor Parcel No 094- <br /> 0019-017, and more particularly described in Exhibit A attached hereto (the "Property") <br /> B City and Developer intend to enter into a ground lease, pursuant to which <br /> Developer will lease the Property from City for a term of seventy-five (75) years, demolish the <br /> existing improvements on the Property, and develop, own and operate an affordable senior <br /> housing development consisting of 54 apartments and related improvements (the "Project") <br /> C Upon satisfaction of the conditions precedent set forth in this Agreement and <br /> subject to the terms and conditions set forth herein, the City has agreed to provide a loan to <br /> Developer to assist in financing development of the Project <br /> D. Substantially concurrently with the execution of this Agreement, among other <br /> documents, Developer will execute, and deliver to City, and as applicable, cause to be recorded <br /> in the Official Records a secured promissory note to evidence Developer's obligation to repay <br /> the loan City will provide for the Project, a deed of trust that will provide City with a security <br /> interest in the Project and Developer's leasehold interest in the Property, and an Affordable <br /> Housing Regulatory Agreement and Declaration of Restrictive Covenants that will require <br /> Project rents to be affordable to low-income senior households for a term of not less than the <br /> term of the Ground Lease <br /> E A material inducement to City to enter into this Agreement is the agreement by <br /> Developer to develop the Project within the time periods specified herein and in accordance with <br /> the provisions hereof, and the City would be unwilling to enter into this Agreement in the <br /> absence of an enforceable commitment by Developer to take such actions and complete such <br /> work in accordance with such provisions and within such time periods. <br /> NOW, THEREFORE, in consideration of the mutual covenants contained herein and <br /> good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, <br /> the Parties agree as follows. <br /> ARTICLE I <br /> OAK 1#4822-65 39-601 i v5 2 <br />
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