RES 17969 - Laserfiche WebLink

• RESOLUTION NO. 17-969 • A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE ALL DOCUMENTS AND TAKE ALL STEPS RELATED TO THE LOAN OF $2,575,360 OF LOWER INCOME HOUSING FUNDS AND $250,000 FROM THE PLEASANTON GARDENS RESERVE FOR KOTTINGER GARDENS PHASE II WHEREAS, in November 2013, the City Council approved a Disposition, Development and Loan Agreement 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 0 WHEREAS, the 131 units in Phase 1 on the Kottinger Place housing site is nearing completion, and now 54 units are to be developed as Phase 2 on the Pleasanton Gardens site (the"Land"); and WHEREAS, on December 6, 2016,the Pleasanton City Council approved a Purchase and Sale Agreement with Pleasanton Gardens to transfer the Land to the City along with operating reserves to be contributed for Phase 2 of the Project; and WHEREAS, Kottinger Gardens Phase 2 Associates, L.P., a California limited partnership, a MidPen affiliate, has agreed to construct Phase 2; and WHEREAS, of the original $13,750,000 Low Income Housing Fund loan that the City provided to develop the Project, 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, Phase 2 of the Project is also receiving a construction loan, a California Housing Finance Agency (the "CaIHFA") permanent loan estimated at $9,085,000, and $4.6 million from Pleasanton's Base Allocation of the $580 million Alameda County Measure Al Housing Bond funds. NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: SECTION 1: For Phase 2 of the Project, approves in substantially in the forms attached and subject to final form approval by the City Attorney and City Manager: (a),Ground Lease; (b) Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants; (c) Affordable Housing Loan Agreement; (d) Secured Promissory Note Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing; (e) Assignment, Assumption and Modification Agreement.