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RESOLUTION NO. 18-998
<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 OF THE FOLLOWING STEPS RELATED TO
<br /> SUNFLOWER HILL: LOAN OF $2,250,000 OF CITY LOWER INCOME HOUSING
<br /> FUNDS; GROUND LEASE OF DEDICATED PARCEL; ALLOCATE UP TO $7,195,844
<br /> OF CITY'S SHARE OF ALAMEDA COUNTY MEASURE Al HOUSING BOND FUNDS
<br /> WHEREAS, in February 2017, the City Council approved the Irby Ranch project allowing
<br /> for 87 homes, including an affordable housing agreement that required the Irby Ranch developer
<br /> to dedicate a 1.64 acre parcel for housing for individuals with special needs, as well as contribute
<br /> $1,000,000 to the City's lower-income housing fund (LIHF); and
<br /> WHEREAS, the City Council also approved by Resolution 17-918 an Exclusive
<br /> Negotiating Rights Agreement (ENRA) with Sunflower Hill to provide $250,000 in pre-
<br /> development funding, plus the $1,000,000 to be paid by the Irby Ranch developer, as well as an
<br /> additional $1,000,000 from the City's LIHF, and the use of the 1.64 acre parcel; and
<br /> WHEREAS, as required by the ENRA, Sunflower Hill has partnered with Satellite
<br /> Affordable Housing Associates (SAHA), an experienced affordable housing developer; and
<br /> WHEREAS, the use of the LIHF must be consistent with the Housing Element of the
<br /> General Plan; and
<br /> WHEREAS, in addition to the City's financial support, Sunflower Hill and SAHA also: (a)
<br /> seek the allocation of up to $7,195,844 of Pleasanton's $13,720,684 "Base City Allocation" share
<br /> of Alameda County Measure Al Housing Bond funds for which the City of has a remaining
<br /> balance of$7,748,616; and (b) are submitting an application for Lower Income Housing Tax Credit
<br /> financing from the California Tax Credit Allocation Committee in February 2018; and
<br /> WHEREAS, the loan of Lower Income Housing Funds totals $2,250,000 which is set forth
<br /> in a Disposition, Development and Loan Agreement, related promissory note, deed of trust, a
<br /> regulatory agreement, and a ground lease with Sunflower Irby LLC, a limited partnership for which
<br /> SAHA is part of the partnership structure.
<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: Finds that the loan of $2,250,000 from the LIHF and ground lease of the
<br /> dedicated parcel is consistent with the following provisions of the Housing Element as the
<br /> Sunflower Hill project: is housing for very-low and low-income persons with special needs (see
<br /> Goal 5, Policy 9, Program 9.2); leverages the LIHF to obtain county and state funding (see
<br /> Programs 9.1 & 18.5 and Policies 18 & 24); City partners with a non-profit housing developer(see
<br /> Goal 6); and the project builds affordable housing on City-owned land (see Program 18.3).
<br /> SECTION 2: Finds that the loan from LIHF and ground lease of the dedicated parcel for
<br /> the Sunflower Hill project qualifies for exemption from review under the California Environmental
<br /> Quality Act (CEQA) pursuant to Sections 15192 and 15194 of the CEQA Guidelines pertaining to
<br /> affordable housing projects.
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