Laserfiche WebLink
SECTION 3: Approves the: Disposition, Development and Loan Agreement; Secured <br /> Promissory Note; Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture <br /> Filing; Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants; and <br /> Ground Lease with Sunflower Irby, LLC, in substantially in the forms attached and subject to final <br /> form approval by the City Attorney and City Manager. Execution of documents and release of <br /> City lower-income housing funds is contingent on the Sunflower Hill project obtaining <br /> commitments for all needed construction funding for the project. <br /> SECTION 4: Authorizes the City Manager, Nelson Fialho, to sign the attached documents <br /> on behalf of the City, and take all steps, including but not limited to subordination agreements to <br /> State of California and Alameda County senior lenders, which meet the terms of the loan <br /> documents for which the City will not withhold reasonable consent, necessary to effectuate the <br /> loans. <br /> SECTION 5: Approves the allocation of up to $7,195,844 of the City's share of Alameda <br /> County Measure Al Housing Bond funds for the Sunflower Hill project. <br /> PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at <br /> a regular meeting held on February 6, 2018. <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 6th day of February <br /> 2018, by the following vote: <br /> Ayes: Councilmembers Narum, Olson, Pentin, Mayor Thorne <br /> Noes: None <br /> Absent: Councilmember Brown <br /> Abstain: None <br /> /61 ...2-//2//f' <br /> Karen iaz, City ClerI <br /> APPROVED AS TO FORM: <br /> Daniel G. Sodergren, City Attorney <br />