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05
City of Pleasanton
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CITY CLERK
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2019
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100119
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10/1/2019 9:07:49 AM
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9/24/2019 3:43:25 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
10/1/2019
DESTRUCT DATE
15Y
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ATTACHMENT 1 <br />RESOLUTION NO. <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON <br />APPROVING AN OPTION TO LEASE AGREEMENT WITH EDEN HOUSING FOR <br />RIDGEVIEW COMMONS <br />WHEREAS, Ridgeview Commons at 5200 Case Avenue is a senior housing complex <br />developed in 1989 with a combination of City loans and California tax credit financing to support <br />the 200 unit project with multiple rent levels, including units for very -low and low-income seniors; <br />and <br />WHEREAS, Eden Housing, Inc., a California nonprofit public benefit corporation, has <br />been involved with Ridgeview Commons since its inception and is now proposing a re - <br />syndication of the existing California tax credit financing, revising the current City loans, and <br />providing a range of capital improvements to this thirty (30) year old complex; and <br />WHEREAS, Eden Housing has requested that the City enter into an Option to Lease <br />Agreement which is the framework for Eden Housing's application for competitive California tax <br />credit financing, which would provide funding for capital improvements, and which agreement <br />allows the City and Eden Housing to further negotiate amending the existing City loans and <br />confirming affordability of units for very -low and low-income seniors. <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. That entering into the Option to Lease Agreement is exempt from <br />environmental review under the California Environmental Quality Act per Regulation <br />§15061(b)(3). <br />SECTION 2. Approves the Option to Lease Agreement attached as Exhibit A; authorizes <br />the City Manager and City Attorney to make minor modifications to the agreement; and authorizes <br />the City Manager to execute the agreement and any documents related to Eden Housing's (or its <br />affiliated entity) application related to the proposed capital improvements and re -syndication of <br />the existing California tax credit financing for Ridgeview Commons. <br />SECTION 3. City Clerk shall certify to the passage of this resolution and enter it into the <br />book of original resolutions. <br />PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at <br />a regular meeting held on October 1, 2019. <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 October 1, 2019, by the <br />following vote: <br />Ayes: <br />Noes: <br />Absent: <br />Abstain: <br />
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