RES 19-1111 - Laserfiche WebLink

RESOLUTION NO. 19-1111 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING AN OPTION TO LEASE AGREEMENT WITH EDEN HOUSING FOR RIDGEVIEW COMMONS WHEREAS, Ridgeview Commons at 5200 Case Avenue is a senior housing complex developed in 1989 with a combination of City loans and California tax credit financing to support the 200 unit project with multiple rent levels, including units for very-low and low-income seniors; and WHEREAS, Eden Housing, Inc., a California nonprofit public benefit corporation, has been involved with Ridgeview Commons since its inception and is now proposing a re-syndication of the existing California tax credit financing, revising the current City loans, and providing a range of capital improvements to this thirty (30) year old complex; and WHEREAS, Eden Housing has requested that the City enter into an Option to Lease Agreement which is the framework for Eden Housing's application for competitive California tax credit financing, which would provide funding for capital improvements, and which agreement allows the City and Eden Housing to further negotiate amending the existing City loans and confirming affordability of units for very-low and low-income seniors. NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: SECTION 1. That entering into the Option to Lease Agreement is exempt from environmental review under the California Environmental Quality Act per Regulation §15061(b)(3). SECTION 2. Approves the Option to Lease Agreement attached as Exhibit A; authorizes the City Manager and City Attorney to make minor modifications to the agreement; and authorizes the City Manager to execute the agreement and any documents related to Eden Housing's (or its affiliated entity) application related to the proposed capital improvements and re-syndication of the existing California tax credit financing for Ridgeview Commons. SECTION 3. City Clerk shall certify to the passage of this resolution and enter it into the book of original resolutions. PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at a regular meeting held on October 1, 2019. I, Karen Diaz, City Clerk of the City of Pleasanton, California, certify that the foregoing resolution was adopted by the City Council at a regular meeting held on October 1, 2019, by the following vote: Ayes: Councilmembers Brown, Narum, Pentin, Testa, Mayor Thorne Noes: None Absent: None Abstain: None