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County and also advised that Ridgeview has no vacancies and maintains a robust waitlist. Commissioner Kiziloglu had questions about the waitlist and was informed about the different categories that are maintained. MEETING OPEN TO THE PUBLIC 4. Introductions / Awards / Recognitions None. 5. Public Comment from the audience regarding items not listed on the agenda None. MATTERS BEFORE THE COMMISSION 6. Overview of Refinancing and Resyndication of Ridgeview Commons Mr. Hernandez provided background details about the construction of Ridgeview Commons in 1989, an Eden Housing development. He advised that the project was financed through a combination of City loans and California tax credit financing. Additionally, Mr. Hernandez advised that Eden Housing has approached the City for assistance as they pursue a refinance and resyndication of the property to ensure the long-term financial success of the project as well as being provided the ability to rehab the property. Mr. Hernandez reviewed with Commissioners a draft Option to Lease Agreement that staff would be reviewing with City Council at their October 1, 2019 meeting. He noted that Eden Housing is required to supply evidence of site control in order to be eligible to submit their tax credit application that are scheduled for October 11, 2019. The Lease Option provides that Ridgeview continue to be used as affordable rental housing for a period not less than 75 -years and the draft Option to Lease Agreement replaces the current $1 per year land lease payment with a capitalized land lease payment that matches the land value of $3,954,000 with a new Promissory Note to be executed to formalize Eden Housing repaying this new residual receipt loan with a 75 -year term. Mike Rogers from Eden Housing provided additional information regarding the draft Option to Lease Agreement and the city -owned land leased to Eden Housing. He noted that the City of Pleasanton and Eden Housing are confident that tax credits will be awarded. Commissioner Duggan questioned whether there were any additional changes that the commission should be made aware of before moving forward on approving this, for example any changes to costs. Commissioner Galvin was provided details about ground lease and fee -ownership by Mr. Hernandez and a member of the audience, Ray Buffington. He was also provided information about Section 8 rentals and Limited Partnerships with Tax Credits. Commissioner Kiziloglu asked for additional information pertaining to the 75 -year term of the Promissory Note. She also questioned whether tenants would be able to remain in their units during any renovations. Mr. Rogers advised that most tenants would be able to remain in their units during renovations and the plan will be to have only about 10% of the units that would require relocation of tenants for about one-month during the renovation of those units. Page - 2 -