City of Pleasanton
12/11/2019 11:55:53 AM
12/11/2019 11:50:10 AM
CITY CLERK - TYPE
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BACKGROUND <br /> The HBP is responsible for maintaining the landscaped area that is bordered by <br /> Interstate-580 to the North, Tassajara Creek to the East, the Arroyo Mocho Canal <br /> to the South, and Hopyard Road to the West (see attached map). City staff and <br /> HBP agree that the HBP landscaped area should be renovated and have worked <br /> together to develop a landscaping plan that is expected to cost $732,548 to install. <br /> HBP has insufficient reserves to cover the $732,548 and asked the City to provide <br /> a loan to fund the project. Since the HPB's landscaped areas are in the City's right- <br /> of-way, the improvements would provide a benefit to the City's residents and <br /> visitors that use HBP by making the area more aesthetically pleasing. As such, it is <br /> in the City's interests to provide a loan to HBP to fund the landscaping <br /> improvements. <br /> DISCUSSION <br /> The attached Agreement sets out the terms of the proposed loan to the HBP and is <br /> summarized as follows: <br /> 1. HBP will contract with a landscape contractor to install improvements that the <br /> City has approved. <br /> 2. HBP will execute the Agreement and Promissory Note for the $732,548 <br /> loan. <br /> 3. An annual interest rate of 2.72 percent. <br /> 4. Payments are due monthly commencing on January 1 , 2020 and <br /> continuing for 120 months. <br /> 5. There will be a 5 percent penalty for payments not made within 30 <br /> business days of the due date. <br /> 6. There will be no prepayment penalty. <br /> Staff recommends that the City Council approve the Agreement and Promissory Note, <br /> direct the City Manager to execute the documents in generally the form as shown in <br /> the attached, and appropriate the loan funds from the Downtown and North <br /> Pleasanton CIP Reserve Fund (Fund 202) to fund the loan. <br /> Jointly Submitted by: Approved <br /> /11 <br /> rig 30A <br /> Tina Olson Steve K atrick Nelson Fialho <br /> Director of Finance Director of Engineering City Manager <br /> Attachments: <br /> 1 . Hacienda Business Park Loan Agreement <br /> 2. Promissory Note <br /> 3. Map of Hacienda Business Park <br /> 4. Hacienda Landscape Restoration Plan <br />
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