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4 <br /> THE CITY OF <br /> -• --�' � .' ``` CITY COUNCIL AGENDA REPORT <br /> pLEASANTON <br /> December 1 , 2020 <br /> City Manager <br /> Housing Division <br /> TITLE: CONSIDERATION OF RESOLUTION TO DIRECT THE CITY ATTORNEY TO <br /> DRAFT, AND AUTHORIZE THE CITY MANAGER TO EXECUTE, <br /> AMENDMENTS TO: THE DISPOSITION, DEVELOPMENT AND LOAN <br /> AGREEMENT; AFFORDABLE HOUSING REGULATORY AGREEMENT AND <br /> DECLARATION OF RESTRICTIVE COVENANTS; AND GROUND LEASE <br /> WITH SUNFLOWER HILL IRBY, LLC TO DECREASE THE NUMBER OF <br /> STAFF UNITS FROM TWO TO ONE, AND RENT THE RELEASED STUDIO <br /> UNIT TO A QUALIFIED PERSON AT 60 PERCENT Of AREA MEDIAN <br /> INCOME (AMI) <br /> SUMMARY <br /> Satellite Affordable Housing Associates (SAHA), in partnership with Sunflower Hill, Inc., <br /> constructed Sunflower Hill, the 31-unit affordable rental housing development for special <br /> needs residents. As the lease up of the property is nearing completion, SAHA has <br /> requested to make the project more financially supportable in the long term by releasing <br /> a studio unit that was designated for a Sunflower Hill staff and instead renting this studio <br /> unit to an eligible household at or below 60 percent of the Area Median Income (AMI). <br /> RECOMMENDATION <br /> It is recommended the City Council adopt a resolution directing the City Attorney to <br /> draft, and authorizing the City Manager to execute, amendments to: the Disposition, <br /> Development and Loan Agreement; Affordable Housing Regulatory Agreement and <br /> Declaration of Restrictive Covenants; and Ground Lease with Sunflower Hill Irby, LLC to <br /> decrease the number of staff units from two to one, and rent the release studio unit to a <br /> qualified person at 60 percent of Area Median Income (AMI). <br /> FINANCIAL STATEMENT <br /> The approval and execution of the amendments to the Disposition, Development and <br /> Loan Agreement; Affordable Housing Regulatory Agreement and Declaration of <br /> Restrictive Covenants; and Ground Lease with Sunflower Hill Irby, LLC to decrease the <br /> number of staff units from two to one, and rent the release studio unit to a qualified <br /> person at 60 percent AMI will not have any direct fiscal impact on the City. <br />