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5 <br /> THE CITY OF <br /> CITY COUNCIL AGENDA REPORT <br /> PLEASANTON- <br /> August <br /> 15, 2023 <br /> Community Development <br /> TITLE: ADOPT A RESOLUTION APPROVING AN AMENDMENT TO THE OPTION <br /> TO LEASE AGREEMENT WITH EDEN HOUSING FOR RIDGEVIEW <br /> COMMONS <br /> SUMMARY <br /> Ridgeview Commons is a 200-unit Low Income Housing Tax Credit (LIHTC) housing <br /> development for seniors. Ridgeview Commons is built on land at 5200 Case Avenue <br /> which is owned by the City and leased to Eden Housing, a non-profit public benefit <br /> corporation. Eden Housing is pursuing an update in its finances for the lease and <br /> operation of Ridgeview Commons, known as a resyndication, that is part of an <br /> upcoming September 2023 State of California bond allocation funding round for various <br /> affordable housing developments. Eden Housing will need to submit an Option Lease <br /> Agreement to demonstrate long-term site control beyond the term of the existing <br /> Ground Lease. The City Council is requested to approve an amendment to extend the <br /> Option to Lease agreement through December 31, 2026. If Eden Housing is successful <br /> in its resyndication application, several legal and regulatory documents associated with <br /> the property will be subsequently presented to the City Council for approval. <br /> RECOMMENDATION <br /> 1 . Adopt a resolution approving the Amendment to the Option to Lease Agreement for <br /> 3 years through December 31, 2026, with Eden Housing for Ridgeview Commons; <br /> 2. Authorize the City Manager and City Attorney to make minor modifications to the <br /> agreement, including any extensions or amendments that are necessary in the <br /> future; and <br /> 3. Authorize the City Manager to execute the agreement and any necessary <br /> documents related to Eden Housing's application for the proposed tax credit <br /> resyndication and rehabilitation of Ridgeview Commons. <br /> FINANCIAL STATEMENT <br /> There is no fiscal impact to the City to execute the Amendment to Option to Lease <br /> Agreement. If tax credit funding is awarded, the City will collaborate with Eden Housing <br /> to modify the existing ground lease, partnership, regulatory and loan documents in <br /> Spring 2024 for the rehabilitation of Ridgeview Commons. <br />