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8 <br /> THE CITY OF <br /> •- inIiii -I "" CITY COUNCIL AGENDA REPORT <br /> PLEASANTON-. <br /> August 15, 2023 <br /> Community Development <br /> TITLE: APPROVE A REQUEST FROM THE PARKVIEW, AN ASSISTED LIVING <br /> COMMUNITY, TO WITHDRAW $701,935 FROM ITS OPERATING RESERVES <br /> TO COVER OPERATING DEFICITS RESULTING FROM THE COVID-19 <br /> PANDEMIC <br /> SUMMARY <br /> The Parkview is an assisted living community whose development was financially <br /> supported by the City. As a result, the City retains oversight of some aspects of its <br /> operation, including withdrawals from its operating fund. Due to the COVID-19 <br /> pandemic, the property incurred an operating deficit in calendar year 2022 caused by a <br /> significantly high and prolonged vacancy rate, an increase in operating expenses due to <br /> unforeseen costs for temporary staff needed to fill in for open permanent positions, and <br /> higher electricity and unit turnover costs. The Parkview is seeking City approval to <br /> withdraw $701,935 from its operating reserves to cover its operating deficits. <br /> RECOMMENDATION <br /> Approve The Parkview's request to withdraw $701,935 from its operating reserves to <br /> cover its operating deficits. <br /> FINANCIAL STATEMENT <br /> There is no fiscal impact to the City. The Parkview will be withdrawing from its own <br /> operating reserve budget. <br />