RES 231411 - Laserfiche WebLink

RESOLUTION NO. 23-1411 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING AN AMENDMENT TO OPTION TO LEASE AGREEMENT WITH EDEN HOUSING FOR RIDGEVIEW COMMONS WHEREAS, Ridgeview Commons at 5200 Case Avenue is a senior housing complex developed in 1989 with a combination of City loans and California tax credit financing to support the 200 unit project with multiple rent levels, including units for very-low and low-income seniors,- and eniors;and WHEREAS, Eden Housing, Inc., a California nonprofit public benefit corporation, has been involved with Ridgeview Commons since its inception and is now proposing a re- syndication of the existing California tax credit financing, revising the current City loans, and providing a range of capital improvements to this thirty (30) year old complex; and WHEREAS, on October 2, 2019, the City and Eden Housing entered into an Option to Lease Agreement which is the framework for Eden Housing's application for competitive California tax credit financing, which would provide funding for capital improvements, and which agreement allows the City and Eden Housing to further negotiate amending the existing City loans and confirming affordability of units for very-low and low-income seniors; and WHEREAS, in 2019 and 2020, Eden Housing submitted Joint Tax Credit and Bond Funding Applications, but due to changes to the bond allocation process that emphasized "new construction" over"renovation", neither application was successful; and WHEREAS, Eden Housing is again going to submit a Joint Tax Credit and Bond Funding Application on September 6, 2023 as there may now be a large enough bond allocation that can fund "renovation" type projects; and WHEREAS, Eden Housing is requesting that the City execute an Amendment to Option to Lease Agreement, which will extend to December 31, 2026, the prior Option to Lease Agreement that expired on December 31, 2021, to support its application and demonstrate evidence of long-term site control. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: SECTION 1. That entering into the Amendment to Option to Lease Agreement is exempt from environmental review under the California Environmental Quality Act per Regulation §15061(b)(3). SECTION 2. Approves the Amendment to Option to Lease Agreement; authorizes the City Manager and City Attorney to make minor modifications to the agreement; and authorizes the City Manager to execute the agreement and any documents related to Eden Housing's (or its affiliated entity) application related to the proposed capital improvements and re-syndication of the existing California tax credit financing for Ridgeview Commons. SECTION 3. City Clerk shall certify to the passage of this resolution and enter it into the book of original resolutions.