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Page 5 of 5 <br />Interior work to be undertaken includes new electrical and plumbing systems and individual <br />units provided with new ranges and hoods, exhaust fans in the bathrooms, new faucets in the <br />kitchens and bathrooms, new toilets, as well as accessibility improvements for some units. <br />Additionally, the resyndication would result in financial benefits to the City as the City would <br />receive annual payments towards the repayment of the City loan as well as a monitoring fee <br />that would allow City staff to ensure the property is adhering to its affordability restrictions. <br /> <br />EQUITY AND SUSTAINABILITY <br />The action directly implements the Housing Element that serves as the City’s strategy for <br />addressing its housing needs for all residents at all income levels. Housing Element Policy 3.3 <br />is to preserve the affordability of restricted units affordable to extremely low-, very low- and <br />low-income households for the longest term feasible, including requiring units to be deed- <br />restricted in perpetuity whenever allowable. <br /> <br />OUTREACH <br />No outreach was conducted, as this item is a routine matter of City business. <br /> <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this action advances the ONE Pleasanton strategic goal of Building a Community <br />Where Everyone Belongs, Strategy 6 to implement the Housing Element, by preserving and <br />rehabilitating an existing affordable rental housing community for seniors. <br /> <br />FISCAL IMPACT <br />It is anticipated that the City will receive approximately $300,000 from the project's net <br />operation incomes at the end of construction and completion of the cost certification, which is <br />projected approximately on September 30, 2025. The City is then projected to receive <br />approximately $30,000 annually from the project’s cash flow. The City will also receive a <br />$10,000 annual monitoring fee with an annual escalation increase of 3%. All payments <br />received would be applied toward repayment of the City loan. <br /> <br />Prepared by: Submitted by: Approved by: <br /> <br />Steve Hernandez, Housing <br />Division Program Manager <br />Ellen Clark, Director of Community <br />Development <br /> <br />Gerry Beaudin, City <br />Manager <br /> <br />Attachments: <br />1. Resolution Ridge View Commons <br /> <br />Page 73 of 720