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THE CITY OF 4H <br />J L£ AS&NTONo cou.ci, <br /> Staff Report <br /> <br /> June 7, 2005 <br /> Deputy City Manager <br /> <br />SUBJECT APPROVAL OF A RESOLUTION RELATED TO THE 1994 <br /> PLEASANTON MULTIFAMILY HOUSING REVENUE <br /> REFUNDING BONDS FOR THE CIVIC SQUARE APARTMENTS <br /> <br />STAFF RECOMMENDATION <br /> <br /> Approve the attached resolution authorizing the execution and delivery of a <br /> first supplemental indenture of trust relating to the City of Pleasanton <br /> multifamily housing revenue refunding bonds (Civic Square Apartments), <br /> 1994 Issue A, and related documents and actions. <br /> <br />SUMMARY Staff is recommending the City Council adopt a resolution approving a <br /> supplemental indenture for the bonds establishing that the bonds issued by <br /> the City in 1994 for Civic Square Apartments located at 4800 Bemal <br /> Avenue be remarketed on December 1, 2009. The current situation provides <br /> that the bonds were to be remarketed on December 1, 2004. The project <br /> borrower (i.e., owner), Civic Square, LLC, which is affiliated with Braddock <br /> and Logan Services, LLC, has requested the City take this action. Adoption <br /> of the resolution will not affect the project's affordability, the City's <br /> involvement or exposure with the bonds or other financial matters related to <br /> the City. This action is considered routine in nature. <br /> <br />Honorable Mayor and Members of the City Council: <br /> <br />BACKGROUND <br /> <br />On May 7, 1985, the City approved the 262-unit Civic Square apartment project located at 4800 <br />Bemal Avenue. In accordance with project approvals, the City issued Multifamily Housing <br />Revenue Bonds as a means of providing project funding. Prior to bond issuance, the borrower <br />agreed that no less than 25% of the total number of units in the project (66 affordable units) <br /> <br /> SR05:119 <br /> Page 1 <br /> <br /> <br />