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<br />feasible. BRIDGE can be "repaid" for this contribution through its 20% share of the surplus <br />cash. <br /> <br />PROJECT SCHEDULE <br /> <br />Issuance of the COP's is expected later this month and construction is expected to begin in <br />September. Project construction should be completed in November 2006. Lease-up will cover a <br />period of l8-2S months. <br /> <br />HOUSING COMMISSION RECOMMENDATION <br /> <br />The Housing Commission reviewed the City Ground Lease, City Loan Documents and the HELP <br />loan documents at its meeting of July 21 and recommend their approval. <br /> <br />FISCAL IMPACT <br /> <br />The primary financial impact of this project includes: <br /> <br />. Providing loan of $2,490,000; <br />. Guaranteeing repayment of the HELP loan in the amount of$I,SOO,OOO; <br />. The payment of City predevelopment fees that were estimated at $271,300; <br />. Providing the use of its 3.S9-acre site at a below market rate of$l annually. <br /> <br />The City's Lower Income Housing Fund has a current balance of $10,900,000. With these loans, <br />the new balance will be $8,410,000. <br /> <br />Respectfully Submitted, <br /> <br />~!14/ <br /> <br /> <br />j~15-/ ~~ <br /> <br />Steven R. Bocian <br />Assistant City Manager <br /> <br />Sue Rossi <br />Director or Finance <br /> <br />Michael H. Roush <br />City Attorney <br /> <br />Nelson Fialho <br />City Manager <br /> <br />Attachments: <br />Attachment A - Draft Ground Lease <br />Attachment B - Loan Agreement, Promissory Note for Pleasanton Assisted Living Facility and <br />Deed of Trust and Assignment of Rents <br />Attachment C - Regulatory Agreement <br />Attachment D - HELP Loan Agreement between the City and CalHF A; City HELP Loan <br />Agreement and Promissory Note; HELP Regulatory Agreement, HELP Deed of <br />Trust and Assignment of Rents <br /> <br />SR:05:219 <br />Page 15 <br />