SR 05:219 - Laserfiche WebLink

. In summary the preferences are as follows: Households currently residing in Pleasanton subject to City or HUD regulatory agreement e.g., projects such as Ridge View Commons, Kottinger Place, Pleasanton Gardens. Households currently residing in Pleasanton. Households with an immediate relative, domestic partner or principal caregiver residing in Pleasanton. Households with an immediate relative, domestic partner or principal caregiver working in Pleasanton. All other households. . The City will approve any transfer of the ground lease. However, the Ground Lease specifies that preapproval is granted to any non-profit corporation controlled by BRIDGE Housing Corporation. . The Lessee will provide annual audited financial statements, monthly operational and financial reports, the project management plan and the annual operating budget. . The lessee must maintain the project in good repair. . City approval is required for all subleases within the project. (As an example, if the owner wants to lease space for a small gift shop or beverage service.) . The City has the option and right of first refusal to purchase the development in the event the lease is terminated or the improvements are made available for sale. . The Lessee will provide property and project insurance including comprehensive general liability, worker's compensation, automobile insurance and provide indemnification. As a means of securing a lender's interest in the property, the lender is requiring the City, as fee owner, and the lessee, as the borrower, to sign a promissory note, secured by a deed of trust (mortgage) on the property. The lender is also requiring the Ground Lease and the Regulatory Agreement to be subordinated to the deed of trust. As a result, should there be a default on tax- exempt COP's causing the lender to foreclose on the property, the City would lose the property and the terms of the Regulatory Agreement, including the affordability provisions. The ground leases for Ridge View Commons and The Promenade have similar subordination provisions. To help minimize any operating issues that may lead to default, the City has the right to meet with the Lessee and property manager on a quarterly basis to review operations and finances. Further, the Lessee will provide the City with an annual financial audit and monthly financial and operational reports. Finally, the City may recommend removal of the management agent and BLP's agreement with the management agent will allow such removal. SR:05:219 Page 7