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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 98-03 <br /> <br /> RESOLUTION APPROVING TRANSFER OF OWNERSHIP <br /> OF THE GATEWOOD APARTMENTS <br /> <br />WHEREAS, the Gatewood Apartments were constructed in 1985 using funding from tax <br /> exempt Multi-family Housing Revenue Bonds issued by the City of Pleasanton; <br /> and <br /> <br />WHEREAS, the current owners of the project are under contract to sell their interest in the <br /> property to new owners; and <br /> <br />WHEREAS, the new owners appear to be in compliance with the Regulatory Agreement <br /> provisions which permit a sale of the property; and <br /> <br />WHEREAS, under the terms of the Financing Agreement and the Amended and Restated <br /> Regulatory Agreement dated September 1, 1993, the City of Pleasanton, as <br /> administrator under the Regulatory Agreement, must consent to the transfer; and <br /> <br />WHEREAS, at ks meeting of January 20, 1998, the City Council reviewed the staff report from <br /> the Director of Finance (SR 98:24) regarding the proposed transfer. <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />Section 1: The City Council of the City of Pleasanton approves the transfer of the Gatewood <br /> Apartments from Gatewood Associates, a California limited partnership, to certain <br /> persons and entities who will take title as a tenancy in common as set forth in the <br /> Certificate of Tenants-in-Common, attached hereto. <br /> <br /> <br />