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Resolution No. 95-125 <br />Page Two <br /> <br />Section 1: The City Council finds as follows: <br /> <br /> A. Affordable housing is needed to implement the goals and objectives <br /> of the City's Housing Element of the General Plan; <br /> <br /> B. The City's objective for meeting the lower income housing needs <br /> identified in the City's General Plan, caused by the development of <br /> residential, commercial and industrial land, is the imposition of the <br /> lower-income housing fee on new development; <br /> <br /> C. On July 1, 1989, the City of Pleasanton's Lower-Income Housing <br /> Fund had a balance of $2,827,358; <br /> <br /> D. During the period from July 1, 1989 to June 30, 1990, the City <br /> collected an additional $84,800 from developers; <br /> <br /> E. During the period July 1, 1989 to June 30, 1990, the Lower, Income <br /> Housing Fund also increased by $371,454 as a result of interest; <br /> <br /> F. During the period July 1, 1989 to June 30, 1995, the City has <br /> expended $3,082,404 from Lower-Income Housing Fund; and <br /> <br /> G. To the extent the City of Pleasanton has collected a lower-income <br /> housing fee for this period and any portion remains unexpended, the <br /> Ci. ty Council declares that it has committed an additional $2,176,642 <br /> in assistance to the Case Avenue Project, a lower income housing <br /> project, scheduled to begin construction in late 1995. <br /> <br />Section 2: The City Council finds that there is a reasonable relationship between the <br /> purpose of the lower-income housing fee and the purpose for which it is <br /> charged and committed in that the Case Avenue housing project will consist <br /> of affordable housing units and the assistance to such project is one of the <br /> adopted purposes of the Lower-Income Housing Fund. <br /> <br /> <br />