RES 06028 - Laserfiche WebLink

Resolution 06-028 Page 2 WHEREAS, the City is committed to construct the BRIDGE assisted living facility and to continue to implement affordable housing programs and various other housing projects with these fees; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: The City Council finds as follows: A. There is one development impact fee and all FY 1999-00 Lower-Income Housing Fees remaining unexpended but these fees are committed to constructing improvements identified in subsection D that will implement goals and objectives of the City's General Plan; B. The City's objective to mitigate the impacts caused by the development of residential, commercial, and industrial land will be assisted by the purchase of the equipment or construction of the improvements; C. There is a reasonable relationship between the purpose of each of the developer fees and the purpose for which it is charged and committed as stated below in subsection D. D. The amount of the development impact fees collected, the cash balance (including interest earnings) as of June 30, 2005 for each fee held for five years or more, the purpose the fee is committed, additional sources of funding and the expected date that funding will be available are as follows: (i) Fund 914 - $35,000; Mt. Diablo Bank June 30, 2005 Cash Balance - $43,325 Project - Old Stanley Frontage Improvements This money will be used to supplement the $950,000 budgeted in FY 2006-07 for the project "Old Stanley Boulevard Improvements: Main Street to First Street". (ii) Fund 271 - Lower-Income Housing Fund $738,528 collected in FY 1999-00. Cash Balance at June 30, 2005 is $11,176,792. Lower-Income Housing Fees are being accumulated in this fund. These fees have been and will be put toward the construction of the BRIDGE assisted living facility in FY 2005-06 and will continue to be used for affordable housing loan programs and other housing projects and programs.