RES 89445 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 89-445 RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE DOCUMENTS AND AGREEMENTS RELATED TO THE SYNDICATIONAND THE CLOSING OF THE CALIFORNIA HOUSING FINANCE AGENCY PERMANENT LOAN RELATED TO RIDGE VIEW COMMONS. WHEREAS, the City Council has previously approved unit rent levels for Ridge View Commons which take into consideration the receipt of proceeds from the sale of low income housing tax credits; and WHEREAS, the State of California Mortgage Bond and Tax Credit Allocation Committee has approved the application of Eden Housing to receive low income housing tax credits for Ridge View Commons; and WHEREAS, the benefits of the tax credits can be maximized through the establishment of a partnership with a private corporation; and WHEREAS, the City will be receiving approximately $9,360,000 from the California Housing Finance Agency in the form of a first mortgage permanent loan on the project; and WHEREAS, acceptance of the project has been recommended by the Director of Inspection Services and to authorize the City Clerk to file a notice of completion. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: The City Council hereby approves the establishment of Ridge View Commons Associates, a California Partnership, for the purpose of maximizing the low income housing tax credits allocated to Ridge View Commons. Section 2: The City Council hereby authorizes and approves the City Manager to execute and deliver, in a form approved by the City Attorney, the following documents: 1. Second Amendment to Ground Lease. 2. Assignment of Lease between the City, Eden Housing and Ridge View Commons.