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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 88-417 <br /> <br /> RESOLUTION APPROVING LOANS FOR <br /> CONSTRUCTION FINANCING FORT HE RIDGE VIEW <br /> COMMONS SENIOR CITIZEN HOUSING PROJECT <br /> <br />WHEREAS, at its meeting of June 7, 1988, the City Council <br /> approved a building loan agreement between Eden <br /> Housing, Inc. and the City which requires the City <br /> to provide construction financing for the Ridge <br /> View Commons Housing Project; and <br /> <br />WHEREAS, after reviewing a number of financing options, an <br /> arrangement using a $3,675,000 loan from available <br /> City reserves and a short-term $4,000,000 loan from <br /> a private lender is the most economical way to meet <br /> the City's financing commitment; <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON <br />RESOLVES AS FOLLOWS: <br /> <br />Section 1: Authorizes a loan from the following funds and in <br /> the amounts listed below to a new City fund to be <br /> used for providing the construction financing for <br /> the Ridge View Commons Senior Housing Project. The <br /> funds and loan amounts are as follows: <br /> <br /> Fund Name Amount <br /> Water Capital Improvement <br /> Fund $ 400,000 <br /> Workers Compensation Fund 375,000 <br /> Liability Insurance Fund 150,000 <br /> Low-Income Housing Fund 1,550,000 <br /> Capital Improvement Sewer <br /> Fund 1,200,000 <br /> <br /> Total 3,675,000 <br /> <br />Section 2: Authorizes the City Manager to execute all <br /> necessary loan documents for a private loan to be <br /> made in January 1989 in the amount of $4,000,000 <br /> to meet Ridge View Commons construction costs. <br /> <br />Section 3: This resolution shall become effective <br /> immediately upon its passage and adoption. <br /> <br /> <br />