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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 88-239 <br /> <br /> RESOLUTION AUTHORIZING AND APPROVING THE FINANCING, THE <br /> OWNER, GENERAL CONTRACTOR AND MANAGEMENT AGENT FOR WILLOW <br /> GLEN APARTMENTS, AND APPROVING AND AUTHORIZING THE <br /> EXECUTION AND DELIVERY OF VARIOUS OWNERSHIP, FINANCING, <br /> CONSTRUCTION, MANAGEMENT AND OTHER RELATED DOCUMENTS IN <br /> CONNECTION WITH THE SENIOR HOUSING PROJECT. <br /> <br />WHEREAS, the City Council has previously approved the concept of a <br /> 200-unit elderly housing project (the "Project") to be <br /> constructed on the City's 9.66 acre site, located at 5200 <br /> Case Avenue, Pleasanton, California; and <br /> <br />WHEREAS, the City has been awarded a Housing Development Grant <br /> ("HDG") from the Department of Housing and Urban Develop- <br /> ment ("HUD") to assist with the financing of the 200-unit <br /> project on the City's site; and <br /> <br />WHEREAS, in order to proceed with the closing of the loans to <br /> finance the development of the Project and to meet the <br /> requirements of HUD's Housing Development Grant Program, <br /> it is necessary for the City Council to approve and <br /> authorize the terms of the Project's financing and the <br /> ownership, loan, construction, management and other <br /> related documents; <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br /> <br />Section 1: The City Council hereby authorizes and approves <br /> the financing of the Project which shall consist of the <br /> following: <br /> <br /> a. a construction loan by Wells Fargo Bank in an <br /> amount not to exceed $11,000,000. The construction <br /> deed of trust shall be secured by the City's and the <br /> Project owner's interests in the Project site and the <br /> improvements. The terms of the construction loan <br /> shall not be inconsistent with the terms set forth in <br /> the City Staff Report; <br /> <br /> b. a permanent or take-out loan from California <br /> Housing Finance Agenty in an amount not to exceed <br /> $9,400,000. The permanent loan shall be secured by <br /> the City's and the Project owner's interests in the <br /> Project site and the improvements. The terms of the <br /> permanent loan shall not be inconsistent with the <br /> terms presented in the City Staff Report; <br /> <br /> <br />