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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 88- 254 <br /> <br /> RESOLUTION AUTHORIZING AND APPROVING THE CONSTRUCTION LOAN <br /> FOR WILLOW GLEN APARTMENTS, AND APPROVING AND AUTHORIZING <br /> THE EXECUTION AND DELIVERY OF THE BUILDING LOAN AGREEMENT <br /> AND OTHER RELATED DOCUMENTS IN CONNECTION WITH THE <br /> CONSTRUCTION LOAN FOR THE SENIOR HOUSING PROJECT. <br /> <br />WHEREAS, the City Council has previously approved the financing, <br /> the owner, general contractor and management agent for <br /> the 200-unit elderly housing project (the "Project") to be <br /> located at 5200 Case Avenue, Pleasanton, California; and <br /> <br />WHEREAS, City staff has determined that the Project's development <br /> costs will be reduced if the City, instead of a priviate <br /> institutional lender, makes the construction loan to the <br /> Project owner; <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 a <br /> construction loan to be made to the Project owner by the <br /> City of Pleasanton in an amount not to exceed $11,000,000. <br /> The construction loan shall be secured by a first Deed of <br /> Trust on the Project owner's interest in the Project site <br /> and improvements. The terms of the construction loan <br /> shall not be inconsistent with the terms set forth in the <br /> City Staff Report. <br /> <br />Section 2: The City Council hereby authorizes and approves, and <br /> the Mayor or the City Manager is hereby authorized to <br /> execute and deliver, the following documents substantially <br /> in the form presented at this meeting: <br /> <br /> 1. Building Loan Agreement between the City and the <br /> Project owner; and <br /> <br /> 2. Such other documents as may be reasonably <br /> required or are deemed necessary or desirable by City <br /> staff to implement or evidence the provisions of this <br /> resolution, provided that such documents are reviewed <br /> and approved by the City Manager and City Attorney. <br /> <br />Section 3: City staff is hereby authorized and directed to proceed <br /> with the closing of the construction loan to the Project <br /> owner. If deemed appropriate or necessary by the City <br /> Manager after consultation with the City Attorney, the <br /> above referenced documents may be revised prior to <br /> <br /> <br />