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The roll call vote was as follows: <br />AYES: Councilmembers - Ayala, Dennis, Miehelotti and Pico <br />NOES: Mayor Tarvet <br />ABSENT: None <br />ABSTAIN: None <br /> <br />Item 6c <br />AODroval of Disposition and Development Alreement with BRIDGE <br />Housin~,/Lvtton Gardens for an Assisled Livim! Facility Project at Sunol and Case <br />Avenue (SR 00:244) <br /> <br /> Sloven Bocian presented the staff report. <br /> <br /> In response to a question from Ms. Ayala, Mr. Bocian said this would be the first <br />such project available for people with Alzheimer's. <br /> <br />Ms. Michelotti asked about the transferring of the land. <br /> <br /> Mr. Bocian said the City would deed the property to BRIDGE for $1. The <br />transfer of the ownership is needed to support the affordable units in the project. This is <br />proposed because of the financing package of the project. Ihe amount of financing that <br />is made available to the developer is based on the entire value of the project, equity- and <br />capital, and this includes the value of the land. The City would see a financial return of <br />10% for the life of the project. <br /> <br /> Mr. Pico expressed concern that the City is deeding the land and also loaning $2.5 <br />million, and asked if the principal gets paid back to the City? <br /> <br /> Mr. Bocian said through the liti: of the project the loan gets paid back ~vith the <br />City receiving 10% mtum, without returning the principal. <br /> <br />Mr. Pico asked about the value of the land and how many acres were involved. <br /> <br /> Mr. Bocian responded by saying the last appraisal valued the lax~d at <br />approxinmtely $1.5 million, but that now it would be much more than that. The property <br />has 3.5 acres of land. <br /> <br /> Mr. Pico said he thought the value would now be closer to $3 million and above. <br />How much money are the other parties putting up with respect to getting the financing? <br /> <br /> Mr. Bocian said the other parties do not have an equity position but are getting <br />HUD loans on the project. <br /> <br /> Mr. Pico said he was concerned that the City is putting up all of the money and <br />the partners are putting up nothing. Why is it that we don't just do this project on our <br /> <br />Pleasanton City Council 6 09/05/00 <br />Minutes <br /> <br /> <br />