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Ms. Michelotti indicated Council is very supportive of getting a resolution as <br />quickly as possible. She understands the frustration, and if something is not done in the <br />near future, then she supported a subcommittee of Council getting involved. She felt it <br />was necessary to have a dialogue with the owners to impress upon them that Council is <br />serious about getting this resolved. <br /> <br />Ms. Dennis asked if the City considered ownership of a facility like this? <br /> <br /> Ms. McKeehan indicated staff had been asked to work with the Housing <br />Commission to review these issues and agreed that is an option, however, it is necessary <br />to have a willing seller. <br /> <br /> Ms. Ayala asked how long it was going to take to complete the Committee <br />process? <br /> <br /> Mr. Roush replied that the Committee would review the issue of rents at its last <br />meeting in February and possibly at the first meeting in March. He felt a resolution to the <br />rent issue would be in mid-March. <br /> <br /> Mayor Pico requested a report on this to come back to Council at its March 20 <br />meeting. He indicated he would visit the mobilehome park. After further discussion, it <br />was decided he and Ms. Ayala would visit the park tomorrow at noon. <br /> <br />Item 6d <br />Resolution of the City of Pleasanton Approving Execution and Delivery by the City <br />of the Issuance of Bonds related to the Bernal Avenue Apartments and Bernal <br />Investment Company, LLC and approving the bond counsel contract with Jones <br />Hall. (SR01:024) <br /> <br />Steven Bocian presented the staff report. <br /> <br /> Mayor Pico referred to the other projects that utilized this type of bond issuance <br />and asked if they had time limits on the affordability requirements. <br /> <br /> Dave Iremonger replied that two of the projects had thirty year provisions. When <br />they were refinanced that provision was extended. One of the projects will expire in the <br />near future. The difference with the current project is that it is required to have <br />affordable units in perpetuity. <br /> <br /> Ms. Dennis asked how competitive is the California Debt Limit Allocation <br />Committee (CDLAC) process? <br /> <br />Mr. Iremonger indicated that in 2000 one out of four applications was approved. <br /> <br />Pleasanton City Council 20 02/06/01 <br />Minutes <br /> <br /> <br />