CCMIN031505 - Laserfiche WebLink

Ms. McGovern requested a break down of the City's contribution to this project. She asked staff if the City would be able to pay off the bonds? Mr. Bocian said yes. In looking at the appraised value of the property and due to the level of project affordability, securing financing has been challenging, which is the reason why staff is requesting submittal of a grant application. He noted that the City contributions are three-fold: (1) the City is providing the land under a 55-year lease for $1.00 each year; (2) the City has agreed to provide a loan from the Affordable Housing fund to the project in the amount of $2.49 million dollars; and (3) the City has agreed to pay certain development fees for the project in the amount of $271,000. The loan and the development fees are paid for from the Low Income Housing Fund. He noted that the it is not certain that the $2.49 million dollar loan will be the final amount and is dependent on how the project is appraised and the success the City has with this grant, He noted there is a possibility that staff might need to recommend additional City contributions for this project. In response to an inquiry by Mr. Brozosky, Mr. Bocian pointed out that an assisted living project would not qualify for housing bonds. Mr. Thimmig has met with the attorneys for Bridge and the financing plan that they are recommending is a Certificate of Participation, which is a type of a bond issuance. In response to another inquiry by Mr. Brozosky, Mr. Bocian said there would be no City assets brought in against the project and the project itself would secure the Certificate of Participation. Mr. Fialho noted that staff is anticipating proceeds of approximately $20 million dollars to finance the project. It was moved by Mr. Brozoeky, seconded by Mr. Sullivan, to adopt Resolution 05-016, a resolution approving the submittal of an application to the California Housing Finance Agency (CalNFA} for funding through the HELP Program, to approve the attached agreement with Quint & Thimmig LLP, for bond counsel services in anticipation of a tax-exempt borrowing for the assisted living project, and authorize the City Manager to sign all documents related to the funding application and bond counsel services. The roll call vote was taken as follows: AYES: Councilmembers - Brozosky, McGovern, Sullivan, and Mayor Hosterman NOES: None ABSENT: None ABSTAIN: None 6b( 1 ) Appropriation of funds to complete the CallioDe Preserve Golf Course and Oeen Space Proiect, approval of amendments to consultant aqreements to provide various professional services for construction suo~ort and direction to staff concernino the redesion of the drivin, ranoe. (SR 05:068) Rob Wilson, Director of Public Works, presented the staff report. Pleasanton City Council 15 03/15/05 Minutes