CCMIN081605 - Laserfiche WebLink

Mr. Brozosky noted the staff report indicated the agreement contains language allowing the City Manager to adjust the level of affordability. He asked why this was done at staff level and not at the level of the Council. Mr. Bocian said there are a number of areas in all of the agreements that refer to the City Manager but if it were changing a particular requirement such as the level of affordability, it would be presented to Council for its review and consideration. He believed the Assisted Living Facility would be open late 2006. It was moved by Mr. Sullivan, seconded by Mr. Thorne, to approve the ground lease; to approve the loan agreement, promissory note and the deed of trust and assi9nment of rents for the City loan in the amount of $2,490,000; to approve the regulatory agreement and declaration of restrictive covenants; to approve the California Housing Finance Agency (CaIHFA) Housing Enable by Local Government (HELP) Loan Agreement in the amount of $1,SOO,000 and related documents including the HELP; to adopt Resolution OS-062, a resolution authorizing the approval of project financing in an amount estimated at $19,72S,334 and City documents; and to authorize the City Manager to approve amendments to the agreements consistent with recommendation of the City Attorney. Mr. Sullivan thanked staff and the Subcommittee for its hard work over the years and the public in general that supported the idea for this type of project. He thanked BRIDGE and Eskaton for working with staff to overcome all of the obstacles to bring this project to fruition. He also acknowledged and applauded past Council for its vision and determination to make this project a reality. Even though there are risks associated with this project, he believed this is the kind of role government in general can play in investing money and taking risks as long as the risks are understood and mitigated and controlled that will provide a broad benefit to the community for a long period of time. Mr. Thorne extended his appreciation to everyone involved on this project. Ms. McGovern wanted Council to consider directing the Housing Commission to review the list of preferences and work to do something to provide additional preference points to Pleasanton residents, particularly additional preference points to those residents who have resided in the City for a long period of time. She believed it was important for Council to make a strong statement that it desired to use the affordability reSl;!rve funded from available surplus cash to repay the HELP loan so that these funds could be used for other projects in the community. She also wanted Council to consider requiring the Lessee to provide advanced notification to the City if it develops fiscal problems. In response to an inquiry by Mayor Hosterman, Mr. Fialho suggested that Council include Ms. McGovern's suggestions in the motion. He suggested the motion include requiring the Lessee to provide advanced notification to the City if it develops fiscal problems. He believed staff could manage the affordability reserve in such a way that if Council believed it was a priority to payoff the debt, it authorize the City Manager discretion to use the affordability reserve funded from available surplus cash to repay the HELP loan. He suggested Council refer the matter of providing additional preference points to Pleasanton residents with longevity to the Housing Commission for consideration after the facility has been in operation for a period of time. Pleasanton City Council 14 08/16/05 Minutes