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City Manager Fialho noted anon-traditional approach to marketing that the City will be doing <br />in the next four weeks which is the Realtor's Forum that the Chamber of Commerce is <br />hosting. <br />Councilmember Sullivan stressed the need for publidprivate partnerships to encourage <br />affordable housing. <br />Mayor Hosterman opened the public hearing. <br />David Stark addressed the Council acknowledging the efforts of staff in putting this item <br />together so quickly. He noted this is a loan program and any dollar that is eventually <br />allocated in this program, the City will see returned with interest as well. The reality of the <br />housing market has affected its success recently. He noted these programs are a great <br />example of public/private partnerships. He urged Council to approve the funding. <br />Hearing no further requests to speak, public comment was closed. <br />Motion: It was m/s by Cook-KalliolThorne, to approve funding for the City Down Payment <br />Assistance Program with the caveat that there is an intense outreach effort, and to have the <br />Housing Commission review the program to see how it may be more successful. Motion <br />passed by the following vote: <br />Ayes: Cook-Kallio, McGovern, Sullivan, Thorne, Mayor Hosterman <br />Noes: None <br />Absent: None <br />21. Public Hearing: Consider a resolution approving the issuance of revenue bonds by the <br />California Statewide Communities Development Authority to benefit the ValleyCare Health <br />System <br />David Culver, Director of Finance, presented the staff report and noted the California <br />Statewide Communities Development Authority (CSCDA) is a joint exercise of powers <br />authority consisting of numerous cities, counties and special districts, including the City of <br />Pleasanton. CSCDA is authorized to assist in the tax-exempt financing for Section 501(c)(3) <br />organizations. CSCDA is proposing to issue up to $85 million in tax-exempt and taxable <br />bonds to benefit ValleyCare Health System. The City's approval is necessary since the <br />projects to be funded/refunded reside in Pleasanton (and Livermore). There is no financial <br />obligation to the Ciry of Pleasanton and the bonds are not issued in the City's name. The <br />Ciry of Livermore is also scheduled to conduct a public hearing and adopt a resolution <br />approving the CSCDA bond sale. Staff recommended Council adopt the resolution <br />approving the issuance of revenue bonds by the California Statewide Communities <br />Development Authority to benefit the ValleyCare Health System. <br />Councilmember McGovern confirmed that the City is not responsible for any defaults on the <br />bonds. <br />Mayor Hosterman opened the public hearing. There being no one wishing to speak the <br />hearing was closed. <br />City Council Minutes 12 April 17, 2007 <br />