Laserfiche WebLink
CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 87-273 <br /> <br /> RESOLUTION AUTHORIZING THE LEASE OF A CITY-OWNED SITE <br /> UPON THE AWARD OF A HOUSING DEVELOPMENT GRANT, <br /> AUTHORIZING THE USE OF THE LOW INCOME HOUSING FUND FOR <br /> THE SENIOR MOUSING PROJECT, AND REAFFIRMING RESOLUTION <br /> NO. 85-47 <br /> <br />WHEREAS, the City Council has approved the concept of a 200-unit <br /> elderly housing project to be constructed on the <br /> City-owned site containing approximately 10 acres, <br /> located near the intersection of Bernal Avenue and Old <br /> Bernal Avenue, Pleasanton, California; and <br /> <br />WHEREAS, the City Council has authorized the submission of a <br /> Housing Development Grant ("HDG") Application to the <br /> Department of Housing and Urban Development to assist <br /> with the financing of the 200-unit project on the City's <br /> 10-acre site; and <br /> <br />WHEREAS, the HDG Application requires that this City Council take <br /> such action as is necessary to evidence site control by <br /> the owner/developer as of the HDG Application submission <br /> date and the City's financial commitments to the <br /> project; and <br /> <br />WHEREAS, in order to meet the requirements of the HDG Program and <br /> Application, the City Council agrees to lease the City's <br /> 10-acre site to Eden Housing, Inc., a non-profit <br /> corporation, as the owner/developer of the 200-unit <br /> project, conditioned upon the City's receipt of a <br /> Housing Development Grant, and to reaffirm the City <br /> Council's financial commitments to the project as set <br /> forth herein; <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON <br />RESOLVES AS FOLLOWS: <br /> <br />Section 1: All that real property described in Exhibit "A", <br /> attached hereto, shall be leased to Eden Housing, Inc., <br /> subject to the following terms: <br /> <br /> a. The lease shall have a maximum term of fifty (50) <br /> years or such longer term as is required by HUD; <br /> <br /> b. The City's fee interest shall be subordinate to the <br /> HDG covenants and the construction and permanent <br /> lender's deed of trust; provide, however, that the <br /> City shall have the right to approve the terms of <br /> the construction and permanent lender's deed of <br /> trust which shall contain the provision that the <br /> <br /> <br />