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City shall have the right, as soon as legally <br /> possible under the HDG Program, to purchase the <br /> project and Eden's remaining leasehold interest <br /> subject to assuming Eden Housing, Inc.'s <br /> obligations under the mortgage loan; <br /> <br /> c. The ground lease rents shall be a nominal amount, <br /> such as $1.00 per year, to assist in maintaining <br /> affordable rent levels in the project; <br /> <br /> d. Upon termination of the ground lease, all land and <br /> improvements thereon shall revert to the City of <br /> Pleasanton. Other than assuming any existing <br /> mortgage loans, the land and improvements shall <br /> become the property of the City without any further <br /> compensation therefor from the City other than the <br /> original consideration for the ground lease; <br /> <br /> e. During the term of the ground lease, the City shall <br /> have the right to: <br /> <br /> (1) approve the rent structure; <br /> (2) approve occupancy eligibility requirements; <br /> (3) approve the management plan, management agent, <br /> management agreement, management fee and <br /> proposed operating budget; <br /> (4) approve any extraordinary maintenance and <br /> improvement policies and any other <br /> extraordinary fees and expenses; and <br /> <br /> (5) review the project books and records and <br /> review Eden Housing, Inc.'s certified annual <br /> audit. <br /> <br /> With respect to such approvals, the City will not <br /> exercise its discretion in such a manner as to make <br /> the operation of the project economically <br /> infeasible or to violate the HDG requirements; and <br /> <br /> f. The City's obligation to lease the approximately <br /> 10-acre site to Eden Housing, Inc., is conditioned <br /> upon and subject to the City of Pleasanton's award <br /> of a Housing Development Grant from the Department <br /> of Housing and Urban Development. <br /> <br />Section 2: The current balance of the City of Pleasanton's Low <br /> Income Housing Fund is hereby committed to the project <br /> to the extent necessary to make the project economically <br /> feasible in light of the number of affordable units <br /> provided by the project. This commitment with respect <br /> to the Low Income Housing Fund is conditioned upon the <br /> City's award of a Housing Development Grant from the <br /> Department of Housing and Urban Development. <br /> <br />Section 3: The City Council hereby reaffirms its prior <br /> Resolution No. 85-47 adopted January 22, 1985. It is <br /> <br /> <br />