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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 85-47 <br /> <br /> RESOLUTION EXPRESSING THE CITY'S INTENTION TO ISSUE <br /> REVENUE BONDS FOR THE ACQUISITION, CONSTRUCTION, AND <br /> INSTALLATION OF A MULTIFAMILY SENIOR RENTAL HOUSING <br /> PROJECT IN AN AMOUNT NOT TO EXCEED 13.5 MILLION DOLLARS <br /> <br />WHEREAS, the City of Pleasanton, California, a municipal <br /> corporation of the State of California (hereinafter <br /> "City"), is authorized under Chapter 7 to Part 5 of <br /> Division 31 of the California Health and Safety Code, as <br /> amended (hereinafter "Act"), to issue revenue bonds for <br /> the purpose, among others, of financing the construction <br /> or development of multifamily rental housing; and to <br /> make and execute agreements, security documents and <br /> other contracts and instruments necessary or convenient <br /> in the exercise of such powers; and <br /> <br />WHEREAS, the City has been informed by a representative of <br /> Pleasanton Housing Group, Inc. (hereinafter <br /> "Developer"), that the Developer, or its successors and <br /> assigns, proposes the acquisition, construction and <br /> installation of a multifamily senior rental housing <br /> project consisting of approximately 220 units to be <br /> constructed on a 10 acre site off the Bernal Avenue <br /> extension and is currently a portion of the City owned <br /> property that contains the City's Corporation Yard and <br /> known as "Pleasanton Commons", in the City, for the <br /> purpose of providing housing for low and moderate income <br /> senior households (hereinafter "Project"); and <br /> <br />WHEREAS, it is currently estimated by the Developer that the <br /> Project will cost approximately 13.5 Million Dollars <br /> ($13,500,000); and <br /> <br />WHEREAS, the Developer has requested the City to take official <br /> action declaring its intention to issue its revenue <br /> bonds to finance all or a portion of the Project so that <br /> the acquisition, construction and installation of the <br /> Project may be commenced; <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON <br />RESOLVES AS FOLLOWS: <br /> <br />Section 1: The City Council of the City finds and determines <br /> that financing of the Project is designed to meet the <br /> multifamily rental housing needs of elderly people of <br /> low or moderate income in the City and to benefit the <br /> people of the State of California and be for their <br /> health and welfare, and the City, in providing such <br /> financing under the terms and conditions of this <br /> <br /> <br />