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MATCHING PLAN <br />The matching requirements of I IUD programs will be satisfied primarily through the use of City <br />Lower Income f lousing Funds, where needed, or through fiords provided by non-profit agencies <br />which arc the sub-recipients of [IUD funds allocated to the City. The matching requirement is <br />included in City application forms for federal funding used for sub-recipients and the <br />requirement is ensured throughout the project review and approval process. <br />PUBLICLY OWNED LAND <br />The 7.4-acre parcel of land on Case Avenue where ""fhe Promenade" apartment project was <br />recently completed was provided by the City through along-term ground lease. The property had <br />an appraised value of approximately $2.2 million at the time of construction. In 2006, the City <br />contributed (through a similar ground lease) an additional 3.6-acre site on Sunol Boulevard <br />valued at approximately $3.5 million for the construction of the Parkview assisted care facility <br />for seniors. This properly was estimated at that time to have a value of over $3.5 million. In <br />2004, an agreement was reached in which the City acquired 318 acres of land from the 5001- acre <br />Bernal property south of the Alameda County Fairgrounds. These lands are designated for <br />"public uses," and a citizens task force developed a plan for utilising the property. A voter <br />initiative approved 581 housing units on the other 200 acres of the Bernal property, including 87 <br />below-market rental and ownership units. 1'he potential for accommodating additional <br />affordable housing was removed through the passage of "Measure V" in November 2002. <br />However, the acquisition of these 3l8 acres may still provide the City with some limited options <br />to consider additional housing development should future conditions and community needs <br />warrant. The City also identified in its most recent Elousing Element update a list of parcels that <br />have the potential for future affordable housing development. Prominent among these are <br />several sites within the I lacicnda Business Park that may be ready for rcdevclopment for work <br />force housing pending a change in General Plan land use designation. This may also provide <br />future opportunities for public ownership of land to promote affordable housing. <br />Aclim~ Plan - FYOY <br />City of Plcasantm~ <br />Page IJ <br />