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CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br />ALAiI~DA COUNTY, CALIFORNIA <br /> <br />RESOLUTION NO. 82-181 <br /> <br />APPROVING ~DIFICATION OF TE~.I FOR P~P EXE~TION <br />FOR JOE MADDEN'S St~DOW CREEK PROJECT <br /> <br />~IEREAS, <br /> <br />the City is in receipt of a letter from Mr. Madden <br />and Mr. Adams requesting Council to remove the <br />requirement that 20% of the Shadow Creek's Project <br />be reserved for low-income families, a condition <br />attached to the project at the time an exemption <br />to the Residential Allocation Program was granted <br />to the project; and <br /> <br />WHEREAS, <br /> <br />Mr. Madden and Mr. Adams originally had proposed a <br />plan of co-ownership whereby they would participate <br />with the buyers which would reduce the buyers' <br />monthly payments enabling low-income households to <br />reside in the project; and <br /> <br />WHEPdZAS , <br /> <br />due to the changes in the economy, higher interest <br />rates and the unusually long rainy season, the <br />higher cost of the project has made it impossible <br />fdr the developers to participate in the co- <br />owhership program; and <br /> <br />~iEREAS, <br /> <br />Mr. Madden has proposed an alternative program of <br />developer-provided second mortgages that could <br />help make some of the units affordable to some <br />families now unable to afford the units, although <br />these families would have incomes above the low- <br />income levels; and <br /> <br />WHEREAS, <br /> <br />since the units have been constructed and circum- <br />stances beyond the control of 1~. I~adden and Mr. <br />Adams have made it impossible to continue with the <br />original plan to make 20% of the units available <br />for low-income families, since the units are priced <br />as the most affordable units in Pleasanton, and since <br />the alternative program further makes the units <br />affordable to households otherwise unable to secure <br />housing in Pleasanton, the City Council feels it <br />is in the best interests of the citizens of Pleasanton <br />to amend the 20% low-income requirement and accept <br />the alternative financing plan; <br /> <br />NOW, THEREFOPS, THE CITY COUNCIL OF THE CITY OF PLEASANTON <br />RESOLVES AS FOLLOWS: <br /> <br />Section 1: The Shadow Creek Project shall continue to be <br /> considered an exempt project under the City's growth <br /> <br /> <br />