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THE CITY OF ==1 CITY COUNCIL AGENDA REPORT 11 pLEASANTONC November 17, 2015 City Manager TITLE: UPDATE ON KOTTINGER GARDENS PROJECT SUMMARY In October of 2012, the City Council approved the pre-development report authorizing the Task Force to continue developing a redevelopment plan for the Kottinger Place and Pleasanton Gardens sites. Several key events have occurred since that time: the City Council approved entering into a Disposition, Development, and Loan Agreement with MidPen Housing Corporation in November, 2013, the City Council approved the 185 unit Planned Unit Development application for Kottinger Gardens in May of 2014; HUD approved the transfer of Kottinger Gardens from the City of Pleasanton Housing Authority to the City of Pleasanton; MidPen applied for and received 9% Low Income Housing Tax Credits for Phase 1 of the project; MidPen obtained additional financing from the City of Pleasanton, Alameda County, and Union Bank; the Alameda County Housing Authority granted the project 50 Section 8 project-based rent vouchers; construction drawings for Phase 1 of the project were prepared and are undergoing City review; a general contractor has been selected and a construction schedule has been prepared; a relocation firm has been selected and a relocation plan has been prepared: a draft ground lease for the property has been prepared; and the Kottinger Place Redevelopment Task Force (Task Force) held its final meeting. Upcoming milestones include a March 21, 2016 deadline whereby MidPen must document to the Tax Credit Allocation Committee that they have closed construction financing, syndicated the 9% Low Income Housing Tax Credits (LIHTC), secured building permits, and have issued a Notice to Proceed to their general contractor. Construction level design and financing for Phase 2 of the project will commence following the closing of financing and start of construction for Phase 1. RECOMMENDATION Receive and comment on project update information. No formal action is required.