RES 81028 - Laserfiche WebLink

Members of the Pleasanton City Council February 10, 1981 Page 2 All owners of each low-income unit sign a legally binding agreement at the time of the original purchase with Mr. Earl Adorns or Mr. Jospeh Madden, or with both of us, to sell their unit to one of us or both of us if the unit is sold within five years after their purchase. The selling price will be determined by an MAI appraiser at the time of the second sale. Mr. Adorns or Mr. Madden or both of us will then sell the same unit at the same appraiser's selling price to a different buyer or buyers who can satisfy the low-income requirements of Item I above. In conclusion~ it should be mentioned that 20 percent of the units will be low income and the remaining 80 percent of the units will be affordable housing made available without any government funding and without any exemptions or reductions in any government fees. This project will benefit the City of Pleasanton in the short term by making a relatively small contribution to a very large housing problem and then provide a major contribution in solving the long-term housing shortage by showing what can be done when the City~ the lenders, and the developer make positive efforts to utilize the private sector only to help solve one of the toughest housing problems. We will submit all the required material for a building permit within about two weeks and begin construction in early spring of this year if you approve our proposed agreement tonight. Your approval would be consistent with your Planning Commission's July I(~ 1980~ recommendation to you that RAP exemptions be given to hundreds of low- and moderate-income housing units. Also, now California State Law requires that cities provide certain incentive bonuses such as waiving provisions of local ordinances for developments such as Shadow Creek. You are oil familiar with the multitude of discussions and reports on this project since our initial RAP exemption request on June 26,7 1980~ when you approved the development plan without any opposition being voiced by a single citizen. Delays are not only very costly~ but are now jeopardizing the project because of rapid changes in costs and financial arrangements including possible changes in key personnel involved. Please let's stop the discussions on this project and start building it. AIs% remember we are only talking about 10 lower-income units in this proposed agreement! Sincerely yours, ms Earl Adams · Madden '