MIDPEN HOUSING CORP (2) - Laserfiche WebLink

THIS AGREEMENT, entered into this ,J4f day of October, 2014, by and between the CITY OF PLEASANTON, hereinafter called "City", and MIDPEN HOUSING CORPORATION, a California public benefit corporation, hereinafter called "Contractor" or "Project Sponsor". WITNESSETH: WHEREAS, Contractor is a California limited partnership; and WHEREAS, the City, the Contractor, and the City of Pleasanton Housing Authority entered into a Disposition Development and Loan Agreement (the "DDLA") dated as of November 5, 2013 under which the Developer proposes to develop Kottinger Gardens (the "Kottinger Gardens Project") on several parcels comprising the Site: (i) the property owned by the Housing Authority on which the existing Kottinger Place development is located at 240 Kottinger Drive (the "Kottinger Parcel"); (ii) the property owned by the City located at 4133 Regalia Avenue which is adjacent to the Kottinger Village Park (the "Regalia Parcel"); (iii) the property owned by the City located at 4138 Vineyard Avenue (the "Vineyard Parcels"); and (iv) the property currently owned by Pleasanton Gardens, Inc., on which the existing Pleasanton Gardens development is located at 251 Kottinger Drive, and which will be donated to the City (the "Pleasanton Gardens Parcel"); and WHEREAS, Contractor proposes to develop the Kottinger Gardens Phase One Project (the "Project"), which will consist of 131 units of new construction, affordable senior rental housing on the Kottinger Parcel, the Regalia Parcel, and the Vineyard Parcels; and WHEREAS, Contractor further proposes to develop the Kottinger Gardens Phase Two Project ("Phase Two"), which will consist of 54 units of new construction, affordable senior rental housing; and WHEREAS, on May 6, 2014, the City Council approved the Action Plan for FY 2014-15 CDBG and HOME funded activities, which included the estimated amount of approximately $450,000 in uncommitted HOME funds (amount to be confirmed by Alameda County Housing and Community Development) awarded to the Project to assist with predevelopment and construction; and WHEREAS, HOME funds were committed to the Project with the understanding that execution of a loan agreement would be undertaken by Contractor; and WHEREAS, Contractor has obtained financial commitments from other sources, including land from the City, 31 Project -Based Section 8 vouchers from Pleasanton Gardens, and up to $10 million from the City of Pleasanton Lower Income Housing Fund, and intends to apply for 9% tax credits and a commercial construction/permanent loan combined with additional Project -Based Section 8 vouchers from the Housing Authority of the County of Alameda; and WHEREAS, it is necessary and desirable that Contractor receive funding assistance for the purpose of Project development; NOW, THEREFORE, IN EXCHANGE FOR VALUABLE CONSIDERATION, THE RECEIPT OF WHICH IS HEREBY ACNKOWLEDGED, IT IS HEREBY AGREED BY THE PARTIES HERETO AS FOLLOWS: 191\52\1543377.4