SR 05:219 - Laserfiche WebLink

RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS IN CONNECTION WITH THE FINANCING OF AN ASSISTED LIVING FACILITY FOR BLP PARTNERSHIP, INC. AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO WHEREAS, BLP Partnership, Inc., a California nonprofit public benefit corporation (the "Corporation") sponsored by BRIDGE Housing Corporation and Lytton Gardens Senior Communities, has requested that the City of Pleasanton (the "City") enter into an installment sale agreement between the Corporation, as seller, and the City, as purchaser, for the purpose of assisting in the financing of the construction by the Corporation of an assisted living facility with a dementia wing (the "Facility"), to be located at 100 Junipero Street in the City; WHEREAS, the City is empowered by the laws of the State of California to acquire real and personal property and to dispose of the same as may be necessary or convenient for the public purposes of the City; WHEREAS, the City has agreed to act as conduit issuer for the Corporation to facilitate such financing; WHEREAS, it is intended that the interest component of the purchase payments to be made by the City under the installment sale agreement be excluded from gross income for federal tax purposes under the provisions of the Internal Revenue Code of 1986, as amended (the "Code"); WHEREAS, the borrowing represented by the installment sale agreement will be considered to be a "private activity bond" under Section 142(a) of the Code, and Section 147(f) of the Code requires that the "applicable elected representative" with respect to the Facility approve the delivery by the City of the installment sale agreement following the holding of a public hearing with respect thereto; WHEREAS, the City Council is the "applicable elected representative" of the City to hold such hearing and approve the delivery by the City of the installment sale agreement; WHEREAS, a public hearing was held by the City Council on the date hereof in the City Council Chambers following duly published notice thereof, and all persons desiring to be heard on the matter have been heard; WHEREAS, the sole source of funds to satisfy the City's obligations under the installment sale agreement will be payments by the Corporation under a second installment sale agreement with the City, and the City's general fund will in no way be obligated in connection with the financing program;