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<br /> <br /> <br />1 <br /> <br /> <br /> <br /> <br />MEMORANDUM  <br />  <br />Date: October 7, 2026 <br />    <br />To: Joe Calabrigo, Interim City Manager <br />    <br />From: Ellen Clark, Director of Community Development <br />Steve Hernandez, Housing Manager <br /> <br />Subject: Escrow Documents for City Purchase of a Below-Market Rate Unit at 67 Rocky Creek Place. <br /> <br /> <br />The City is in the process of purchasing 67 Rocky Creek Place, a Below-Market Rate (BMR) Home. <br /> <br />You have already signed a separate memo approving the use of Lower Income Housing Fund (LIHF) funds <br />($427,084.27) for the City's purchase of the home for resale to a Pleasanton Homebuyer Assistance Program <br />(PHAP)-eligible homebuyer and authorizing the Finance Department to wire the funds to escrow to Chicago Title <br />Company. <br /> <br />The following escrow documents must be signed and delivered to Chicago Title Company. <br /> <br /> Property Purchase Agreement <br /> Estimated Buyer’s Statement <br /> Certificate of Acceptance of Real Property <br /> <br />After the City purchases the home, it will oversee the marketing and sale of the home to a PHAP-eligible <br />homebuyer in accordance with PHAP protocols and guidelines. All funds received (which are estimated to be <br />more than $426,279 based on Chicago Title’s Current Estimated Buyers Settlement) from the resale of the BMR <br />home will be deposited immediately back into the LIHF account, resulting in no net impact on the LIHF fund <br />balance. <br /> <br />All escrow documents must be delivered to Chicago Title Company by Friday, October 9th, as the close of escrow <br />date is Friday, October 16, 2026. <br /> <br />Please contact Steve Hernandez at x5007 or @shernandez@cityofpleasantonca.gov if you have any questions. <br /> <br /> <br />Docusign Envelope ID: DFF5E082-CF6D-889F-831E-04E7680AF646