HomeMy WebLinkAboutReso 114-03 EdenHsng LeaseOptn RESOLUTION NO. 114 - 03
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
AUTHORIZING THE GRANT OF A LEASE OPTION TO EDEN HOUSING, INC.
AND RECORDATION OF A MEMORANDUM OF OPTION
WHEREAS, the City Council finds that there is a severe shortage in the City of Dublin o£housing
affordable to lower-income seniors; and
WHEREAS, development of affordable senior housing in close proximity to a senior center will
serve a public purpose; and
WHEREAS, the City Council selected Eden Housing, Inc. ("Eden") to develop affordable senior
housing on the southerly portion of the property located at 7606 Amador Valley Boulevard (the "Site")
adjacent to the senior center that the City will develop; and
WHEREAS, Eden will now be applying to the federal department of Housing and Urban
Development ("HUD") for Section 202 Supportive Housing for the Elderly funds to finance the
development of senior housing on the Site, and Eden will also apply to other sources of financing for the
development; and
WHEREAS, it is necessary for Eden to demonstrate to HUD and such other financing sources that
the Site is available to Eden for development; and
WHEREAS, the City of Dublin is willing and able to lease the Site to Eden for a term of 99 years
for the sole purpose of developing and operating affordable senior rental housing; and
WHEREAS, to facilitate Eden's application for financing, the City of Dublin is now interested in
providing Eden with an option to lease the Site which shall be exercisable when Eden receives financing
commitments or a HUD reservation of funds for the development.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin, a
Municipal Corporation, approves the Option to Lease Real Property and the Memorandum of Option to
Lease Real Property ("Memorandum") attached hereto as Attachments 4A and 4B.
FURTHER RESOLVED, the City Council authorizes and directs the Mayor to execute such
documents substantially in the form attached hereto and to undertake such further action as may be
necessary and desirable to carry out the intent of this resolution, including without limitation the
recordation of the Memorandum in the official records of Alameda County.
PASSED, APPROVED, AND ADOPTED this 3rd day of June 2003.
AYES: Councilmembers McCormick, Oravetz, Sbranti and Zika, and Mayor Lockhart
NOES: None
ABSENT: None
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ABSTAIN:
None
Deputy City Clerk
G:\CC-MTGS~2003-qtr2\Jun\6~03-03\Reso-Option to Lease. DOC (Item 6.6)