HomeMy WebLinkAboutReso 68-19 Approving Amendments to Project Agreements for Wicklow Square Senior Housing RESOLUTION NO. 68 — 19
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING AMENDMENTS TO PROJECT AGREEMENTS
FOR WICKLOW SQUARE SENIOR HOUSING
WHEREAS, the City Council has approved Agreements in 2004 by and between the City of
Dublin (the "City"), and Dublin Senior Limited Partnership (Developer); and
WHEREAS, Developer is an affiliate of Eden Housing Inc., and is controlled by the same
board of directors; and
WHEREAS, City and Developer have entered into a "Ground Lease," dated as of February 1,
2004. Pursuant to the Ground Lease, City has leased to Developer that certain real property located
at 7606 Amador Valley Boulevard in the City of Dublin, California (the "Property"); and
WHEREAS, City and Developer have entered into an Affordable Housing Regulatory
Agreement and Declaration of Restrictive Covenants, dated as of February 1, 2004, which provides
for Developer to restrict not fewer than twenty-six (26) of the apartment units within the Project to low
income senior tenants at an affordable rent, for a term of fifty-five (55) years (the "Regulatory
Agreement"); and
WHEREAS, City and Developer have entered into a "Loan Agreement," dated as of February
1, 2004. Pursuant to the Loan Agreement, City,has made a loan to Developer of Two Million Two
Hundred Forty-Eight Thousand Two Hundred Forty-Eight Dollars ($2,248,248), for payment of a
portion of the costs of construction of the Project (the "Loan"); and
WHEREAS, Developer has executed a Secured Promissory Note, dated February 1, 2004, for
repayment of the Loan to City (the "Note"); and
WHEREAS, Developer intends to purchase all of the interests of the limited partner and the
City has agreed to eliminate the required payments on the Note for two years, on the condition that
the term of the affordable housing restrictions on the Project is lengthened from its current fifty-five
(55) year term, to a term of seventy (70) years.
NOW THEREFORE BE IT RESOLVED that the Dublin City Council does hereby approve
Amendments to the Loan Agreement, Promissory Note, Ground Lease and Regulatory Agreement
attached hereto as Exhibit A.
BE IT FURTHER RESOLVED that the City Manager is authorized to execute the agreements
attached hereto as Exhibit A.
Reso 68-19, Adopted 6/18/2019, Item 4.16 Page 1 of 2
PASSED, APPROVED AND ADOPTED this 18th day of June, 2019, by the following vote:
AYES: Councilmembers Goel, Hernandez, Josey, Kumagai, and Mayor Haubert
NOES:
ABSENT:
ABSTAIN:
t6411 ir
Ma or
ATTES :
City Clerk
Reso 68-19, Adopted 6/18/2019, Item 4.16 Page 2 of 2