Minutes 2003 0915 - Laserfiche WebLink

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MINUTES Page 7 City of San Leandro City Council and San Leandro Redevelopment Agency Joint Meeting-September 15,2003 · Resolution No. 2003-201, Resolution Accepting the Community Development Block Grant (CDBG) Program Consolidated Annual Performance Evaluation Report (CAPER) for Fiscal Year 2002-2003 and Authorizing Submission thereofby the City Manager. (2096) M/S/C Grant and Nardine. Ayes: 7; Noes: 0 8.E. Matter of Approval of Rental Rehabilitation Subordination Agreen1ents and Authorization of Executive Director to Approve and Execute Future Subordination Agreements and Other Related Documents (authorizes the Executive Director to sign all future subordination agreements and any related documents and authorizes the Executive Director to subordinate the Agency's second mortgage to the first lender's mortgage for the owners at 825 San Leandro Boulevard and 111 Preda Street). Councilmember Grant inquired about the location of the two additional affordable units to be created with the money made available from the refinancing. City Manager J ermanis stated the affordable units will be in the same complex. Councilmember Grant asked for clarification regarding the intent of the resolution authorizing the Executive Director to sign all future subordination agreements. Mr. J ermanis stated the resolution was intended to allow the City Manager as the Redevelopment Agency Executive Director to sign subordination agreements involving a routine refinancing. Councilmember Grant expressed interest in having these agreements come before the City Council for review and approval in the future. Vice Mayor Glaze inquired about Rent Review Board member Tom Silva's ownership interest in the 111 Preda Street property. Mr. J ermanis noted Mr. Silva no longer has an ownership interest in the property. City Manager Jermanis stated that staff believed if the City's position had not changed relative to the original loan, the approval of the agreement would be fairly routine. Mr. J erm ani s asked Ms. Brown whether the Council receives any regular reports on the rental rehabilitation program. Ms. Brown suggested the information could be included in the Consolidated Annual Performance and Evaluation Report (CAPER) or in the Council's Weekly Update. Ms. Brown noted there are five properties subject to these agreements. Councilmember Grant pointed out the information on the rental rehabilitation program is of great interest and important for the Council to receive in a timely manner. Vice Mayor Glaze reiterated his concerns expressed at the last City Council meeting that the Council needs to be kept informed of the progress of the rehabilitation projects and on any delays due to a developer's use of funds for the purpose of leveraging other proj ects. Mayor Young asked for confirmation that the subordination agreements do not cost the City any money and that they do not disturb the units already in place. City Manager