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<br />City of San Leandro <br />Civic Center, 835 E. 14th Street <br />San Leandro, California 94577 <br /> <br /> <br />June 6, 2005 <br /> <br />Ms. Jane Graf, President <br />Mercy Housing California <br />1360 Mission Street, Suite 300 <br />San Francisco, CA 94103 <br /> <br />Re: Letter of Agreement with Mercy Housing California for the Islander Motel Project <br /> <br />Dear Ms. Graf: <br /> <br />This letter confirms our interest in working with Mercy Housing California ("Mercy") as the <br />preferred developer for the Islander Motel affordable housing project and serves as an agreement <br />between the City of San Leandro Redevelopment Agency (the "Agency") describing Mercy's <br />and the Agency's responsibilities and duties during the escrow period prior to the Agency's <br />acquisition of the Islander Motel (the "Escrow Period"). The Agency has recently entered into a <br />Purchase and Sale Agreement with the Islander Motel owner and expects to close escrow by <br />September 22,2005. The Islander Motel (the "Site") is located at 2398 East 14th Street. <br /> <br />For a period of one hundred twenty days (120) days from the date of this letter, the Agency will <br />work exclusively with Mercy towards the negotiation of a Property Management Agreement <br />(PMA) and Exclusive Negotiation Agreement (ENA). The Agency anticipates executing a PMA <br />and ENA with Mercy by early September 2005 that will lead towards the execution of a <br />Disposition and Development Agreement (DDA) between both parties in 2006. During the <br />period of time commencing upon the date of this letter and terminating 120 days thereafter (or <br />upon the expiration of the ENA), the Agency will not entertain any other offers, including <br />property management or development proposals, for the Site. <br /> <br />Pursuant to this letter, Mercy and the Agency shall undertake the following scope of work: <br /> <br />I. Motel Resident/Tenant and Relocation Interviews <br />a. Agency will notify Mercy of the dates when resident/tenant interviews may begin. <br />Mercy and the City's relocation consultant, Associated Right of Way Services <br />(ARlWS), shall coordinate with one another, whenever possible, to interview <br />motel residents concurrently for relocation and tenant profile purposes. Mercy <br /> <br />Sheila Young. Mayor <br /> <br />City Council: <br /> <br />Orval "06" Banger; <br />Tony Santos; <br /> <br />Surlene G. Grant; <br />Joyce Starosciak; <br /> <br />Glenda Nardine; <br />Bill Stephens <br />