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RDA Reso 2006-003
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RDA Reso 2006-003
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Last modified
5/10/2007 12:59:54 PM
Creation date
5/10/2007 12:59:51 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
6/19/2006
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PERM
Document Relationships
Agmt 2006 Mercy Housing California XXXIII (4)
(Approved)
Path:
\City Clerk\City Council\Agreements\2006
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<br />This report is based upon information in the proposed Agreement and is organized into <br />the following five sections: <br /> <br />1. Summary of the Proposed Agreement - This section includes a description of the <br />site, the proposed development and the major responsibilities of the <br />Agency and the Developer. <br /> <br />2. Cost of the Agreement to the Redevelopment Agency of the City of San <br />Leandro - This section outlines the cost of the Agreement to the Agency <br />for costs that have been funded with Redevelopment Agency tax <br />increment funds. It presents the terms of the property lease and the loan <br />to the Developer by the Agency, and sets forth the net cost of the <br />Agreement of the Agency. <br /> <br />3. Estimated Value of the Interest to be Conveyed - This section summarizes <br />the value of the property to be sold to the Developer. <br /> <br />4. Consideration Received and Reasons Therefor - This section describes the <br />value of the payments to be paid by the Developer to the Agency. It also <br />contains a comparison of the payments and the fair market value at the <br />highest and best use consistent with the redevelopment plan for the <br />interests conveyed. <br /> <br />5. Provision of Low or Moderate Income Housing- This section demonstrates how <br />the sale of the property will provide housing for low- or moderate-income <br />persons. <br /> <br />6. Conformance with Five-Year Implementation Plan - This sectiondescribes <br />how the Agreement is consistent with the Agency's Five-Year <br />Implementation Plan. <br /> <br />II. SUMMARY OF THE PROPOSED AGREEMENT <br /> <br />A. Description of the Site and the Proposed Development <br /> <br />Property <br /> <br />The subject Property is a 68-room, 3-story motel constructed in 1971, known as the <br />th <br />Islander Lodge Motel. It is located on an approximately a.68-acre site at 2398 E. 14 <br />Street in San Leandro ("Property"). The Property includes a ground floor parking garage <br />and surface parking. <br /> <br />Developer <br /> <br />The Developer is Mercy Housing California, a California nonprofit public benefit <br />corporation ("Developer"). <br />
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