RDA Reso 2006-003 - Laserfiche WebLink

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