Agmt 2006 Mercy Housing California XXXIII (4)

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THIS DISPOSITION AND DEVELOPMENT AGREEMENT (this "Agreement") is entered into effective as of June 19, 2006 ("Effective Date") by and between the Redevelopment Agency of the City of San Leandro, a public body, corporate and politic (the "Agency") and Mercy Housing California XXXIII, a California Limited Partnership (the "Developer"). Agency and Developer are hereinafter collectively referred to as the "Parties." RECIT ALS A. Pursuant to authority granted under Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.) ("CRL"), the Agency has responsibility to implement the redevelopment plan adopted in 1993 (as subsequently amended, the "Redevelopment Plan") by the City Council of the City of San Leandro, California (the "City") for the Alameda County-City of San Leandro (Joint) Redevelopment Project Area (the "Project Area") as more particularly described in the Redevelopment Plan. B. The Agency seeks development of the property located within the Project Area known as Alameda County Assessor's Parcel No. 077E-1525-003-0410cated at 2398 East 14th Street and more particularly described in Exhibit A attached hereto (hereafter, the "Property"). C. In September, 2005, the Agency's governing board authorized execution of an agreement granting Developer exclusive rights to negotiate regarding the terms of a disposition and development agreement governing development of the Property. D. The Developer proposes to rehabilitate the existing motel and to operate a multi- family housing project on the Property consisting of 68 residential units, a community room and common area, parking, landscaping and related improvements (the "Project"). E. On June 28, 1993, the San Leandro City Council ("City Council") certified an Environmental Impact Report ("EIR") for the Redevelopment Plan as a Program EIR pursuant to Section 15168 of the California Environmental Quality Act ("CEQA") Guidelines. The City Council has determined that the Project is exempt from CEQA review pursuant to CEQA Guidelines Sections 15301 and 15302 because the Project involves the rehabilitation of an existing structure to provide affordable housing units to low-income households. F. The City Council and the Agency have each approved the lease of the Property and the improvements located thereon and the loan of funds as set forth in this Agreement, have followed all requisite procedures, and have adopted all requisite findings in connection with the foregoing, including without limitation the requirements of Sections 33431 and 33433 of the CRL. G. The purpose of this Agreement is to effectuate the Redevelopment Plan by providing for the lease and renovation ofthe Property as more particularly set forth herein. The Agency has determined that the development of the Property pursuant to this Agreement is consistent with the Redevelopment Plan and the Implementation Plan for the Project Area, will be of benefit to the Project Area, and will further the goals of the Redevelopment Plan by alleviating blight and providing affordable housing in the Project Area. NOW THEREFORE, the Parties hereby agree as follows. 803698-6 3