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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2007-108 (3122) RESOLUTION AUTHORIZING THE EXECUTION OF AN OWNER PARTICIPATION AND LOAN AGREEMENT WITH ESTABROOK SENIOR HOUSING, L.P., APPROVING FINANCING FOR A LOW-INCOME SENIOR HOUSING PROJECT, AND AUTHORIZING THE EXECUTION OF DOCUMENTS IN CONNECTION WITH SUCH FINANCING WHEREAS, by Resolution No. 93-012 adopted on July 12, 1993, the Redevelopment Agency of the City of San Leandro (the "Agency") established the Alameda County-City of San Leandro (Joint) Redevelopment Project Area ("Project Area") and adopted a redevelopment plan for the Project Area (as thereafter amended, the "Redevelopment Plan"); WHEREAS, the Agency seeks development of certain real property located in the City of San Leandro ("City") at 2103-2179 East 14th Street, known as Alameda County Assessor's Parcel Nos. 077-556-54, -55, and -57-3 (portion), and more particularly described in Exhibit A attached hereto (the "Property"); WHEREAS, Estabrook Senior Housing, L.P., a California limited partnership ("Developer") (an affiliate of Eden Housing, Inc., a California nonprofit public benefit corporation) has the contractual right to purchase the Property; WHEREAS, Developer proposes to develop a 51-unit multifamily residential development on the Property, 50 of which will be rented at affordable housing cost to very-low income senior households (the "Project"); WHEREAS, the terms and conditions for development and financing of the Project are more particularly described in a proposed Owner Participation and Loan Agreement (the "OP A") between Agency, Developer and the City, copies of which have been provided to the Agency and the San Leandro City Council (the "City Council"); WHEREAS, the Project involves the construction of affordable housing on an infill site and therefore is exempt from the California Environmental Quality Act ("CEQA") pursuant to CEQA Guidelines Section 15332; WHEREAS, the proposed City financing for the Project includes a loan for acquisition and permanent financing in the amount of $2,022,000 to be funded using $1,385,000 from the Alameda County HOME Consortium pursuant to the HOME Investment Partnership Act as established by the National Affordable Housing Act of 1990 (42 USC 9 12471, et seq.) and $637,000 in funds from the City's Affordable Housing Trust Fund (the "City Loan"); WHEREAS, Developer, City staff, and Agency staff have negotiated the terms and conditions of the OP A and an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants ("Regulatory Agreement") which restricts rents for units in the Project at 983584-2