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IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2007-010 RDA (3122) RESOLUTION AUTHORIZING THE EXECUTION OF AN OWNER P ARTICIP ATION 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 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 14lh 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 Agency financing for the Project includes a construction/permanent loan in the amount of $1,978,000 to be financed using funds from the Agency's Low and Moderate-Income Housing Set-Aside Fund (the "Agency Loan"); WHEREAS, Developer, Agency staff and City 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 affordable levels for a period of 55 years; and Developer and Agency staff have negotiated the terms and conditions of a Secured Promissory Note (the "Note") which provides for repayment of the Agency Loan on a residual receipts basis, and a Deed of Trust, Assignment of Rents, 983540-2