8C Consent 2009 0217 - Laserfiche WebLink

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IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO RESOLUTION N0.2009 - RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO AUTHORIZING AN AMENDMENT TO THE TERMS OF A PREVIOUSLY AUTHORIZED LOAN TO ESTABROOK SENIOR HOUSING, L.P. FOR ALOW-INCOME SENIOR HOUSING PROJECT, AND AUTHORIZING THE EXECUTION OF DOCUMENTS IN CONNECTION WITH SUCH AMENDMENT 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 14th Street, known as Alameda County Assessor's Parcel Nos. 077-556-54, -55, and -57-3 (ptn.) (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) is the owner of the Property; WHEREAS, pursuant to the terms and conditions set forth in an Owner Participation and Loan Agreement (the "OPA") executed by and among the Agency, Developer and the City as of September 10, 2007, Developer will develop a 51-unit multifamily residential development on the Property, in which 50 units will be rented at affordable housing cost to very-low income senior households (the "Project"); WHEREAS, pursuant to the OPA, the Agency agreed to provide financing for the Project in the form of 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, the OPA and related documents provide that the Agency Loan will accrue interest at the rate of three percent (3%) simple interest per annum, and will be repaid on a residual receipts basis from Project cash flow; WHEREAS, the Developer has secured additional financing for the Project from the U.S. Department of Housing and Urban Development ("HUD"), the Alameda County HOME program, the Affordable Housing Program of the Federal Home Loan Bank, tax exempt bond financing, and equity investment pursuant to the federal low-income housing tax credit program; 1194678-1