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WHEREAS, the Developer has indicated that in the current financial climate, the <br />equity investment amount is less than anticipated, and Developer has requested a <br />reduction in the Agency Loan interest rate in order to avoid an adverse economic impact <br />on the Project and Developer's ability to retain long-term control of the Project upon <br />expiration of the tax credit compliance period. <br />NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of <br />the City of San Leandro hereby: <br />1. Approves a reduction in the interest rate for the Agency Loan to the rate of three <br />quarters of one percent (0.75%) simple interest per annum. <br />2. Authorizes the Executive Director or his designee to execute and deliver an <br />amendment to the OPA and related documents, and to execute and deliver such other <br />documents and instruments and to take such other actions as necessary to carry out the <br />intent of this Resolution. <br />Introduced by Agency Member Prola and passed and adopted this 17~' day of <br />February, 2009, by the following called vote: <br />Members of the Agency: <br />AYES: Members Gregory, Prola, Reed, Souza, Starosciak, Stephens; <br />Chair Santos (7) <br />NOES: None (0) <br />ABSENT: None <br />ATTEST: , <br />Marian Handa, Agency Secretary <br />1194678-1 <br />(0) <br />RESOLUTION NO.2009-003 RDA 2 <br />