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REDEVELOPMENT AGENCY OF <br />THE CITY OF SAN LEANDRO <br />STAFF REPORT <br />DATE: Apri16, 2009 <br />TO: <br />FROM: <br />Stephen L. Hollister, Executive Director <br />Redevelopment Agency <br />APPROVED AND <br />FORWARDED <br />TO REDEVELOPMENT <br />AGENCY <br />Stephen L. Hollister <br />Executive Director <br />Perry Carter, Finance Director ~ ~~--~`~ <br />Luke Sims, Community Develop ~ ent Directo <br />BY: Tom Liao, Housing/CDBG Manager ~ ~ <br />SUBJECT/DESCRIPTION: <br />RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES <br />FROM PROCEEDS OF INDEBTEDNESS TO FINANCE CONSTRUCTION OF THE <br />ALAMEDA AT SAN LEANDRO CROSSINGS <br />SUMMARY AND RECOMMENDATION <br />Staff recommends Redevelopment Agency of the City of San Leandro (Agency) approval of the <br />Resolution of Intent related to financing for the construction of The Alameda at San Leandro <br />Crossings. <br />BACKGROUND <br />Bridge Housing Corporation (Bridge Housing), a nonprofit developer, is proposing to construct a <br />100 unit affordable family apartment project at 1333 Martinez Street called The Alameda at San <br />Leandro Crossings. The Alameda is part of amulti-phased residential development proposed by <br />a private developer, Westlake Development Partners LLC (Westlake), and adjacent to the San <br />Leandro BART Station and downtown that represents the first development to implement the <br />City's Transit Oriented Development Strategy adopted in September 2007. By partnering with <br />an experienced nonprofit affordable housing developer like Bridge Housing, Westlake <br />Development Partners (Westlake) will be able to satisfy nearly all of its affordable housing <br />production requirements under the Inclusionary Zoning Ordinance. The Alameda is part of the <br />300 unit Phase 1 development in San Leandro Crossings, with the remaining 200 market rate <br />units to be built by Westlake. <br />Bridge Housing has estimated the total development cost of The Alameda to be $38 million. <br />Bridge Housing has also formally requested financing assistance of $9.1 million in Housing Set- <br />Aside Funds from the Agency. Because the Agency does not currently have the entire $9.1 <br />million in Set Aside Funds available in cash, the Agency may likely pursue issuance of a tax <br />