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REDEVELOPMENT AGENCY <br />STAFF REPORT <br />DATE: Apri16, 2009 <br />TO: <br />FROM <br />BY: <br />Stephen L. Hollister, <br />Executive Director <br />APPROVED AND <br />FORWARDED <br />TO REDEVELOPMENT <br />AGE'?~' %~ <br />Stephen L. Hollister <br />Executive Director, <br />Redevelopment Agency <br />Luke Sims, Community Development Director <br />Tom Liao, Housing/CDBG Manager `~~ <br />SUBJECT PROJECT/PROJECT DESCRIPTION: <br />RESOLUTION AUTHORIZING THE EXECUTION OF AN OWNER <br />PARTICIPATION AND LOAN AGREEMENT WITH ALAMEDA HOUSING <br />ASSOCIATES, L.P., APPROVING FINANCING FOR AN AFFORDABLE RENTAL <br />HOUSING PROJECT, AND AUTHORIZING THE EXECUTION OF DOCUMENTS <br />IN CONNECTION WITH SUCH FINANCING <br />SUMMARY AND RECOMMENDATION <br />Staff recommends that the Redevelopment Agency of the City of San Leandro (Agency) <br />authorize the execution of an owner participation and loan agreement (OPLA) with <br />Alameda Housing Associates, L.P., approve financing for an affordable rental housing <br />project located at 1333 Martinez Street, and authorize the execution of documents in <br />connection with such financing. <br />BACKGROUND <br />BRIDGE Housing Corporation (BRIDGE) is working with a private developer, Westlake <br />Development Partners, LLC (Westlake), to develop amulti-phased, mixed use, transit <br />oriented development called San Leandro Crossings located near downtown and the San <br />Leandro BART Station in the Plaza Redevelopment Plan Area. As part of Phase 1, <br />BRIDGE is proposing to develop a 100 unit affordable multifamily rental housing <br />development called The Alameda at San Leandro Crossings (formerly called San <br />Leandro Crossings West and Cannery Court at San Leandro Crossings) on a vacant lot <br />owned by Westlake. Westlake will be developing an additional 200 market rate rental <br />units on a separate site, which is currently a BART parking lot, across the street from the <br />BART station in Phase 1. <br />By working with BRIDGE, Westlake will comply with the majority of its affordable <br />housing production obligations under the City's Inclusionary Zoning Ordinance. The <br />Alameda represents the first development presented for review and approval by the City <br />