10B Action 2009 0406 - Laserfiche WebLink

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BRIDGE Housing -The Alameda 7 of 7 April 6, 2009 Environmental Review The Planning Commission approved a Mitigated Negative Declaration (MND) for The Alameda on January 22, 2009. The MND tiers off of the City Council approved Environmental Impact Report (E1R) for the Downtown San Leandro TOD Strategy in September 2007. The City Council also adopted a Mitigated Negative Declaration and Mitigation Monitoring Program for the project on March 2, 2009. The Agency considered the adopted Mitigated Negative Declaration and prior EIR before taking action on the OPLA. Code Compliance Review Not applicable. Board/Commission Findings The Planning Commission reviewed and approved the Site Plan Review permit (PLN2008-00031), Vesting Tentative Map (PLN2008-00054 Map Number 8010) and Mitigated Negative Declaration for The Alameda on January 22, 2009. Summary Of Advisory Committee Outreach Efforts Not applicable Fiscal Impact The funding source for the $9.1 million loan will be the Redevelopment Agency Low and Moderate Income Housing (or Housing Set Aside) Fund. If the Agency pursues a tax allocation bond for an amount not to exceed $9.1 million, there will be additional financing costs related to issuing the bond. Budget Authority Budget authority for the Resolution comes from California Redevelopment Law, Health and Safety Code Section 33000 et seq., regarding the Agency Low and Moderate-Income Housing (or Housing Set Aside) Fund. Attachments A. Project Proforma (includes Development Budget, Sources of Funds and Cash Flow Analysis) CONCLUSION Staff recommends that the Agency authorize the execution of an owner participation and loan agreement (OPLA) with Alameda Housing Associates, L.P., approve financing for an affordable rental housing project located at 1333 Martinez Street, and authorize the execution of documents in connection with such financing.