RDA Reso 2009-009 - Laserfiche WebLink

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declaration for the Project as required by Section 15096 of Title 14 of the California Code of Regulations. In addition, the Project was considered in connection with the Final Environmental Impact Report for the Downtown San Leandro Transit-Oriented Development Strategy certified by the City Council pursuant to Resolution 2007-111 adopted on September 4, 2007. All of the above-cited resolutions are incorporated herein by reference; WHEREAS, the terms and conditions for development and financing of the Project are more particularly described in a proposed Owner Participation and Loan Agreement (the "OPA") between Agency and the Developer, copies of which have been provided to the Agency Board; WHEREAS, the proposed Agency fmancing for the Project includes a construction/permanent loan in the amount of $9,100,000 (the "Agency Loan"), of which up to $2,200,000 may be disbursed for certain predevelopment expenses incurred in connection with the Project; and WHEREAS, Developer and Agency staff have negotiated the terms and conditions of the OPA, an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants ("Regulatory Agreement") which restricts rents for units in the Project at affordable levels for a period of 55 years, a Predevelopment Note (the "Predevelopment Note"), an Assignment Agreement which provides the Agency with a security interest in plans and studies prepared for the Project; a Secured Promissory Note (the "Note") which provides for repayment of the Agency Loan on a residual receipts basis, and a Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the "Deed of Trust") pursuant to which the Agency will be provided a security interest in the Project to secure repayment of the Agency Loan. NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of San Leandro hereby: 1. Finds that the approved Mitigated Negative Declaration constitutes compliance with the California Environmental Quality Act for the Project at 1333 Martinez Street, APNs 075-0047-002, 075-0047-003-02, 075-0047-007, including this OPA approval. 2. Finds that the development of the Project in accordance with the OPA will assist in the elimination of blight in the Project Area, will facilitate the development of affordable housing, will further the goals of the Redevelopment Plan, and will be consistent with the implementation plan adopted in connection therewith. 3. Approves the OPA, authorizes the Executive Director or his designee to execute and deliver the OPA substantially in the form on file with the Agency Secretary, and authorizes the recordation of a Memorandum of the OPA in the Official Records of Alameda County. 4. Approves the provision of the Agency Loan pursuant to the terms and conditions set forth in the OPA. RESOLUTION N0.2009-009 RDA 2