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Minutes -City of San Leandro City Council and Page 11 San Leandro Redevelopment Agency Joint Meeting -May 3, 1999 A. Resolution Approving Farm of Loan Agreement Between the City of San Leandro and Citizens Housing Corporation for the Use of HOME Funds for Acquisition and Rehabilitation of a 91-Unit Apartment Building, Authorizing the City Manager to Request an Allocation of Federal HOME Program Funds for aNon-Profit Developer for Acquisition of Affordable Housing, and Authorizing the City Manager to Execute the Necessary Documents to Loan the HOME Funds to Citizens Housing Corporation (provides for a loan of HOME Funds in the amount of $750,000 for acquisition and rehabilitation of a 91-unit apartment complex on Tropic Court for affordable housing). In response to City Council questions, it was noted that, although this is structured as a loan, it is not designed and is not structured to be repaid. It was pointed out San Leandro's contribution is 10% of the total project cost. It was further clarified that existing residents are a priority. It was also reported that San Leandro is not in the first or second position on the loan; the City will be subordinate to several of the other, credit-financing loans. Jim Buckley, Executive Director of Citizens Housing Corporation, gave a presentation on the project. City Council discussion ensued regarding amenities for the residents, as well as the fact that this project is bound by streets carrying heavy traffic. The need for park space and/or play structures was expressed. The lack of park space City-wide was noted. It was indicated the developer works around existing residents during the rehab project, and the developer stressed the importance of talking with the tenants in order to keep them informed. City Council discussion continued regarding their hope that the developer addressed the entryways, roof line, and windows of the project. The project manager explained how the rents are based and indicated they will be working with the residents who may be "over income" in finding other housing opportunities. It was clarified for the City Council that the design of the project will not come back to the Council for approval, and there are no additional planning and zoning entitlements necessary for this project. Staff further clarified that this project does not generate any funds for park development in that area. Council Member Loeffier stressed that, although the City Council does not have any control over the design, the City Council needs to come back and look at this whole issue of park space in neighborhoods from a long-term perspective.