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CITY OF SAN LEANDRO <br />CITY COUNCIL BUSINESS AND HOUSING DEVELOPMENT COMMITTEE <br />May 14, 2009 <br />4:00 p.m. - 5:30 p.m. <br />San Leandro City Hall <br />835 East 14th Street <br />San Leandro, California <br />Sister Cities Gallery <br />HIGHLIGHTS <br />Committee Members: Chair Stephens, Councilmember Reed and Councilmember Souza <br />City staff present: City Manager Hollister, Community Development Director Sims, <br />Business Development Manager Battenberg, Housing Manager Liao, <br />Housing Specialist Hernandez and Business Development Analyst Kay <br />Public present: Vivian Wan, Abode Services <br />The meeting was called to order at 4:00 p.rn. <br />1. Consideration of Request for Rehabilitation and Refinancing Funds by Allied Housing <br />for Mission Bell Apartments <br />Housing Manager Liao described a proposal to use Rehabilitation and Refinancing funds to <br />provide $400,000 for loan refinancing and renovation at Mission Bell Apartments. The <br />funding will be used for roof work, touch-up repairs, installation of solar panels, and to repay <br />a portion of a market rate loan presently held by Allied Housing. <br />The property contains 25 housing units. The City previously provided a loan of $1.5 million <br />in 2006 to help fund renovation and the re-opening of the property. The funding from the <br />current request would enable Allied Housing to better leverage County funding and reduce <br />the principal on a market rate loan, thus facilitating abuild-up of operating reserves. Some <br />unforeseen operating costs related to building maintenance have depleted the reserves in <br />recent years. <br />Liao explained that the funding will come from HOME grants and that a sufficient fund <br />balance is available. Vivian Wan, representing Abode Services, Allied Housing's parent <br />company, provided further detail on the planned use of funding and noted a need for roofmg <br />and plumbing improvements. Of the $400,000 total, $160,000 is planned for repaying part of <br />their market rate loan, with the remaining $240,000 used for renovations and rehabilitation. <br />The funding will improve the long-term stability of the property by keeping up the building's <br />condition. <br />