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CITY OF SAN LEANDRO/ <br />REDEVELOPMENT AGENCY <br />STAFF REPORT <br />DATE: June 15, 2009 <br />APPROVED AND <br />FORWARDED <br />TO CITY COUNCIL <br />-'` - ~~-- <br />Stephen L. Hollister <br />City Manager and Executive <br />Director, Redevelopment <br />Agency <br />TO: Stephen L. Hollister, City Manager /Executive Director <br />~~ <br />FROM: Luke Sims, Community Development Director ~ <br />VIA: Tom Liao, Housing/CDBG Manager <br />BY: Jean Hom, Housing Specialist II~~"~~~ <br />SUBJECT PROJECT/PROJECT DESCRIPTION: <br />MATTER OF APPROVAL OF ADDITIONAL LOAN FROM THE CITY OF SAN <br />LEANDRO HOME FUNDS (FOR $400,000) TO ALAMEDA COUNTY ALLIED <br />HOUSING PROGRAM (A.K.A., ALLIED HOUSING, INC.) TO ASSIST IN THE <br />REHABILITATION AND REFINANCING OF AN AFFORDABLE HOUSING PROJECT <br />LOCATED AT 112 GARCIA AVENUE (MISSION BELL APARTMENTS) AND <br />ADOPTING FINDINGS AND AUTHORIZING EXECUTION OF DOCUMENTS IN <br />CONNECTION WITH SUCH FINANCING <br />SUMMARY AND RECOMMENDATION <br />Staff recommends that the City Council adopt the resolution 1) approving the First <br />Amendment to Loan Agreement for $400,000, promissory note, and Amended and Restated <br />Regulatory Agreement and Declaration of Restrictive Covenants to assist with the <br />rehabilitation and refinance of the Mission Bell Apartments located at 112 Garcia Avenue; <br />and 2) authorizing the City Manager to execute and deliver such other instruments and to take <br />such other actions as necessary to carry out the intent of this resolution. <br />Staff recommends that the Redevelopment Agency (Agency) of the City of San Leandro <br />adopt the resolution approving an Amended and Restated Regulatory Agreement and <br />Declaration of Restrictive Covenants for the Mission Bell Apartments. <br />BACKGROUND <br />The Mission Bell Apartments is a mixed-use building consisting of 25 apartment units sixteen <br />(16) studios and nine (9) one bedroom apartments] and six (6) ground floor commercial units. <br />