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Finance Highlights 2009 1117
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Finance Highlights 2009 1117
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12/3/2009 12:26:18 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
11/17/2009
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_CC Agenda 2009 1207
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\City Clerk\City Council\Agenda Packets\2009\Packet 2009 1207
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CITY OF SAN LEANDRO <br />MEMORANDUM <br />Date: November 17, 2009 <br />To: City Council Finance Committee <br />From: Perry Carter, Interim Finance Director ~~- <br />Subject: Issuance of Tax Allocation Bonds by the Redevelopment Agency for The <br />Alameda at San Leandro Crossings Housing project. <br />BACKGROUND/DISCUSSION <br />Bridge Housing Corporation (BRIDGE), a nonprofit developer, is proposing to construct a 100 <br />unit affordable family apartment project at 1333 Martinez Street called The Alameda at San <br />Leandro Crossings (The Alameda). In addition, 200 market rate units will be constructed by a <br />private developer, bringing Phase 1, of the project to a total of 300 units. <br />The Alameda is part of a multi-phased residential development proposed by a private developer, <br />Westlake Development Partners LLC (Westlake). The project will be adjacent to the San <br />Leandro BART Station and represents the first development to implement the City's Transit <br />Oriented Development Strategy adopted in September 2007. <br />By partnering with an experienced nonprofit affordable housing developer like BRIDGE, <br />Westlake will be able to satisfy nearly all of its affordable housing requirements under the <br />Inclusionary Zoning Ordinance. <br />BRIDGE has estimated the total development cost of The Alameda to be $38 million. and has <br />requested financing assistance of $9.1 million in Housing Set Aside funds from the San Leandro <br />Redevelopment Agency (RDA). The Housing Set-Aside Fund of the RDA does not have the <br />cash to fund this requirement; therefore, staff is seeking authority to issue Tax Allocation Bonds <br />(TABSs) to fund this obligation. <br />In April of 2009 the City Council authorized several actions with respect to The Alameda <br />including a loan to BRIDGE for $9.1 million in Housing Set-Aside funds. It is estimated that <br />by January of 2010 the RDA will have advanced to BRIDGE approximately $2.2 million from <br />available cash. This advance has been and will be used for pre-development costs. After <br />deducting this advance from the total commitment of $9.1 million, the RDA will have a <br />remaining obligation of approximately $6.9 million to BRIDGE that is due to by January 15, <br />2010. <br />To fund this obligation, Staff is recommending that the San Leandro RDA issue Tax Allocation <br />Bonds (TABS) secured by tax increment revenues from the Housing Set-Aside Fund. <br />
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