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CITY OF SAN LEANDRO AND <br />REDEVELOPMENT AGENCY OF <br />THE CITY OF SAN LEANDRO <br />STAFF REPORT <br />DATE: December 21, 2009 <br />TO: Stephen Hollister <br />City Manager/Executive Director <br />APPROVED AND <br />FORWARDED <br />TO CITY COUNCIL AND <br />REDEVELOPMENT AGENCY <br />tephen L. Hollister <br />City Manager/Executive Director <br />FROM: Perry Carter <br />Interim Finance Director/Interim Treasurer <br />SUBJECT: MATTER OF ISSUANCE OF TAXABLE TAX ALLOCATION BONDS BY <br />THE REDEVELOPMENT AGENCY FOR THE ALAMEDA AT SAN <br />LEANDRO CROSSINGS MULTIFAMILY HOUSING PROJECT <br />SUMMARY AND RECOMMENDATION: <br />Staff recommends that the City Council and the Redevelopment Agency Board approve the <br />resolutions and the necessary bond documents to issue the Alameda County-City of San Leandro <br />Redevelopment Project Tax Allocation Bonds. <br />A detailed discussion of the proposed bond issue, the plan of financing, the financing team and <br />the documentation required to complete this financing transaction follows. <br />BACKGROUND/DISCUSSION <br />Bridge Housing Corporation (BRIDGE), a nonprofit developer, is proposing to construct a 100 <br />unit affordable multifamily apartment project at 1333 Martinez Street called The Alameda at San <br />Leandro Crossings (The Alameda). The Alameda is part of amulti-phased development that will <br />also include market-rate housing and public improvements. The project will be adjacent to the <br />San Leandro BART Station and represents the first development to implement the City's Transit <br />Oriented Development Strategy adopted in September 2007. <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 <br />sufficient cash to fund the entire ($9.1 million) financing request; therefore, staff is seeking <br />authority to issue Tax Allocation Bonds (TABS) to fund a portion of this obligation. <br />In April of 2009 the City Council authorized several actions with respect to The Alameda <br />including a loan to Bridge Housing for $9.1 million in Housing Set-Aside funds. It is estimated <br />that by January of 2010 the RDA will have advanced to BRIDGE approximately $2.2 million <br />from available cash. This advance has been and will be used for pre-development costs. After <br />