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WHEREAS, CRL Sections 33334.2(g) authorizes the Agency to use monies from a Low and Moderate Income Housing Fund outside of a project area only upon adoption of resolutions by the Agency and City Council finding that such use will be of benefit to the project area; WHEREAS, the City Council desires by this Resolution to declare that the expenditure of monies from the Low and Moderate Income Housing Funds established for the WSL Project Area and the Joint Project Area will be of benefit to such Project Areas when such funds are used in accordance with the requirements of the CRL for the purpose of providing financing for the Project and for other purposes authorized by CRL Section 33334.2, either within or outside the Project Areas; WHEREAS, the Agency has authorized the issuance of its not to exceed $8,500,000 aggregate principal amount of Redevelopment Agency of the City of San Leandro Tax Allocation Housing Bonds, Series 2010 (the "Bonds") the proceeds of which are intended to be used to fund the Agency Loan and other purposes authorized by CRL Section 33334.2; WHEREAS, to facilitate the issuance of the Bonds upon favorable terms and the financing of the Project in a timely manner in accordance with deadlines imposed by the California Tax Credit Allocation Committee (CTCAC), the Agency has requested that the City provide the Agency with ashort-term interim loan (the "City Loan"), if needed, in an amount not to exceed Six Million Nine Hundred Thousand Dollars $6,900,000 and in accordance with the terms set forth in the promissory note attached to the staff report accompanying this resolution (the "Note"); and WHEREAS, the City has funds in its Water Pollution Control Plant Fund that can be made available for the City Loan, and the Agency has agreed to repay the City Loan with interest at the City's investment portfolio rate. NOW THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of San Leandro as follows: Section 1. The City Council finds and determines that the expenditure of monies from the Low and Moderate Income Housing Funds established for the Joint Project Area and the WSL Project Area to assist in the financing of the Project and the funding of the Agency Loan, and for other purposes authorized by CRL Section 33334.2, either within or outside the Project Areas, will be of benefit to such Project Areas. Section 2. The City Council authorizes the Agency to expend monies from the Low and Moderate Income Housing Funds established for the Joint Project Area and the WSL Project Area both inside and outside each such Project Area for purposes authorized by Section 33334.2 and in accordance with the requirements of the CRL, and specifically authorizes the Agency to expend monies from such Funds to assist in the fmancing of the Project, including without limitation, by funding the Agency Loan and by paying principal and interest on the Bonds and other expenses associated therewith. RESOLUTION NO. 2010-001 2