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IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO RESOLUTION N0.2010-001 RDA (3176) A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO FINDING AND DETERMINING THAT THE USE OF MONIES FROM THE LOW AND MODERATE INCOME HOUSING FUNDS ESTABLISHED FOR THE ALAMEDA COUNTY -CITY OF SAN LEANDRO REDEVELOPMENT PROJECT AREA AND THE WEST SAN LEANDRO/MACARTHUR BOULEVARD REDEVELOPMENT PROJECT AREA OUTSIDE THE BOUNDARIES OF THE PROJECT AREAS WILL BENEFIT SUCH PROJECT AREAS; AUTHORIZING THE EXPENDITURE OF SUCH FUNDS OUTSIDE THE PROJECT AREA; AND AUTHORIZING ACCEPTANCE OF AN INTERIM LOAN FROM THE CITY'S WATER POLLUTION CONTROL PLANT (WPCP) FUND AND EXECUTION OF A PROMISSORY NOTE IN CONNECTION WITH SUCH LOAN WHEREAS, the Redevelopment Agency of the City of San Leandro ("Agency") is a redevelopment agency existing pursuant to the Community Redevelopment Law, California Health and Safety Code Section 33000, et seq. (the "CRL"), and pursuant to the authority granted thereunder, has the responsibility to carry out the Redevelopment Plan for the Alameda County -City of San Leandro Redevelopment Project Area (the "Joint Project Area"), the West San Leandro/Macarthur Boulevard Redevelopment Project (the "WSL Project Area") and the Plaza Project Area (the "Plaza Project Area"); WHEREAS, the Agency previously approved an Owner Participation and Loan Agreement (the "OPA") with Alameda Housing Associates, L.P., a California limited partnership (an affiliate of BRIDGE Housing Corporation) (the "Developer") pursuant to which the Agency agreed to provide predevelopment and construction/permanent financing in the form of a loan (the "Agency Loan") to the Developer to assist in fmancing the development of a 100-unit affordable multi-family residential project (the "Project") located in the Plaza Project Area; WHEREAS, the Project will be of benefit to the Joint Project Area and the WSL Project Area because it will be in close proximity to such Project Areas and will increase the supply of housing that is affordable to persons and households of low- and moderate- income who reside and/or work in such Project Areas; WHEREAS, in accordance with CRL Section 33334.2, the Agency is required to deposit no less than twenty percent (20%) of all taxes which are allocated to the Agency pursuant to CRL Section 33670 in a Low and Moderate Income Housing Fund to be used for the purpose of increasing, improving and preserving the community's supply of low- and moderate-income housing;