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DRAFT MINUTES <br /> Page 11 <br />December 21, 2009 <br />City of San Leandro City Council and San Leandro Redevelopment Agency Joint Meeting <br /> <br /> <br />The City Council recessed from 9:02 p.m. to 9:14 p.m. <br /> <br /> <br /> <br />B.Matter of Issuance of Taxable Tax Allocation Bonds by the Redevelopment Agency for <br />The Alameda at San Leandro Crossings Multifamily Housing Project (provides <br />financing for loan obligation to Bridge Housing Corporation for construction of a 100- <br />unit affordable multifamily apartment project at 1333 Martinez Street). <br /> <br />Mr. Hollister obligation to provide a $9.2 million loan to <br />BRIDGE Housing for The Alameda at San Leandro Crossings affordable housing <br />project, and the various funding options that were considered to meet this commitment. <br /> <br />Interim Finance Director Perry Carter reported that the City Council Finance Committee <br />reviewed this item, and recommended approval. Staff will also request that the Council <br />authorize a contingency loan from the Water Pollution Control Plant (WPCP) Fund, and <br />make a finding that the bond proceeds can be used for other project areas. Resolutions <br />for these actions were inadvertently omitted from the agenda, and will be presented at <br />the next regular meeting. <br /> <br />Mr. Carter responded to questions from the Council. <br /> <br />Public Comments on Item 10.B.: <br /> <br />Stephen Cassidy, San Leandro resident <br />, addressed the City Council, questioning <br />whether this was the best way to spend $14-$15 million for 100 affordable housing <br />units. Mr. Cassidy suggested that the funds could have been used instead to purchase <br />foreclosed homes. <br /> <br />End of Public Comments on Item 10.B. <br /> <br /> Resolution No. 2009-170 <br />, Resolution of the City Council of the City of San <br />Leandro Approving the Issuance by the Redevelopment Agency of the City of San <br />Leandro of Not to Exceed $8,500,000 Aggregate Principal Amount of <br />Redevelopment Agency of the City of San Leandro Tax Allocation Housing <br />Bonds, Series 2010, and Providing Other Matters Properly Relating Thereto <br />(authorizes the Redevelopment Agency to issue the bonds, as required by the <br />Community Redevelopment Law). (3176) <br /> <br />M/S/C Prola and Gregory. Ayes: 7; Noes: 0 <br /> <br /> Resolution No. 2009-024 RDA <br />, Resolution of the Redevelopment Agency of the <br />City of San Leandro Authorizing the Issuance of Not to Exceed $8,500,000 <br />Aggregate Principal Amount of Tax Allocation Housing Bonds, Series 2010, <br />Approving and Authorizing and Directing Execution of the Indenture of Trust <br />Relating Thereto, Authorizing the Sale of Such Bonds, Approving Official <br />Statement Relating Thereto, and Providing Other Matters Properly Relating <br /> <br />