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