RDA Agmt 2000 American Baptist Homes of the West Inc etc

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THIS DISPOSITION AND DEVELOPMENT AGREEMENT is made on or as of this day of .2000, by and between the Redevelopment Agency of the City of San Leandro (hereinafter "Agency"), American Baptist Homes of the West (hereinafter "ABHOW" or "Developer"") and San Leandro Investors, LLC. (hereinafter "Contributor"), a California Limited Liability Corporation. WITNESSETH: RECITALS 1. Pursuant to its authority granted under California law, the Agency has the responsibility to carry out the Redevelopment Plan for the Alameda County-City of San Leandro Redevelopment Project Area, which was approved and adopted by the Board of Supervisors of the County of Alameda and the City Council of the City of San Leandro, and thereafter amended. Said redevelopment plan as described, and as thereafter from time to time amended, is referred to herein as the "Redevelopment Plan" and is incorporated into this Agreement by reference. 2. In furtherance of the Redevelopment Plan, the Agency selected Developer to develop a senior housing project for low income residents located at 232 East 14`h Street within the City of San Leandro (the "Site") and more particularly described on the attached Exhibit A incorporated herein by reference. Said real property is located in an area governed by the Redevelopment Plan. Said real property is the real property shown on the Site Plan attached as Exhibit B and incorporated herein by reference. Agency approval shall be required for every aspect of architectural design, including but not limited to, site development, signage, and parking in accordance with Section 1.03 below. 3. Contributor is required bylaw to construct 32 units available to moderate income residents and 26 units available to very low income residents as part of a housing development on San Leandro Boulevard in San Leandro. Contributor desires to meet the legal inclusionary housing requirements in part by developing 26 units available to low income senior citizens on the Site. Contributor shall provide partial funding to ABHOW to facilitate the construction of 26 units at the Site. 4. Developer acknowledges that the Agency is making a substantial financial contribution to this project and that Agency anticipates obtaining HUD Section 108 funds to loan to the project Developer acknowledges that as a material inducement to Agency to enter into this Agreement, Developer will diligently pursue financing to complete this project 5. This development will provide 60 units of senior housing affordable to very low income senior citizens. The development of the Property contemplated by this Agreement is consistent with the Redevelopment Plan, the Five Year Implementation Plan, and the City of San Leandro General Plan. The operating conditions that would normally be required pursuant to a conditional use permithave been set forth in this Agreement 6. The Agency has concluded that the Developer has the necessary expertise, skill and ability to carry out the commitments herein contained and that this Agreement is in the best interests and will materially contribute to the Redevelopment Plan.