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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2000 - 74 (1120/1313-8) RESOLUTION OF THE SAN LEANDRO CITY COUNCIL AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS TO FUND HOUSING AND URBAN DEVELOPMENT (HUD) SECTION 108 LOAN GUARANTEE FOR THE AFFORDABLE SENIOR HOUSING PROJECT LOCATED AT 232 EAST 14TH STREET (APN #76- 273 -27 -2) WHEREAS, on February 7, 2000, the Redevelopment Agency of the City of San Leandro ( "Agency ") approved a Disposition and Development Agreement for the acquisition of the property at 232 East 14 Street, San Leandro to construct a senior affordable housing project ( "Project "); and, WHEREAS, pursuant to the terms of the DDA, the City of San Leandro ( "City ") applied for and received a loan guarantee commitment from HUD to provide assistance with the Project; and WHEREAS, the City is eligible to receive grants from the Federal Department of Housing and Urban Development ( "HUD ") under Sections 106 and 108(q) of Title I ( "CDBG Grants"), which CDBG Grants may be pledged as security for repayment of loans guaranteed by HUD; and WHEREAS, the City desires to enter into a for Loan Guarantee Assistance with HUD ( "Contract "), wherein the City will issue a promissory note ( "Note ") for a guaranteed loan in the total amount of One Million Dollars ($1,000,000.00) and designate the amount for disbursement in connection with the Agency's participation in the Project pursuant to the DDA, and wherein the City will pledge the CDBG Grants, as well as other security specified in the Contract, as security for HUD's guarantee. NOW, THEREFORE, the City Council of the City of San Leandro hereby resolve as follows: Section 1. The City Council of the City of San Leandro hereby approves the Contract and authorizes the City Manager to execute on behalf of the City the Contract and all other documents necessary or desirable to accomplish the transaction. 1