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IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br /> RESOLUTION NO. 2011- RDA <br /> RESOLUTION OF THE REDEVELOPMENT AGENCY <br /> OF THE CITY OF SAN LEANDRO APPROVING A LOAN <br /> TO LAS PALMAS DEVELOPMENT PARTNERS, AUTHORIZING THE <br /> EXECUTION OF AN AFFORDABLE HOUSING REGULATORY AGREEMENT <br /> AND RELATED DOCUMENTS, AND ADOPTING FINDINGS REQUIRED BY <br /> HEALTH AND SAFETY CODE 33334.2 <br /> WHEREAS, in 1993, the Redevelopment Agency of the City of San Leandro <br /> ( "Agency ") established the Joint Redevelopment Project Area ( "Project Area ") and <br /> adopted a redevelopment plan for the Project Area (as thereafter amended, the <br /> "Redevelopment Plan "); and <br /> WHEREAS, in 1999, the City of San Leandro ( "City") provided a loan in the <br /> amount of $750,000 (the "City Loan") to Citizens Housing Corporation, a California <br /> nonprofit public benefit corporation ( "CHC ") to assist in the acquisition and <br /> rehabilitation of a 91 -unit residential apartment complex located outside the Project Area <br /> at 15370 — 15375 Tropic Court (the "Project "); and <br /> WHEREAS, the City Loan was assigned to Las Palmas Development Partners, a <br /> California limited partnership in which CHC served as managing general partner ( "Las <br /> Palmas "); and <br /> WHEREAS, in connection with the City Loan, the Project has been subject to a <br /> Regulatory Agreement (the "City Regulatory Agreement ") that restricts 49% of the <br /> residential units in the Project for occupancy at rents affordable to households of low - <br /> and very low- income; and <br /> WHEREAS, the City has approved (1) the assignment of the general partner <br /> interest in Las Palmas to Eden Las Palmas LLC, a California limited liability company <br /> that is affiliated with Eden Housing, Inc., a California nonprofit public benefit <br /> corporation ( "Eden "), and (ii) the assignment of the limited partners' interests in Las <br /> Palmas to Baywood Apartments, Inc., a California nonprofit public benefit corporation <br /> affiliated with Eden; and <br /> WHEREAS, Las Palmas has requested a loan from the Agency in the amount of <br /> Fifty Thousand Dollars ($50,000) (the "Loan ") to defray certain costs related to the <br /> management and operation of the Project and the transfer of the interests described <br /> above; and <br /> WHEREAS, in connection with the Loan, Las Palmas has agreed to restrict an <br /> additional five (5) residential units in the Project for occupancy at rents affordable to <br /> 1582132.2 1 <br />