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Las Palmas Apartments -5- February 7, 2011 <br /> Board/Commission Findings <br /> Not applicable. <br /> Summary Of Public Outreach Efforts <br /> Not Applicable. <br /> Fiscal Impact <br /> The funding source for the $50,000 loan will be the Redevelopment Agency Low and Moderate <br /> Income Housing (or Housing Set Aside) Fund. <br /> Budget Authority <br /> Budget authority for the Resolution comes from California Redevelopment Law, Health and <br /> Safety Code Section 33000 et seq., regarding the Agency Low and Moderate - Income Housing <br /> (or Housing Set Aside) Fund. <br /> Tracy Vesely <br /> Finance Director <br /> Attachments <br /> None. <br /> CONCLUSION <br /> Staff recommends that the City Council adopt a resolution 1) approving (i) the assignment of the <br /> general partner interest in Las Palmas to Eden Las Palmas LLC, a California limited liability <br /> company, and (ii) the assignment of the limited partners' interests in Las Palmas to Baywood <br /> Apartments, Inc., a California nonprofit public benefit corporation; 2) approving the Second <br /> Amendment to the City Regulatory Agreement which extends the term from fifteen years to <br /> thirty years; and 3) authorizing the City Manager to execute such documents and undertake such <br /> actions as necessary to carry out the intent of this resolution. <br /> Staff also recommends that the Redevelopment Agency of the City of San Leandro adopt the <br /> resolution 1) approving the Agency Loan Agreement for $50,000, Agency Note, Agency Deed of <br /> Trust, and Agency Regulatory Agreement; and 2) authorizing the Executive Director to execute <br /> and deliver such other instruments and to take such other actions as necessary to carry out the <br /> intent of this resolution. <br />