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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2011-018 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LEANDRO APPROVING THE TRANSFER OF GENERAL PARTNER AND LIMITED PARTNER INTERESTS IN LAS PALMAS DEVELOPMENT PARTNERS TO AFFILIATES OF EDEN HOUSING, INC., APPROVING AN AMENDMENT TO A REGULATORY AGREEMENT WITH LAS PALMAS DEVELOPMENT PARTNERS AND ADOPTING FINDINGS REQUIRED BY HEALTH AND SAFETY CODE SECTION 33334.2 WHEREAS, in 1993, the Redevelopment Agency of the City of San Leandro ( "Agency ") established the Joint Redevelopment Project Area ( "Project Area ") and adopted a redevelopment plan for the Project Area (as thereafter amended, the "Redevelopment Plan "); and WHEREAS, in 1999, the City of San Leandro ( "City ") provided a loan in the amount of $750,000 (the "City Loan") to Citizens Housing Corporation, a California nonprofit public benefit corporation ( "CHC ") to assist in the acquisition and rehabilitation of a 91 -unit residential apartment complex located outside the Project Area at 15370 — 15375 Tropic Court (the "Project"); and WHEREAS, the City Loan was assigned to Las Palmas Development Partners, a California limited partnership in which CHC served as managing general partner ( "Las Palmas"); and WHEREAS, in connection with the City Loan, the Project has been subject to that certain Regulatory Agreement by and between the City and Las Palmas dated December 6, 1999, as subsequently amended by Amendment No. 1 to the Regulatory Agreement Between City of San Leandro and Las Palmas Development Partners, L.P. dated November 17, 2003 (the "City Regulatory Agreement") that restricts 49% of the residential units in the Project for occupancy at rents affordable to households of low- and very low- income for fifteen years; and WHEREAS, Las Palmas has requested City approval for (i) the assignment of the general partner interest in Las Palmas to Eden Las Palmas LLC, a California limited liability company that is affiliated with Eden Housing, Inc., a California nonprofit public benefit corporation ( "Eden"), and (ii) the assignment of the limited partners' interests in Las Palmas to Baywood Apartments, Inc., a California nonprofit public benefit corporation that is affiliated with Eden; and WHEREAS, Las Palmas has also requested a loan from the Redevelopment Agency of the City of San Leandro ( "Agency ") in the amount of Fifty Thousand Dollars ($50,000) (the "Agency Loan") to defray certain costs related to the management and operation of the Project and the transfer of the interests described above; and