Reso 2011-018 - Laserfiche WebLink

Home

WHEREAS, in connection with Las Palmas's request for approval for assignment and for the Agency Loan, Las Palmas has agreed to extend the term of the City Regulatory Agreement from fifteen years to thirty years; and WHEREAS, Las Palmas and City staff have negotiated a second amendment to the City Regulatory Agreement ( "Second Amendment "); and WHEREAS, in connection with the Agency Loan, Las Palmas has also agreed to restrict an additional five (5) residential units in the Project for occupancy at rents affordable to households of very low- income for a term of fifty -five (55) years pursuant to an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (the "Agency Regulatory Agreement "); and WHEREAS, the Agency Loan would be funded from the Agency's Low and Moderate - Income Housing Fund established pursuant to Health and Safety Code Section 33334.2 ( "Housing Fund "); and WHEREAS, pursuant to Health and Safety Code Section 33334.2, the Agency may use Housing Fund monies outside of the Project Area provided that the Agency Board and the City Council find that the use will be of benefit to the Project Area; and WHEREAS, the use of Housing Fund monies to defray certain costs related to the management and operation of the Project and the transfer of the interests described above will be of benefit to the Project Area because the Project will provide additional affordable housing to very low- income households. NOW THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of San Leandro as follows: Section 1: The City Council finds that the use of Housing Fund monies to defray certain costs related to the management and operation of the Project and the transfer of the interests described above will be of benefit to the Project Area because the Project will provide additional affordable housing to very low- income households. Section 2: The City Council hereby approves (i) the assignment of the general partner interest in Las Palmas to Eden Las Palmas LLC, a California limited liability company, and (ii) the assignment of the limited partners' interests in Las Palmas to Baywood Apartments, Inc., a California nonprofit public benefit corporation. Section 3: The City Council approves the Second Amendment and authorizes the City Manager or his designee to execute and deliver such document substantially in the form on file with the City Clerk. Section 4: The City Manager or his designee is hereby authorized to execute such documents and undertake such actions as necessary to carry out the intent of this Resolution. RESOLUTION NO. 2011-018 2