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City of San Leandro <br />Meeting Date: June 18, 2012 <br />Staff Report <br />File Number: 12 -284 Agenda Section: ACTION ITEMS <br />Agenda Number: 10.A. <br />TO: City Council <br />FROM: Chris Zapata <br />City Manager <br />BY: Luke Sims <br />Community Development Director <br />FINANCE REVIEW: David Baum <br />Finance Director <br />TITLE: Staff Report for Execution of an Amended and Restated Owner Participation <br />and Loan Agreement with Alameda Housing Associates, L.P., for an <br />Affordable Rental Housing Project in San Leandro Crossings and Execution of <br />the State Transit Oriented Development Housing Program (TOD) Grant <br />Agreements and Documents for San Leandro Crossings <br />SUMMARY AND RECOMMENDATIONS <br />At the April 9, 2012, City Council Work Session, the City Council reviewed the recent changes <br />to the San Leandro Crossings Master Plan including the introduction of OSlsoft, LLC Inc. <br />( "OSlsoft "), as a new project development partner in addition to BRIDGE Housing, Inc. <br />( "BRIDGE "), Westlake Development Partners ( "Westlake ") and the City. With the resulting <br />revisions to the Crossings Master Plan and the State's elimination of redevelopment in early <br />2012, the original Owner Participation and Loan Agreement (OPLA) between the City, <br />Redevelopment Agency of the City of San Leandro (RDA) and BRIDGE requires modification; <br />provided however, there is no change to the amount of funds previously committed by the <br />Redevelopment Agency for the project's rental housing component. In addition, agreements <br />for the $10.3 million State TOD Program grant awarded for the affordable rental housing must <br />be executed and submitted to the Department of Housing and Community Development <br />(HCD) by June 30, 2012. Therefore, staff recommends that the City Council: <br />A. Approve the resolution authorizing the execution of an Amended and Restated Owner <br />Participation and Loan Agreement with Alameda Housing Associates, L.P., <br />B. Approve the resolution authorizing execution of all TOD agreements and documents in <br />the current form to meet the State's statutory deadline of June 30, 2012. City and <br />BRIDGE staff then plan to promptly work with State HCD after this deadline in order to <br />seek approval to amend the TOD Disbursement Agreement back to BRIDGE's original <br />April 2012 proposal to build the affordable 200 unit Cornerstone project on the east <br />side and not build any residential units on the west side of the BART Station. <br />City of San Leandro Page 1 Printed on 611212012 <br />