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File Number: 12 -300 to the Agency and approved by the Oversight Board for the Successor Agency; WHEREAS, the remaining balance of the Loan will be funded with a combination of funds on hand in the Agency's Low- and Moderate - Income Housing Fund and property tax revenue allocated by the County Auditor - Controller from the Redevelopment Property Tax Trust Fund established to pay obligations on the ROPS; WHEREAS, the Developer has proposed to expand the scope of the Project, and the Original OPA requires certain modifications to reflect changed circumstances since the Original OPA was executed; WHEREAS, an Amended and Restated Owner Participation and Loan Agreement (the "Restated OPA ") has been provided to the City Council; WHEREAS, the Project and related improvements will be partially financed with the proceeds of a Transit Oriented Development grant ( "TOD Grant ") and an Infill Infrastructure Grant ( "IIG Grant ") provided by the California Department of Housing and Community Development ( "HCD "); and WHEREAS, in connection with the TOD Grant and the IIG Grant, HCD will require the City, Developer and /or BRIDGE Housing Corporation, a California nonprofit public benefit corporation affiliated with Developer ( "BRIDGE ") to execute one or more Standard Agreements, Disbursement Agreements, and related documents (collectively, the "HCD Documents "). follows: NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as 1. Acknowledges, ratifies, and accepts the assumption of the Agency's rights and obligations under the Original OPA, transferred from the Agency to the City by operation of law, effective as of February 1, 2012. 2. Approves the Restated OPA, and authorizes the City Manager to execute the Restated OPA substantially in the form provided to the City Council with such modifications as may be approved by the City Manager in consultation with the City Attorney. 3. Authorizes the City Manager to execute, deliver, and record, as applicable, the documents appended to the Restated OPA as exhibits, substantially in the forms provided to the City Council, with such modifications as may be approved by the City Manager in consultation with the City Attorney. 4. Directs the City Manager to negotiate a Memorandum of Understanding ( "Memorandum ") that will describe the respective rights and responsibilities of City, BRIDGE and Developer pursuant to the HCD Documents, and authorizes the City Manager to execute such Memorandum in form approved by the City Manager in consultation with the City Attorney. 5. Directs the City Manager to negotiate an Indemnity Agreement pursuant to which BRIDGE will indemnify the City against liability arising in connection with any default by City of San Leandro Page 2 Printed on 611212012