10A Action 2012 0618 - Laserfiche WebLink

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THIS AMENDED AND RESTATED OWNER PARTICIPATION AND LOAN AGREEMENT (this "Agreement ") is entered into effective as of June 18, 2012 ( "Effective Date ") by and between the City of San Leandro, a municipal corporation ( "City ") and Alameda i iousing Assoclatcs, L.P., a California limited partnership (" Developer " ). City and Developer are hereinafter collectively referred to as the "Parties." RECITALS A. Pursuant to authority granted under Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.), the Redevelopment Agency of the City of San Leandro ( "Agency ") had responsibility to implement the redevelopment plan adopted in 1967 by the City Council of the City of San Leandro ( "City Council') by Ordinance No. 67 -62 (as subsequently amended, the "Redevelopment Plan ") for the Plaza Redevelopment Project (the "Project Area "), and in accordance with such authority, executed an Owner Participation and Loan Agreement with Developer, dated as of April 6, 2009 (the "Original OPA"); B. Pursuant to Resolution 2012 -001 adopted by the City Council on January 9, 2012, the City: (i) agreed to serve as the Successor Agency to the Agency commencing upon dissolution of the Agency on February 1, 2012 pursuant to Assembly Bill xl 26 ( "AB26 "); and (ii) agreed, pursuant to Health and Safety Code Section 34176(a), to assume the housing rights, duties, powers and obligations associated with the housing activities of the Agency by operation of law upon dissolution of the Agency; C. Pursuant to Resolution No. 2012.001, as of February 1, 2012, the City by operation of law, assumed all rights and obligations of the Agency under the Original OPA; D. In accordance with A1326, the City, acting in its capacity as Successor Agency, prepared a Recognized Obligation Payment Schedule (ROPS) which includes the obligation to provide funding for the Project in the amount set forth in the Original OPA; E. The Parties have agreed to execute this Agreement to reflect the fact that Developer will acquire a fee interest in the Property (as compared to a leasehold interest as set forth in the Original OPA), and that the Project will include both the original I00 -unit Alameda as described in the Original OPA and an additional 100 dwelling units as described herein. This Agreement confirms the existing obligation to provide Project financing in the amount and in accordance with the terms and conditions set forth in the Original OPA. F. Developer has or will acquire an exclusive right to negotiate the acquisition of the real property consisting of approximately 2.27 acres located in the City within a portion of the area surrounded by Carpentier Street to the east, an adjacent parcel to the north, San Leandro Boulevard to the west, and West Juana Street to the south, and more particularly described in Exhibit A attached hereto (the "Property "). Developer intends to acquire the Property and to redevelop it as a 200 -unit multifamily residential project (the "Project ") that will include apartments or townhouses that will be rented at affordable rents to low- , very low- and moderate- income households as more particularly described herein and in an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants that shall be recorded against the Property and the Project. 1865087.6 3