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File Number: 12 -284 under the original Crossings Master Plan. 3) BRIDGE will construct a total of 200 affordable rental units at the new location. Because BRIDGE will be using the same 4- stories on podium parking design /plans for which Westlake received planning approval from the Planning Commission and City Council in 2009, BRIDGE will also retain the name, Cornerstone, for the proposed affordable apartment complex. a. Of the 200 units, 98 units (or 49% of the total units) will be for very low income households (less than or equal to 50% area median income), 100 units will be for households with incomes at or below 90% AMI and 2 units will be for resident managers' units. Note that the State /federal tax credits program will require the project to have 100 units affordable to very low income and 100 units affordable to low income (at or below 60% AMI) households. b. The unit breakdown by bedroom size will be: 82 one - bedroom, 58 two - bedroom and 58 three bedroom units plus 2 three - bedroom manager's units. Amenities include 290 parking spaces, two unprogrammed ground floor retail spaces (< 5,000 sq ft), a leasing office, on -site laundry, bicycle storage, landscaped courtyard, and community room. Based on community feedback, BRIDGE and City staff re- started the childcare working group (including representatives from Davis Street Family Resource Center, the City's Community Development Department, Alameda County General Services Agency, Congregations Organized for Renewal, and Child Care Coordinating Council of Alameda County), which was created for the Alameda project, to explore the feasibility of placing a childcare facility in the Cornerstone and develop a fundraising plan. 4) BRIDGE will own the land for the Cornerstone, instead of ground leasing it from Westlake. 5) The predevelopment loan funding cap for BRIDGE shall be increased to about $3.6 million for the revised affordable workforce housing component. The original OPLA predevelopment cap was $2.2 million of which BRIDGE has expended $2.1 million to date. The estimated total predevelopment budget is approximately $4 million, of which City and BRIDGE will separately finance and be liable for about $1.4 million each, and State HCD will cover the remainder. The primary predevelopment costs will be for architectural plans, engineering reports /plans, land acquisition and permit fees. The total loan amount under the OPLA will remain at $9.1 million. The outstanding loan obligation to BRIDGE is listed on the Recognized Obligation Payment Schedule (ROPS) that the City prepared in its capacity as Successor Agency to the RDA. The ROPS has been reviewed by the Successor Agency Oversight Board and the State Department of Finance. Excluding the $3.6 million in predevelopment costs (of which $2.1 million has been disbursed to date), BRIDGE will need about $5.5 million for the construction phase. This loan will be funded from the existing Housing Set -Aside loan balance of about $3.9 million, with the remainder to be provided from future allocations from the Redevelopment Property Tax Trust Fund established by the County- Auditor - Controller for eligible ROPS payments. State HCD TOD Grant Proaram Aareements City of San Leandro Page 3 Printed on 611212012