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File Number: 12 -284 <br />The Crossings received approximately $24.5 million from State HCD in Summer 2008 for the <br />TOD and IIG Grant Programs. BRIDGE recently began discussion with State HCD to allow <br />BRIDGE to become sole grantee for the TOD and IIG grants because BRIDGE's affordable <br />rental development and BART replacement parking lot would be the direct beneficiaries of the <br />funding. State HCD has consented to BRIDGE becoming the sole grantee for the IIG grant <br />funds thereby removing the City, Westlake and the former RDA as co- grantees. However, due <br />to TOD Program requirements, the City must remain the grantee for the TOD grant. <br />Due to the revised scope of the Crossings Master Plan, particularly the reduction from 700 <br />units of proposed residential construction down to 200 residential units, State HCD recently <br />notified BRIDGE and the City that the IIG grant had been reduced from $12.5 million to $11.7 <br />million and the TOD grant from $12 million to $10.3 million. Therefore, the total State HCD <br />grant fell from $24.5 million to $22 million. BRIDGE will apply the $22 million towards <br />infrastructure improvements related to the Cornerstone and the BART replacement surface lot <br />improvements. <br />Next Steps <br />Below is the projected schedule for the Crossings Master Plan including the Cornerstone: <br />• June 18, 2012 - City Council meeting to review State HCD grant agreements and <br />amendments to OPLA <br />July 16, 2012 - City Council meeting to review BRIDGE request for $650,000 in federal <br />HOME funds for Cornerstone. The $650,000 in available City HOME funds would be in <br />addition to the $9.1 million loan under the OPLA. <br />Summer /Fall 2012 - BRIDGE replacement parking permit approval, City Council review <br />of street vacation for Parrott and Martinez Streets and a new parcel map, and City <br />planning entitlement review for OSI /Westlake Tech Campus Phase 1. City and <br />BRIDGE staff to meet further with State HCD to seek approval to amend HCD <br />agreements to reflect BRIDGE's April 2012 development proposal. <br />Summer /Fall 2013 - OSI /Westlake begins Phase 1 construction for OSlsoft Tech <br />Campus and BRIDGE begins construction of replacement parking lot <br />• Winter /Spring 2014 - BRIDGE completes replacement parking and begins <br />construction on Cornerstone <br />Winter 2014 - OSI /Westlake completes Phase 1 construction for OSlsoft Tech Campus <br />Winter /Spring 2016 - BRIDGE completes Cornerstone construction <br />Previous Actions <br />• April 6, 2009 - City Council approved the OPLA for a $9.1 million Housing Set -Aside <br />Loan to BRIDGE Housing for a 100 -unit affordable rental housing development ( "The <br />City of San Leandro Page 4 Printed on 611212012 <br />