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Sx <br />i! <br />A' City of San Leandro <br />Meeting Date: June 18, 2012 <br />00 11 . Resolution - Council <br />File Number: 12 -300 Agenda Section: ACTION ITEMS <br />Agenda Number: <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: ADOPT: Resolution Authorizing the Execution of an Amended and Restated <br />Owner Participation and Loan Agreement (OPLA) and Related Documents <br />with Alameda Housing Associates, L.P. (amends the existing OPLA for <br />affordable rental housing located at 1400 San Leandro Boulevard, APN <br />075 - 0039 - 007 -05, in San Leandro Crossings) <br />WHEREAS, pursuant to Resolution No. 2012 -001 adopted by the City Council on <br />January 9, 2012, the City of San Leandro ( "City "): (i) agreed to serve as the Successor <br />Agency to the Redevelopment Agency of the City of San Leandro (the "Agency ") commencing <br />upon the dissolution of the Agency on February 1, 2012 pursuant to Assembly Bill x1 26, and <br />(ii) agreed, pursuant to Health and Safety Code Section 34176(a), to assume the housing <br />rights, duties, powers, assets and obligations associated with the housing activities of the <br />Agency by operation of law upon dissolution of the Agency; <br />WHEREAS, pursuant to the foregoing Resolution No. 2012 -001, as of February 1, <br />2012, the City, by operation of law, assumed all rights and obligations of the Agency <br />pertaining to the Agency's housing assets, including without limitation, the rights and <br />obligations of the Agency set forth in that certain Owner Participation and Loan Agreement <br />(the "Original OPA ") dated as of April 6, 2009 and executed by and between the Agency and <br />Alameda Housing Associates, L.P., a California limited partnership ( "Developer ") pursuant to <br />which Developer agreed to develop an affordable multi - family rental development (the <br />"Project "); <br />WHEREAS, pursuant to the Original OPA, the Agency agreed to provide a loan to <br />Developer in the amount of Nine Million, One Hundred Thousand ($9,100,000) (the "Loan "), of <br />which approximately Two Million, Ninety -Five Thousand ($2,095,000) has been disbursed for <br />predevelopment activities associated with the development of the Project; <br />WHEREAS, the remaining balance of the Loan is listed on the Recognized Obligation <br />Payment Schedule ( "ROPS ") prepared by the City acting in its capacity as Successor Agency <br />City of San Leandro Page 1 Printed on 611212012 <br />