Reso 2012-073 - Laserfiche WebLink

Home

IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2012 -073 RESOLUTION AUTHORIZING THE EXECUTION OF AN AMENDED AND RESTATED OWNER PARTICIPATION AND LOAN AGREEMENT (OPLA) AND RELATED DOCUMENTS WITH ALAMEDA HOUSING ASSOCIATES, L.P. WHEREAS, pursuant to Resolution No. 2012 -001 adopted by the City Council on January 9, 2012, the City of San Leandro ("City"): (i) agreed to serve as the Successor Agency to the Redevelopment Agency of the City of San Leandro (the "Agency ") commencing upon the dissolution of the Agency on February 1, 2012 pursuant to Assembly Bill xl 26, and (ii) agreed, pursuant to Health and Safety Code Section 34176(a), to assume the housing rights, duties, powers, assets and obligations associated with the housing activities of the Agency by operation of law upon dissolution of the Agency; WHEREAS, pursuant to the foregoing Resolution No. 2012 -001, as of February 1, 2012, the City, by operation of law, assumed all rights and obligations of the Agency pertaining to the Agency's housing assets, including without limitation, the rights and obligations of the Agency set forth in that certain Owner Participation and Loan Agreement (the "Original OPA ") dated as of April 6, 2009 and executed by and between the Agency and Alameda Housing Associates, L.P., a Califom.ia limited partnership ( "Developer ") pursuant to which Developer agreed to develop an affordable multi - family rental development (the "Project "); WHEREAS, pursuant to the Original OPA, the Agency agreed to provide a loan to Developer in the amount of Nine Million, One Hundred Thousand (59,100,000) (the "Loan"), of which approximately Two Million, Ninety -Five Thousand ($2,095,000) has been disbursed for predevelopment activities associated with the development of the Project; WHEREAS, the remaining balance of the Loan is listed on the Recognized Obligation Payment Schedule ( "ROPS ") prepared by the City acting in its capacity as Successor Agency 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;