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Sx <br />i! <br />A' City of San Leandro <br />Meeting Date: July 16, 2012 <br />00 11 . Resolution - Council <br />File Number: 12 -323 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: Not Applicable <br />TITLE: ADOPT: Resolution Authorizing the City Manager to Execute a HOME <br />Investment Partnerships Program (HOME) Loan Agreement with Alameda <br />Housing Associates, L.P., for the Financing of the Construction of an <br />Affordable Rental Housing Project Located at 1400 San Leandro Boulevard <br />(authorizes the execution of a $650,000 HOME loan agreement for the <br />Cornerstone at San Leandro Crossings) <br />WHEREAS, the City of San Leandro (the "City ") seeks development of certain real <br />property located in the City , identified as Alameda County Assessor's Parcel No. 075 -0039- <br />007-05, and more particularly described in Exhibit A attached hereto (the "Property "); <br />WHEREAS, Alameda Housing Associates, L.P., a California limited partnership <br />( "Developer ") owns or has the right to acquire the Property, and proposes to develop a 200 <br />-unit multifamily residential project (the "Project ") that will include apartments or townhouses <br />that will be rented at affordable rents to very low -, low -, and moderate - income households as <br />more particularly described in an Affordable Housing Regulatory Agreement and Declaration <br />of Restrictive Covenants to be recorded against the Property and the Project; <br />WHEREAS, pursuant to Resolution 2012 -073 adopted by the City Council on June 18, <br />2012, the City, acting in its capacity as Successor Agency to the dissolved Redevelopment <br />Agency of the City of San Leandro, approved an Amended and Restated Owner Participation <br />and Loan Agreement with Developer for development of the Property, including provision of a <br />loan to Developer in the maximum aggregate amount of Nine Million, One Hundred Thousand <br />Dollars ($9,100,000) for predevelopment, construction and permanent financing of the <br />Project; <br />WHEREAS, City is a participating jurisdiction in the Alameda County HOME Consortium <br />and is a recipient of funds pursuant to the HOME Investment Partnership Act, established by <br />the National Affordable Housing Act of 1990 (42 USCA §12471, et seq.) that are subject to <br />certain restrictions established by the United States Department of Housing and Urban <br />Development under 24 CFR 92;. <br />City of San Leandro Page 1 Printed on 711012012 <br />