Laserfiche WebLink
City of San Leandro <br />Meeting Date: December 2, 2013 <br />Staff Report <br />Agenda Section:File Number:13-569 ACTION ITEMS <br />Agenda Number:10.A. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for a Resolution Authorizing Execution of the First Amendment to <br />the Owner Participation and Loan Agreement (OPLA) and Regulatory <br />Agreement with Alameda Housing Associates, L.P., Amending the OPLA for <br />the Affordable Rental Housing Located at 1400 San Leandro Boulevard <br />SUMMARY AND RECOMMENDATIONS <br />In May 2013, the nonprofit developer BRIDGE Housing Corporation (BRIDGE) presented <br />detailed development and architectural plans for 200 units of affordable rental housing at <br />1400 San Leandro Boulevard (currently named the Cornerstone at San Leandro Crossings or <br />“Cornerstone”). The key change in the plans was to develop a multi-phased residential <br />development: 115 units of family/workforce housing in Phase 1 and 85 units of affordable <br />senior rental housing in Phase 2. Also, the City and BRIDGE have resolved outstanding <br />issues with the State regarding Proposition 1C grant fund requirements and former <br />Redevelopment Agency of the City of San Leandro (RDA) Housing Set-Aside Funds approved <br />for BRIDGE. Consequently, the original Owner Participation and Loan Agreement (OPLA) <br />from 2009 between the City, RDA and BRIDGE requires modification. However, there is no <br />change to the $9.1 million loan, which the City approved for BRIDGE in the original 2009 <br />OPLA. <br />Staff recommends that the City Council approve the resolution authorizing the execution of <br />the First Amendment to the Owner Participation and Loan Agreement with Alameda Housing <br />Associates, L.P., for the affordable rental housing located at 1400 San Leandro Boulevard. <br />BACKGROUND <br />The primary purposes for modifying the existing 2009 OPLA are to update outdated language <br />in the original version and to have it reflect the current and final affordable rental housing <br />development plans for the site. The key features for the 200 unit Cornerstone are: <br />Phase 1 (Estimated Total Development Cost: $60 million) <br />Page 1 City of San Leandro Printed on 11/26/2013