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City of San Leandro <br />Meeting Date: December 2, 2013 <br />Resolution - Council <br />Agenda Section:File Number:13-570 ACTION ITEMS <br />Agenda Number: <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:RESOLUTION Authorizing the Execution of the First Amendment to the Owner <br />Participation and Loan Agreement (OPLA) and Regulatory Agreement with <br />Alameda Housing Associates, L.P. Amending the OPLA for Affordable Rental <br />Housing Located at 1400 San Leandro Boulevard <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; and <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 of the Agency <br />set forth in that certain Owner Participation and Loan Agreement (the “OPLA”) dated as of <br />April 6, 2009 and executed by and between the Agency and Alameda Housing Associates, <br />L.P., a California limited partnership (“Developer”) pursuant to which Developer agreed to <br />develop an affordable multi-family rental development (the “Project”); and <br />WHEREAS, pursuant to the OPLA, the Agency agreed to provide a loan to Developer <br />in the amount of Nine Million, One Hundred Thousand Dollars ($9,100,000) (the “Loan”), of <br />which approximately Two Million, Two Hundred Thousand Dollars ($2,200,000) has been <br />disbursed for predevelopment activities associated with the development of the Project; and <br />WHEREAS, the remaining balance of the Loan is listed on the Recognized Obligation <br />Payment Schedule (“ROPS”) prepared by the Successor Agency to the Agency and approved <br />by the Oversight Board for the Successor Agency; and <br />WHEREAS, the remaining balance of the Loan will be funded with a combination of <br />Page 1 City of San Leandro Printed on 11/26/2013