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10A Action 2014 0915
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10A Action 2014 0915
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9/17/2014 2:43:50 PM
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9/10/2014 12:39:36 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
9/15/2014
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_CC Agenda 2014 0915 CS+RG
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\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0915
Reso 2014-104
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\City Clerk\City Council\Resolutions\2014
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File Number: 14-342 <br />the 200-unit Cornerstone project are: <br />Phase 1 <br />·115 workforce/family rental units: 8 studios, 49 one-bedroom, 22 two-bedroom and 36 <br />three-bedroom. Two on-site managers’ units are included in the 115 units. <br />·Amenities: Approximately 408 on-site parking spaces for Phases 1 and 2 to serve <br />residents, childcare users and BART patrons; a ground floor childcare center with <br />outdoor play area; on-site laundry amenities; a management office; bicycle storage; <br />landscaped courtyard; community room; small ground floor retail space; and a BART <br />lobby. <br />Phase 2 <br />·85 rental units for low income seniors: 77 one-bedroom and 8 two-bedroom. An on-site <br />manager’s unit is included in the 85 units. <br />Analysis <br />Below are the notable revisions under the proposed amendments to the HOME Loan <br />Agreement and related agreements and documents: <br />1)The HOME loan funds will be designated solely to the 115 workforce/family rental units <br />that will be constructed in Phase 1 instead of the originally planned 200 units. BRIDGE <br />Housing Corporation (BRIDGE) plans to identify other financing options for the 85 units <br />for seniors in Phase 2 after completion of Phase 1 in 2016. <br />2)The term of the loan is extended from 20 years to 55 years. The annual simple interest <br />of 3% remains unchanged. <br />3)BRIDGE may use HOME funds for predevelopment costs, in addition to construction <br />costs. <br />4)BRIDGE may terminate the HOME Loan Agreement if it is unable to acquire the <br />property from BART. <br />5)The HOME loan will be secured by a Leasehold Deed of Trust, Assignment of Rents, <br />Security Agreement and Fixture Filling rather than the originally executed Deed of Trust <br />because BRIDGE will only have a leasehold interest on the 1400 San Leandro <br />Boulevard site, which will be leased from BART. <br />Previous Actions <br />·April 6, 2009 - City Council approved the OPLA for a $9.1 million Housing Set-Aside Loan <br />to BRIDGE Housing for a 100-unit affordable rental housing development (“The <br />Alameda”). <br />·July 20, 2009 - City Council approved planning entitlements and environmental clearance <br />under CEQA for the Cornerstone at 1400 San Leandro Boulevard and BART replacement <br />Page 2 City of San Leandro Printed on 9/9/2014
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