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City of San Leandro <br />Meeting Date: September 15, 2014 <br />Resolution - Council <br />Agenda Section:File Number:14-343 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:Not Applicable <br />TITLE:RESOLUTION Approving the First Amendment to a HOME Investment <br />Partnerships Program (HOME) Funds Loan Agreement, Promissory Note, <br />Deed of Trust, and Regulatory Agreement and Authorizing Execution of the <br />First Amendment to the Loan Agreement and Regulatory Agreement with <br />Alameda Housing Associates, L.P. for the Affordable Rental Housing Project <br />(Cornerstone Apartments) Located at 1400 San Leandro Boulevard (updates <br />language in the original version and to reflect the current project scope and <br />extends the loan term from 20 to 55 years at 3% annual simple interest) <br />WHEREAS, in July 2012 the City of San Leandro (the “City”) approved a $650,000 <br />federal HOME Investment Partnerships Program (“HOME”) loan to Alameda Housing <br />Associates, L.P. (the “Developer”) to assist in the construction of the Cornerstone Apartments, <br />an affordable rental housing project located at 1400 San Leandro Boulevard (the “Project”); <br />and <br />WHEREAS, on July 24, 2013, the City and the Developer entered into a Loan <br />Agreement therefor; and <br />WHEREAS, subsequently the Project description was modified, Borrower acquired or <br />will acquire a leasehold interest in the property on which the Project is to be located, and other <br />modifications to the Loan Agreement and certain of its exhibits were requested by Borrower, <br />as more fully described in the accompanying staff report; and <br />WHEREAS, City staff and Developer have negotiated a First Amendment to HOME <br />Loan Agreement; a Promissory Note; a Leasehold Deed of Trust, Assignment of Rents, <br />Security Agreement and Fixture Filing (“Leasehold Deed of Trust”), and a Regulatory <br />Agreement, each in the form attached hereto and incorporated herein by reference; and <br />WHEREAS, the appropriate level of review for the Project, as described in the First <br />Amendment to HOME Loan Agreement, has been completed pursuant to the National <br />Environmental Protection Act (“NEPA”). <br />Page 1 City of San Leandro Printed on 9/9/2014