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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br /> RESOLUTION NO. 2014-104 <br /> RESOLUTION APPROVING THE FIRST AMENDMENT TO A HOME INVESTMENT <br /> PARTNERSHIPS PROGRAM (HOME) FUNDS LOAN AGREEMENT, <br /> PROMISSORY NOTE, DEED OF TRUST, AND REGULATORY AGREEMENT AND <br /> AUTHORIZING EXECUTION OF THE FIRST AMENDMENT TO THE <br /> LOAN AGREEMENT AND REGULATORY AGREEMENT WITH <br /> ALAMEDA HOUSING ASSOCIATES, L.P. FOR THE <br /> AFFORDABLE RENTAL HOUSING PROJECT (CORNERSTONE APARTMENTS) <br /> LOCATED AT 1400 SAN LEANDRO BOULEVARD <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"); and <br /> WHEREAS, on July 24, 2013, the City and the Developer entered into a Loan Agreement <br /> 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, as <br /> 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, Security <br /> Agreement and Fixture Filing("Leasehold Deed of Trust"), and a Regulatory Agreement, each <br /> 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 /> NOW, THEREFORE,the City Council of the City of San Leandro does RESOLVE as <br /> follows: <br /> 1. The above recitals are true and correct and incorporated into this Resolution. <br /> 2. The City Council approves the First Amendment to HOME Loan Agreement, <br /> Promissory Note, Leasehold Deed of Trust, and Regulatory Agreement, substantially in the form <br /> attached hereto. <br /> 3. The City Council authorizes the City Manager to execute the First Amendment to <br /> HOME Loan Agreement and the Regulatory Agreement, substantially in the form attached <br />