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City of San Leandro <br />Meeting Date: October 5, 2015 <br />Resolution - Council <br />Agenda Section:File Number:15-563 CONSENT CALENDAR <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 Approving The Assignment And Assumption Of The Loan <br />Agreement, Deed Of Trust And Regulatory Agreement For The Real Property <br />At 15370-15375 Tropic Court In The City Of San Leandro [To Assist Eden <br />Housing, Inc., A Non-Profit Corporation That Owns And Operates Las Palmas <br />Apartments At 15370-15375 Tropic Court, In Obtaining Financing For <br />Necessary Improvements And Preserving Affordability] <br />WHEREAS, on February 7, 2011, the Redevelopment Agency to the City of San <br />Leandro (the “Former Agency”) entered into that certain affordable housing loan agreement <br />with Las Palmas Development Partners (the “Borrower”), pursuant to which the Former <br />Agency provided a loan to Borrower in the amount of Fifty Thousand Dollars ($50,000) (the <br />“Housing Loan”) for the purpose of providing financial assistance for a multi-family affordable <br />housing project owned by Borrower (the “Project”) located at 15370-15375 Tropic Court in the <br />City. <br />WHEREAS, Assembly Bill 26 (“ABx1 26”) was enacted by the State Legislature and <br />signed by the Governor on June 29, 2011; and <br />WHEREAS, on December 29, 2011 the California Supreme Court delivered its decision <br />in California Redevelopment Association v. Matasantos, finding ABx1 26 largely constitutional <br />and resulting in the dissolution of all California redevelopment agencies, including the Former <br />Agency, on February 1, 2012; and <br />WHEREAS, on June 27, 2012, AB 1484 (together with ABx1 26, the “Dissolution <br />Law”), a budget trailer bill that made substantial amendments and additions to ABx1 26, was <br />signed into law; and <br />WHEREAS, pursuant to the Dissolution Law, the Successor Agency is the successor in <br />interest to the Former Agency; and <br />Page 1 City of San Leandro Printed on 9/29/2015