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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2015-174 RESOLUTION APPROVING THE ASSIGNMENT AND ASSUMPTION OF THE LOAN AGREEMENT, DEED OF TRUST AND REGULATORY AGREEMENT FOR THE REAL PROPERTY AT 15370-15375 TROPIC COURT IN THE CITY OF SAN LEANDRO, TO ASSIST EDEN HOUSING, INC.,A NON-PROFIT CORPORATION THAT OWNS AND OPERATES LAS PALMAS APARTMENTS AT 15370-15375 TROPIC COURT, IN OBTAINING FINANCING FOR NECESSARY IMPROVEMENTS AND PRESERVING AFFORDABILITY WHEREAS, on February 7, 2011,the Redevelopment Agency to the City of San Leandro (the "Former Agency") entered into that certain affordable housing loan agreement with Las Palmas Development Partners (the"Borrower"),pursuant to which the Former Agency provided a loan to Borrower in the amount of Fifty Thousand Dollars ($50,000) (the "Housing Loan") for the purpose of providing financial assistance for a multi-family affordable housing project owned by Borrower(the "Project") located at 15370-15375 Tropic Court in the City; and WHEREAS, Assembly Bill 26 ("ABx1 26")was enacted by the State Legislature and signed by the Governor on June 29, 2011; and WHEREAS, on December 29, 2011 the California Supreme Court delivered its decision in California Redevelopment Association v. Matasantos, finding ABx1 26 largely constitutional and resulting in the dissolution of all California redevelopment agencies, including the Former Agency, on February 1, 2012; and WHEREAS, on June 27, 2012, AB 1484 (together with ABx1 26,the"Dissolution Law"), a budget trailer bill that made substantial amendments and additions to ABx1 26, was signed into law; and WHEREAS, pursuant to the Dissolution Law,the Successor Agency is the successor in interest to the Former Agency; and WHEREAS,pursuant to Section 34176 of the Dissolution Law, the City elected to retain the housing assets and functions previously performed by the Former Agency, and provided a housing asset transfer report to the State Department of Finance, as required under Section 34176(a)(2); and WHEREAS, in completing the housing asset transfer report, the Successor Agency inadvertently left the Housing Loan off of the report; and WHEREAS,the Housing Loan is evidenced by a promissory note (the"Note"), and is secured by that certain deed of trust (the "Deed of Trust") recorded as Document Number 2011092526 in the official records of Alameda County. The Housing Loan is further subject to the requirements of that certain regulatory restriction agreement(the "Regulatory Agreement") recorded as Document Number 2011092526 in the official records of Alameda County; and