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Property Description <br />This property, the former Islander Motel, was purchased by the Redevelopment Agency in 2005 <br />for $4,500,000 for the purpose of converting it into an affordable housing project. The funding <br />came from the Agency's 20% affordable housing set-aside. The property was subsequently <br />renovated through a partnership with Mercy Housing and later re -opened as Casa Verde. The <br />project eliminated a significant source of blight in the community and now offers 67 units of <br />affordable rental housing. A 2007 Regulatory Agreement dictates that the property remain <br />affordable housing for the long-term. <br />Proposed Disposition: SCO Allowed Transfer <br />This property was included on the Housing Asset Transfer report which was submitted to the <br />California Department of Finance and State Controller's Office, and subsequently approved in <br />2012. The property will be transferred to the City, in its capacity as the Housing Successor. <br />Advancement of planning objectives of the successor agency <br />This project successfully advanced the Agency's goals of eliminating blight and adding to the <br />City's inventory of affordable housing. <br />History of previous development proposals and activity <br />Purchased in 2005 and successfully completed in 2008. <br />Description of property's potential for transit oriented development <br />The property is located on a major bus line, providing multi -modal transportation options for <br />residents. <br />36 1 San Leandro I Long Range Property Management Plan I November 2015 <br />