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City of San Leandro <br />Meeting Date: January 4, 2016 <br />Resolution - Council <br />Agenda Section:File Number:15-701 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 Assignment, Assumption, and Modification <br />Agreements for Loans Provided to Eden Housing for the Real Property at <br />15370-15375 Tropic Court in the City of San Leandro and Approving Related <br />Actions <br />WHEREAS, On February 7, 2011, the Redevelopment Agency of 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 “Original Project”) located at 15370-15375 Tropic <br />Court in the City; and <br />WHEREAS, Assembly Bill 26 (“ABx1 26”) was enacted by the State Legislature and <br />signed by the Governor as of 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 (together with AB <br />1484 and SB 107, the “Dissolution Law”) largely constitutional and resulting in the <br />dissolution of all California redevelopment agencies, including the Former Agency, on <br />February 1, 2012; and <br />WHEREAS, pursuant to the Dissolution Law, the City of San Leandro (the “City”) is the <br />successor in interest to the Former Agency with respect to the Housing Loan; and <br />WHEREAS, on December 6, 1999 the City entered into that certain affordable housing <br />loan agreement with Borrower, pursuant to which the City provided a loan to Citizens Housing <br />Corporation, predecessor in interest to Borrower, in the amount of Seven Hundred Fifty <br />Thousand Dollars ($750,000) (the “HOME Loan”) for the purpose of providing financial <br />assistance for the Original Project; and <br />Page 1 City of San Leandro Printed on 12/22/2015