Laserfiche WebLink
File Number: 15-701 <br />WHEREAS, Borrower requests, and City agrees, to the transfer and assignment of the <br />Housing Loan and the HOME Loan (together the “Loans”) to a new tax-credit limited <br />partnership for the purpose of providing new equity that will facilitate a substantial <br />rehabilitation to the Original Project (the “Project”); and <br />WHEREAS, in order to effect the transfer and assignment, Borrower requests that City <br />enter into (i) an Assignment, Assumption and Modification Agreement (City HOME Program <br />Loan) (“HOME Assignment Agreement”) with LPSL, L.P., a California limited partnership <br />(the “Assignee”) and (ii) an Assignment, Assumption and Modification Agreement (Affordable <br />Housing Loan) (the “Housing Assignment Agreement,” and together with the HOME <br />Assignment Agreement, the “Agreements”) with Assignee, copies of which are on file with the <br />City Clerk; and <br />WHEREAS, Borrower further requests that City approve the extension of the maturity <br />dates of the loans to fifty-five (55) years from the date of recordation of the Agreements, as <br />set forth in the Agreements. <br />NOW, THEREFORE, the City Council of the City of San Leandro does hereby <br />RESOLVE as follows: <br />Section 1. The above recitals are true and correct and incorporated into this Resolution <br />by this reference. <br />Section 2. The Agreements, substantially in the form on file with the City Clerk, are <br />hereby approved. <br />Section 3. The City Manager is hereby authorized to forgive all interest owing on the <br />HOME Loan and the Housing Loan, and to extend the maturity dates on the Loans to fifty-five <br />years from the date of recordation of the Assignment Agreements. <br />Section 4. The City Manager is hereby authorized to execute the Assignment <br />Agreements, with such changes as may be recommended by the City Attorney, and to take all <br />actions and execute such other documents as may be necessary to carry out the obligation of <br />the City under the Assignment Agreements and the intent of this Resolution. <br />Section 5. This Resolution shall take effect immediately upon its adoption. <br />Page 2 City of San Leandro Printed on 12/22/2015