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City of San Leandro <br />Meeting Date: June 6, 2016 <br />Staff Report <br />Agenda Section:File Number:15-721 ACTION ITEMS <br />Agenda Number:10.A. <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:Staff Report for a Resolution Authorizing a Loan of $1,000,000 from the City <br />of San Leandro to Alameda Senior Housing Associates, L.P., a California <br />Limited Partnership (an Affiliate of BRIDGE Housing Corporation) to Assist in <br />Financing the Construction of an Affordable Senior Rental Housing Project <br />(San Leandro Senior Housing) Located at 525 West Juana Avenue <br />SUMMARY AND RECOMMENDATIONS <br />Staff recommends that the City Council adopt the resolution 1) approving a $1,000,000 Loan <br />Agreement, Regulatory Agreement, Promissory Note, and Deed of Trust to assist with the <br />construction of the San Leandro Senior Housing, also known as Phase II of the Marea Alta <br />project; and 2) authorizing the City Manager to execute and deliver such other instruments <br />and to take such other actions as necessary to carry out the intent of this resolution. Phase II <br />represents the final phase of the 200-unit Marea Alta affordable mixed use development, <br />which will provide 85 units of affordable senior rental housing in the City under the City’s <br />Housing Element, which was updated and adopted in early 2015. <br />BACKGROUND <br />In April 2009, the City Council approved a $9.1 million Redevelopment Agency Housing <br />Set-Aside loan to BRIDGE Housing Corporation (BRIDGE) to assist in the construction of The <br />Alameda, a 100-unit affordable rental housing project located at 1333 Martinez Street on the <br />west side of the Downtown BART station. The Alameda was the affordable housing <br />component of the San Leandro Crossings Master Plan (Plan), a transit oriented development <br />near the San Leandro BART Station in Downtown San Leandro. Due to delays related to the <br />State’s elimination of redevelopment agencies in early 2012 and the California Department of <br />Housing and Community Development (HCD) Transit Oriented Development Housing <br />Program (TOD) grants, the City revised its Plan in April 2012. The revised Plan moved the <br />affordable housing component, renamed Cornerstone at San Leandro Crossings, to 1400 San <br />Leandro Boulevard and provided for the construction of 200 affordable rental units rather than <br />the 100 affordable units under the former project. <br />Page 1 City of San Leandro Printed on 6/1/2016