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File Number: 15-721 <br />can utilize any Alameda County and City funding for pre-development costs. Below is the <br />order in which pre-development costs will be funded: <br />1)$250,000 from BRIDGE <br />2)$350,000 from Alameda County <br />3)$350,000 from City <br />4)$400,000 from BRIDGE <br />5)$150,000 from City - The City will only release this remaining $150,000 after <br />BRIDGE secures permanent financing <br />Affordability Restrictions <br />The 85-unit Phase II senior residential development will be a four-story Mission style building <br />with a community room. It will contain 77 one-bedroom, one-bath units and 8 two-bedroom, <br />one-bath units. Forty of the 85 units consisting of 32 one-bedroom units and 8 two-bedroom <br />units, will be designated for very low-income households (50% AMI). The remaining 45-units <br />will be affordable as required by the State/federal LIHTC Program. <br />Approximately 35 parking spaces in the underground parking garage constructed in Phase I <br />will be restricted for the Phase II senior residents in compliance with the Zoning Code, which <br />requires 31 spaces (reflective of the reduced parking requirement for senior housing near <br />BART). <br />Previous Actions <br />·April 6, 2009 - City Council approved the Owner Participation and Loan Agreement (OPLA) <br />for a $9.1 million Housing Set-Aside Loan to BRIDGE Housing for a 100-unit affordable <br />rental housing development (“The Alameda”). <br />·July 20, 2009 - City Council approved planning entitlements and environmental clearance <br />under CEQA for the Cornerstone (formerly The Alameda) at 1400 San Leandro Boulevard <br />and BART replacement parking. <br />·April 9, 2012 - Staff from City Community Development Department, BRIDGE Housing, <br />Westlake Development Partners, and OSIsoft presented the revised San Leandro <br />Crossings Master Plan at a City Council Work Session. Public comments included <br />requests that the project developer work with City staff and key community members to put <br />a childcare center in the Cornerstone project. <br />·June 18, 2012 - City Council approved the Amended and Restated Owner Participation <br />and Loan Agreement (OPLA) with Alameda Housing Associates, L.P. and authorized the <br />execution of all Transit Oriented Development Housing Program (TOD) Agreements <br />required by CA State Department of Housing and Community Development (HCD). <br />·July 16, 2012 - City Council approved the Loan Agreement for $650,000 HOME Loan to <br />BRIDGE Housing for the 115-unit multifamily affordable rental housing development <br />Marea Alta - Phase I (formerly Cornerstone). <br />·December 2, 2013 - City Council approved the First Amendment to the OPLA, including <br />Page 3 City of San Leandro Printed on 6/1/2016