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City of San Leandro <br />Meeting Date: February 6, 2017 <br />Resolution - Council <br />Agenda Section:File Number:16-032 ACTION ITEMS <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 Authorizing the Execution of a Loan Agreement for Eight <br />Hundred Thousand Dollars ($800,000) Between the City of San Leandro and <br />BRIDGE Economic Development Corporation and Authorizing the Execution <br />of a Promissory Note (To Fund The Construction Of Tenant Improvements <br />For A City Mandated Child Care Center In Phase 1 Of The Marea Alta <br />Affordable Housing Development) <br />WHEREAS, Alameda Housing Associates, L.P., a California limited partnership <br />(“Partnership”) has a leasehold interest in that certain real property located in the City of San <br />Leandro, County of Alameda, on which it is constructing 115 affordable residential units, <br />together with approximately 7,200 square feet of commercial space (“Apartment Project”); <br />and <br />WHEREAS, the Partnership and BRIDGE Economic Development Corporation <br />(“Borrower”) have entered into that certain Master Lease Agreement dated December 4, <br />2014 (“Master Lease”) for the approximately 7,200 square feet of commercial space <br />(including 2,400 square feet for outdoor play area space) located at the Apartment Project <br />(“Premises”); and <br />WHEREAS, Borrower has been working with Davis Street Community Center, Inc. or its <br />affiliate (“Davis Street”) to operate the Premises as a child care center serving low and <br />moderate income children and families (“Project”) pursuant to a sublease agreement to be <br />entered into by Borrower and Davis Street (“Sublease”); and <br />WHEREAS, the City desires to provide a loan to Borrower in the amount of Eight Hundred <br />Thousand Dollars ($800,000) (“Loan”) for construction costs related to the installation of the <br />tenant improvements and the use of the Premises for a childcare center; and <br />WHEREAS, the Borrower will execute a promissory note (“Note”) to evidence the amount <br />of the Loan; and <br />WHEREAS, the City Council can find that the Borrower has the necessary expertise, skill <br />Page 1 City of San Leandro Printed on 1/31/2017 <br />125