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City of San Leandro <br />Meeting Date: March 6, 2017 <br />Resolution - Council <br />Agenda Section:File Number:17-077 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 an Allocation in an Amount Not to Exceed <br />$1,700,000 from the City of San Leandro’s Share of Alameda County <br />Measure A1 Housing Bond Funds to San Leandro Senior Associates, L.P., a <br />California Limited Partnership (an Affiliate of BRIDGE Housing Corporation) to <br />Provide Emergency Gap Financing for the Construction of San Leandro <br />Senior Apartments, an Affordable Senior Rental Housing Project (Marea Alta <br />Phase II) <br />WHEREAS, San Leandro Senior Associates, L.P., a California limited partnership <br />(“Developer”) and BRIDGE Housing Corporation affiliate (BRIDGE), has a lease for certain <br />real property located at 528 West Juana Avenue in the City of San Leandro, California, <br />Alameda County Assessor’s Parcel Number 075-0230-001-00 (the “Property”); and <br />WHEREAS, Developer intends to construct San Leandro Senior Apartments - <br />eighty-five (85) affordable senior residential units on the Property, consisting of seventy-seven <br />(77) one-bedroom, one-bath units and eight (8) two-bedroom, one bath units (the “Project”); <br />and <br />WHEREAS, the San Leandro City Council approved $1,000,000 in funding to the <br />Developer on June 6, 2016 (Resolution 2016-74) consisting of a loan in the amount of Two <br />Hundred Fifty-Six Thousand Seven Hundred Sixty-One Dollars ($256,761) from federal <br />HOME Program funds and a separate loan of Seven Hundred Forty-Three Thousand Two <br />Hundred Thirty-Nine Dollars ($743,239) from repayments of former Redevelopment Housing <br />Set-Aside loan funds held by the City in its capacity as Housing Successor to the <br />Redevelopment Agency to assist with the construction and development of the Project <br />(“HOME Loan”); and <br />WHEREAS, late last year the California Tax Credit Allocation Committee awarded the <br />Page 1 City of San Leandro Printed on 2/28/2017 <br />254