Laserfiche WebLink
City of San Leandro <br />Meeting Date: January 8, 2018 <br />Resolution - Council <br />Agenda Section:File Number:17-728 BUSINESS 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 of the City Council of the City of San Leandro Approving the <br />Provision of a Loan and a Portion of the City’s Measure A-1 Bond Allocation to <br />Eden Housing to Support the Development of an Affordable Housing Project and <br />Authorizing the City Manager to Execute Related Documents <br />WHEREAS, Eden Housing, a nonprofit housing developer, is proposing to develop a <br />62-unit affordable rental housing project (“Project”) located at 1604 and 1642 San Leandro <br />Boulevard (the “Property”); and <br />WHEREAS, the Project will consist of 22 studio apartments, 22 one-bedroom apartments, <br />and 18 two-bedroom apartments, of which 57 units will be rented at an affordable housing cost to <br />low and very-low income households; and <br />WHEREAS, in order to make the Project financially feasible, Eden Housing is leveraging <br />various funding sources, and is requesting Five Million Dollars ($5,000,000) from the City to help <br />finance the Project; and <br />WHEREAS, Eden Housing has requested, and City has agreed to provide, a loan to Eden <br />Housing in the amount of One Million Dollars ($1,000,000) with annual interest-only payments at <br />3% interest with a final maturity in year 55 (the “Loan”) to assist in the development of the Project; <br />and <br />WHEREAS, the Loan is comprised of funds held by the City as the Housing Successor to <br />the former Redevelopment Agency of the City of San Leandro; and <br />WHEREAS, in exchange for receipt of the Loan, Eden Housing has agreed to enter into <br />an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (the <br />“Regulatory Agreement”), which would be recorded against the Property and which would require <br />Page 1 City of San Leandro Printed on 1/2/2018 <br />20