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File Number: 17-728 <br />Project rents to be affordable to low and very low-income households for a term of not less than <br />55 years; and <br />WHEREAS, Eden Housing shall execute an agreement with the City establishing the <br />terms and conditions of the Loan (the “Loan Agreement”), and shall concurrently execute a <br />secured promissory note (the “Note”) in the amount of the Loan and a Deed of Trust, Assignment <br />of Rents, Security Agreement and Fixture Filing (“Deed of Trust”), which shall provide the City with <br />a security interest in the Property and the Project; and <br />WHEREAS, the Loan Agreement, Regulatory Agreement, Note, and Deed of Trust are <br />collectively referred to as the “Loan Documents”; and <br />WHEREAS, in November 2016, Alameda County Voters adopted an affordable housing <br />bond measure, commonly known as Measure A-1; and <br />WHEREAS, the City’s allocation of A-1 bond proceeds is approximately Eleven Million <br />Nine Hundred Thousand Dollars ($11,900,000); and <br />WHEREAS, the City previously provided One Million Seven Hundred Thousand Dollars <br />($1,700,000) of A-1 bond proceeds for the San Leandro Senior Project (Marea Alta Phase 2); <br />and <br />WHEREAS, in addition to the Loan, Eden Housing is requesting, and the City has agreed <br />to provide, Four Million Dollars ($4,000,000) in funds from the City’s allocation of Measure A-1 <br />Bond Funds (the “Measure A-1 Bond Support”); and <br />WHEREAS, the Alameda County Board of Supervisors must approve the award of the <br />Measure A-1 Bond Support to Eden Housing; and <br />WHEREAS, if the Board of Supervisors approves the award of Measure A-1 Bond <br />Support to Eden Housing, after related bond issuance fees are deducted, the City’s allocation of <br />Measure A-1 funds will be approximately Five Million Dollars ($5,000,000); and <br />WHEREAS, the City Council desires to approve the Loan and Measure A-1 Bond Support <br />to Eden Housing in order to make the project financially feasible and assist with the creation of <br />new affordable housing in the community. <br />NOW, THEREFORE the City Council of the City of San Leandro does RESOLVE as <br />follows: <br />1. The City Council hereby finds and determines that the above recitals are true and correct <br />and have served as the basis, in part, for the findings and actions of the City Council set forth <br />below. <br />2. The City Council hereby approves the Loan Agreement between the City and Eden <br />Housing substantially in the form on file with the City Clerk, with such changes as deemed <br />necessary by the City Attorney and City Manager. <br />3. The City Council hereby approves the allocation of Measure A-1 Bond Support to Eden <br />Page 2 City of San Leandro Printed on 1/2/2018 <br />21