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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2018-001 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LEANDRO APPROVING THE PROVISION OF A LOAN AND A PORTION OF THE CITY'S MEASURE A-1 BOND ALLOCATION TO EDEN HOUSING TO SUPPORT THE DEVELOPMENT OF AN AFFORDABLE HOUSING PROJECT AND AUTHORIZING THE CITY MANAGER TO EXECUTE RELATED DOCUMENTS WHEREAS,Eden Housing,a nonprofit housing developer, is proposing to develop a 62-unit affordable rental housing project("Project")located at 1604 and 1642 San Leandro Boulevard(the "Property"); and WHEREAS,the Project will consist of 22 studio apartments,22 one-bedroom apartments, and 18 two-bedroom apartments, of which 57 units will be rented at an affordable housing cost to low and very-low income households; and WHEREAS, in order to make the Project financially feasible,Eden Housing is leveraging various funding sources,and is requesting Five Million Dollars($5,000,000)from the City to help finance the Project;and WHEREAS,Eden Housing has requested, and City has agreed to provide, a loan to Eden Housing in the amount of One Million Dollars ($1,000,000)with annual interest-only payments at 3%interest with a final maturity in year 55 (the "Loan")to assist in the development of the Project; and WHEREAS,the Loan is comprised of funds held by the City as the Housing Successor to the former Redevelopment Agency of the City of San Leandro;and WHEREAS,in exchange for receipt of the Loan, Eden Housing has agreed to enter into an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement"), which would be recorded against the Property and which would require Project rents to be affordable to low and very low-income households for a term of not less than 55 years; and WHEREAS,Eden Housing shall execute an agreement with the City establishing the terms and conditions of the Loan(the"Loan Agreement"), and shall concurrently execute a secured promissory note(the "Note") in the amount of the Loan and a Deed of Trust,Assignment of Rents, Security Agreement and Fixture Filing ("Deed of Trust"), which shall provide the City with a security interest in the Property and the Project; and WHEREAS,the Loan Agreement,Regulatory Agreement,Note, and Deed of Trust are collectively referred to as the"Loan Documents"; and WHEREAS, in November 2016,Alameda County Voters adopted an affordable housing bond measure, commonly known as Measure A-1; and WHEREAS,the City's allocation of A-1 bond proceeds is approximately Eleven Million Nine