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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); and <br /> WHEREAS, in addition to the Loan,Eden Housing is requesting, and the City has agreed to <br /> provide, Four Million Dollars ($4,000,000) in funds from the City's allocation of Measure A-1 Bond <br /> 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-I Bond Support to Eden Housing; and <br /> WHEREAS, if the Board of Supervisors approves the award of Measure A-1 Bond Support to <br /> Eden Housing, after related bond issuance fees are deducted,the City's allocation of Measure A-1 <br /> 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 to <br /> Eden Housing in order to make the project financially feasible and assist with the creation of new <br /> 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 <br /> correct 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 /> 1-JOLISing substantially in the form on file with the City Clerk, with such changes as deemed necessary <br /> by the City Attorney and City Manager. <br /> 3. The City Council hereby approves the allocation of Measure A-] Bond Support to <br /> Eden Housing to assist with the development of the Project; and <br /> 4. The City Manager is authorized to execute the Loan Agreement and related Loan <br /> Documents, in a form approved by the City Attorney, and to take such further actions as may be <br /> necessary or appropriate to carry out this Resolution, including executing such documents as are <br /> necessary for the allocation of Measure A-1 Bond Support. <br /> Introduced by Councilmember Cox, and passed and adopted this 8th day of"January 2018, by <br /> the following vote: <br /> Members of the Council: <br /> AYES: Councilmembers Ballew, Cox, Hernandez, Lee, Lopez., Thornas. Mayor Cutter (7) <br /> NOES: None (0) <br /> EXCUSED: None (0) <br /> ATTEST: <br /> Tamika Greenwood, City Clerk <br /> RESOLUTION NO. 2018-001 2 <br />