Reso 2022-063 Loan to Abode Communites for 72 Unit affordable housing dev

Home

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 Hundred Thousand Dollars ($11,900,000); and WHEREAS, the City previously provided One Million Seven Hundred Thousand Dollars ($1,700,000) of A-1 bond proceeds for the San Leandro Senior Project, Marea Alta Phase 2; and WHEREAS, the City previously provided Four Million Dollars ($4,000,000) of A-1 bond proceeds for the Parrott Street Apartments ("Loro Landing"); and WHEREAS, in addition to the Loan, Abode Communities requests, and the City agreed to provide, Five Million Fifteen Thousand Dollars ($5,015,000) in funds from the City's remaining allocation of Measure A-1 Bond Funds (the "Measure A-1 Bond Support"); and WHEREAS, the Alameda County Board of Supervisors must approve the award of the Measure A-1 Bond Funds to Abode Communities; and WHEREAS, the City Council desires to approve the Loan and Measure A-1 Bond Funds to Abode Communities in order to make the project financially feasible and assist with the creation of new affordable housing in the community. NOW, THEREFORE the City of San Leandro City Council hereby RESOLVES as follows: l . That the City Council hereby finds and determines that the above recitals are true and correct and have served as the basis, in part, for the findings and actions of the City Council set forth below. 2. That the City Council hereby approves the Loan Agreement between the City and Abode Communities substantially in the form on file with the City Clerk, with such changes as deemed necessary by the City Attorney and City Manager. 3. That the City Council hereby approves the allocation of Measure A-1 Bond Support to Abode Communities to assist with the development of the Project; and 4. That the City Manager is authorized to execute the Loan Agreement and related Loan Documents, in a form approved by the City Attorney, and to take such further actions as may be necessary or appropriate to carry out this Resolution, including executing such documents as are necessary for the allocation of Measure A-1 Bond Support. RESOLUTION NO. 2022-063 2