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<br />IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br /> <br />RESOLUTION NO. 2006-001 RDA <br /> <br />(1485/3085) <br /> <br />RESOLUTION APPROVING A LOAN TO ALAMEDA COUNTY ALLIED <br />HOUSING PROGRAM TO ASSIST IN THE ACQUISITION OF AN <br />AFFORDABLE HOUSING PROJECT, AND ADOPTING FINDINGS AND <br />AUTHORIZING EXECUTION OF DOCUMENTS IN CONNECTION WITH <br />SUCH FINANCING <br /> <br />WHEREAS, by Resolution No. 93-012 adopted on July 12,1993, the Agency <br />established the Alameda County-City of San Leandro (Joint) Redevelopment Project <br />Area ("Project Area") and adopted a redevelopment plan for the Project Area (as <br />thereafter amended, the "Redevelopment Plan"); <br /> <br />WHEREAS, Alameda County Allied Housing Program ("Allied") proposes to <br />acquire and operate a 25-unit multi-family and commercial project located at 112 Garcia <br />Avenue in the City of San Leandro (the "Project"); <br /> <br />WHEREAS, the Project has been subject to an Agency regulatory agreement that <br />requires six residential units to be affordable to moderate-income households, seven <br />residential units to be affordable to low-income households, and seven residential units to <br />be affordable to very low-income households for a term that will expire in 2033; <br /> <br />WHEREAS, Allied intends to increase the affordability of the residential units so <br />that all of the residential units in the Project will be affordable to very low- and <br />extremely-low income households, and has agreed to extend the term of the affordability <br />restrictions to the year 2061; <br /> <br />WHEREAS, Allied has requested financial assistance from the Agency and the <br />City of San Leandro ("City") in order to increase the affordability of the Project; <br /> <br />WHEREAS, the Project and the terms and conditions for financing the Project <br />are more particularly described in a proposed Owner Participation Agreement (the <br />"OPA") a copy of which has been provided to the Agency; <br /> <br />WHEREAS, the San Leandro City Council (the "City Council") has determined <br />that the Project is exempt from the California Environmental Quality Act ("CEQA") <br />pursuant to CEQA Guidelines Section 15301 because the Project involves the acquisition <br />of an existing structure to provide affordable housing to low-income households; <br /> <br />WHEREAS, Allied and Agency staff have determined that it will not be <br />economically feasible to operate the Project at the proposed level of income-targeting and <br />affordability without financial assistance from the Agency, and despite good faith efforts <br />