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<br />CITY OF SAN LEANDRO/ <br />REDEVELOPMENT AGENCY <br />STAFF REPORT <br /> <br />APPROVED AND <br />FORWARDED <br />TO CITY COUNCIL <br /> <br /> <br />DATE: <br /> <br />July 30, 2007 <br /> <br />Jo . Jennanis <br />C f1anager and Executive <br />DrMctor, Redevelopment <br />Agency <br /> <br />TO: <br /> <br />John Jennanis, City Manager and <br />Executive Director <br /> <br />FROM: <br /> <br />Luke Sims, Interim Community Development Directo.~ <br /> <br />Tom Liao, Housing/CDBG Manager ~ <br /> <br />BY: <br /> <br />SUBJECT PROJECT/PROJECT DESCRIPTION: <br /> <br />RESOLUTIONS APPROVING LOANS FROM THE CITY OF SAN LEANDRO (FOR <br />$2,022,000) AND REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br />(FOR $1,978,000) TO ESTABROOK SENIOR HOUSING, L.P., A CALIFORNIA <br />LIMITED PARTNERSHIP (AN AFFILIATE OF EDEN HOUSING, INC.), TO ASSIST <br />IN THE ACQUISITION OF PROPERTY LOCATED AT 2103-2121 EAST 14TH <br />STREET AND THE CONSTRUCTION OF AN AFFORDABLE SENIOR RENTAL <br />HOUSING PROJECT, AND AUTHORIZING EXECUTION OF AN OWNER <br />PARTICIPATION AND LOAN AGREEMENT AND RELATED DOCUMENTS IN <br />CONNECTION WITH SUCH FINANCING <br /> <br />SUMMARY AND RECOMMENDATION <br /> <br />Staffrecommends that the City Council adopt the resolution (1) approving the funding of <br />a City loan in the amount of $2,022,000 to assist with property acquisition and new <br />construction of affordable senior rental housing at 2103-2121 East 14th Street [APN: 77- <br />556-54, 77-556-55, 77-556-57-3 (portion)]; (2) approving an Owner Participation and <br />Loan Agreement (OPA), a Memorandum of the OPA, an Affordable Housing Regulatory <br />Agreement and Declaration of Restrictive Covenants, the City promissory note, and the <br />City deed of trust, and authorizing the execution of each such document to which the City <br />is a party; (3) authorizing the execution of a Rider to the OP A, the Regulatory <br />Agreement, the City Note and the City Deed of Trust in the fonn as and ifrequired by the <br />U.S. Department of Housing and Urban Development (HUD) which would subordinate <br />the City documents to the HUD documents; and (4) authorizing the execution and <br />delivery of such other instruments and the taking of such other actions as necessary to <br />carry out the intent of the resolution. <br /> <br />Staff also recommends that the Redevelopment Agency of the City of San Leandro <br />(Agency) adopt the resolution (1) approving the funding of an Agency loan in the amount <br />of $ 1.978,000 to assist with the Project; (2) approving the OP A, the Memorandum of the <br />