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IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO RESOLUTION N0.2009-009 RDA (3150/3154) RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO AUTHORIZING THE EXECUTION OF AN OWNER PARTICIPATION AND LOAN AGREEMENT WITH ALAMEDA HOUSING ASSOCIATES, L.P., APPROVING FINANCING FOR AN AFFORDABLE RENTAL HOUSING PROJECT LOCATED AT 1333 MARTINEZ STREET, AND AUTHORIZING THE EXECUTION OF DOCUMENTS IN CONNECTION WITH SUCH FINANCING WHEREAS, pursuant to authority granted under Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.) ("CRL"), the Agency has responsibility to implement the redevelopment plan adopted in 1967 by the City Council of the City of San Leandro ("City Council") by Ordinance No. 67-62 (as subsequently amended, the "Redevelopment Plan") for the Plaza Redevelopment Project (the "Project Area"); WHEREAS, the Agency seeks development of certain real property located in the City of San Leandro ("City") at 1333 Martinez Street, and more particularly described in Exhibit A attached hereto (the "Property"); WHEREAS, Alameda Housing Associates, L.P., a California limited partnership ("Developer") (an affiliate of BRIDGE Housing Corporation, a California nonprofit public benefit corporation) has the contractual right to acquire a leasehold interest in the Property; WHEREAS, Developer proposes to develop a 100-unit multifamily residential development (the "Project") on the Property, in which 49 dwelling units will be rented at affordable rents to very-low income households and another 50 dwelling units will be rented at affordable rents to households earning 90% of area median income or less; WHEREAS, as more particularly set forth in the San Leandro Crossings Inclusionary Housing Plan by Westlake Development Partners, LLC, dated as of November 20, 2008, the Project is intended to satisfy the inclusionary housing requirement for the proposed The Cornerstone at San Leandro Crossings project and subsequent phases of development. WHEREAS, the City, acting as the lead agency, reviewed and approved a mitigated negative declaration and related mitigation monitoring program for the Project on March 2, 2009 (Minute Order 2009-011). On March 2, 2009, the City approved the Project Vesting Tentative Map that included the Mitigation Monitoring Program (Resolution 2009-027). Therefore, all of the mitigation measures for the Project will be implemented as conditions of the Vesting Tentative Map approval. Prior to taking action on the proposed OPA, the Agency considered the approved mitigated negative