RDA Reso 2009-015 - Laserfiche WebLink

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IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO RESOLUTION N0.2009-015 RDA (3085) RESOLUTION APPROVING AN AMENDED AND RESTATED AFFORDABLE HOUSING AGREEMENT FOR THE MISSION BELL APARTMENTS WHEREAS, Alameda County Allied Housing Program, a California nonprofit public benefit corporation ("Allied") is the owner of amulti-family project known as the Mission Bell Apartments, consisting of 25 residential and 6 commercial units (the "Project") located at 112 Garcia Avenue in the City of San Leandro (the "City"); WHEREAS, in 2006, the City and the Redevelopment Agency of the City of San Leandro (the "Agency") provided financial assistance to assist Allied in the acquisition of the Project and to enable Allied to increase the affordability of the Project's residential units; WHEREAS, in connection with the prior City and Agency financing, among other documents, Allied, City and Agency executed an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement") which restricts rents for all of the residential units in the Project at levels affordable to very low- and extremely low-income households for a period of 55 years; WHEREAS, Allied proposes to rehabilitate the Project and refinance the existing commercial loan in order to improve Project cash flow, has requested additional financial assistance from the City and the County of Alameda, and has agreed to extend the term of the affordability restrictions to the year 2064; WHEREAS, Allied and City and Agency staff have negotiated an Amended and Restated Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants by and among the Agency, the City and Allied (the "Regulatory Agreement") which will restrict rents for all of the units in the Project at levels affordable to low-, very low- and extremely low-income households until the year 2064; NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of San Leandro hereby: 1. Approves the Regulatory Agreement, and authorizes the Executive Director or his designee to execute and deliver the Regulatory Agreement substantially in the form on file with the Agency Secretary. 2. Authorizes the Executive Director to execute and deliver such other instruments and to take such other actions as necessary to carry out the intent of this Resolution.