RDA Reso 2010-012 - Laserfiche WebLink

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IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2010 -012 RDA RESOLUTION APPROVING AN AMENDED AND RESTATED AFFORDABLE HOUSING REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS FOR THE EDEN LODGE APARTMENT PROJECT WHEREAS, Eden Lodge, a California non -profit corporation ( "Eden Lodge ") is the owner of that certain real property located at 400 Springlake Drive in the City of San Leandro (the "City ") and improved with an affordable senior housing project known as Eden Lodge, consisting of 143 residential units (the "Project "); WHEREAS, in 2003, the Redevelopment Agency of the City of San Leandro (the "Agency ") provided a grant to Eden Lodge to assist it in the rehabilitation of the Project; WHEREAS, in connection with the prior Agency grant, among other documents, Eden Lodge and Agency executed an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (the "2003 Regulatory Agreement ") which restricts rents for all of the residential units in the Project at levels affordable to very low - income households fora period of 55 years; WHEREAS, Eden Lodge proposes to transfer the Property and the Project to Eden Lodge, L.P., a limited partnership ("Eden Lodge, L.P. ") for the purposes of refinancing the Property and has requested that the Agency make certain revisions to the 2003 Regulatory Agreement to make it consistent with the proposed transfer and refinancing; WHEREAS, pursuant to the 2003 Regulatory Agreement, as a condition of the proposed transfer, Eden Lodge must obtain the Agency's written approval and Eden Lodge, L.P. must agree to carry out Eden Lodge's obligations under the 2003 Regulatory Agreement; WHEREAS, to satisfy the foregoing conditions and make the requested revisions to the 2003 Regulatory Agreement, Eden Lodge, L.P. and Agency staff have negotiated an Amended and Restated Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (the "Amended Regulatory Agreement "); and WHEREAS, the Amended Regulatory Agreement, among other things, restricts rents for 141 units in the Project at levels affordable to low- and very low- income households until the year 2058. NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of San Leandro hereby: