10C Action 2011 0207 - Laserfiche WebLink

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APPROVED AND CITY OF SAN LEANDRO/ FORWARDED REDEVELOPMENT AGENCY TO THE CITY COUNCIL/ OF THE CITY OF SAN LEANDRO REDEVELOPMENT AGENCY STAFF REPORT Stephen L. Hollister City Manager/Executive Director DATE: February 7, 2011 TO: Stephen L. Hollister, City Manager/Executive Director FROM: Luke Sims, Community Development Directo2 VIA: Tom Liao, Planning & Housing Managers BY: . Steve Hernandez, Housing Specialist I SUBJECT PROJECT/PROJECT DESCRIPTION: MATTER OF APPROVAL OF A LOAN AGREEMENT WITH NON - PROFIT AFFORDABLE HOUSING DEVELOPER EDEN HOUSING APPROVING FINANCING TO ASSIST EDEN HOUSING TO ASSUME OWNERSHIP OF THE AFFORDABLE RENTAL HOUSING PROJECT LOCATED AT 15370 TROPIC COURT (LAS PALMAS APARTMENTS), AND AUTHORIZING THE EXECUTION OF DOCUMENTS IN CONNECTION WITH SUCH FINANCING SUMMARY AND RECOMMENDATION Staff recommends that the City Council adopt a resolution 1) approving (i) the assignment of the general partner interest in Las Palmas to Eden Las Palmas LLC, a California limited liability company, and (ii) the assignment of the limited partners' interests in Las Palmas to Baywood Apartments, Inc., a California nonprofit public benefit corporation; 2) approving the Second Amendment to the City Regulatory Agreement which extends the term from fifteen years to thirty years; and 3) authorizing the City Manager to execute such documents and undertake such actions as necessary to carry out the intent of this resolution. Staff also recommends that the Redevelopment Agency of the City of San Leandro adopt the resolution 1) approving the Agency Loan Agreement for $50,000, Agency Note, Agency Deed of Trust, and Agency Regulatory Agreement; and 2) authorizing 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.