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IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2011-002 RDA RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO APPROVING A LOAN TO LAS PALMAS DEVELOPMENT PARTNERS, AUTHORIZING THE EXECUTION OF AN AFFORDABLE HOUSING REGULATORY AGREEMENT AND RELATED DOCUMENTS, AND ADOPTING FINDINGS REQUIRED BY HEALTH AND SAFETY CODE 33334.2 WHEREAS, in 1993, the Redevelopment Agency of the City of San Leandro ( "Agency ") established the Joint Redevelopment Project Area ( "Project Area ") and adopted a redevelopment plan for the Project Area (as thereafter amended, the "Redevelopment Plan "); and WHEREAS, in 1999, the City of San Leandro ( "City") provided a loan in the amount of $750,000 (the "City Loan ") to Citizens Housing Corporation, a California nonprofit public benefit corporation ( "CHC ") to assist in the acquisition and rehabilitation of a 91 -unit residential apartment complex located outside the Project Area at 15370 — 15375 Tropic Court (the "Project "); and WHEREAS, the City Loan was assigned to Las Palmas Development Partners, a California limited partnership in which CHC served as managing general partner ( "Las Palmas"); and WHEREAS, in connection with the City Loan, the Project has been subject to a Regulatory Agreement (the "City Regulatory Agreement ") that restricts 49% of the residential units in the Project for occupancy at rents affordable to households of low- and very low- income; and WHEREAS, the City has approved (i) the assignment of the general partner interest in Las Palmas to Eden Las Palmas LLC, a California limited liability company that is affiliated with Eden Housing, Inc., a California nonprofit public benefit corporation ( "Eden"), and (ii) the assignment of the limited partners' interests in Las Palmas to Baywood Apartments, Inc., a California nonprofit public benefit corporation affiliated with Eden; and WHEREAS, Las Palmas has requested a loan from the Agency in the amount of Fifty Thousand Dollars ($50,000) (the "Loan") to defray certain costs related to the management and operation of the Project and the transfer of the interests described above; and WHEREAS, in connection with the Loan, Las Palmas has agreed to restrict an additional five (5) residential units in the Project for occupancy at rents affordable to households of very low- income for a term of fifty -five (55) years pursuant to an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement "); and