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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br /> RESOLUTION NO. 2016-004 <br /> RESOLUTION APPROVING ASSIGNMENT, ASSUMPTION, AND MODIFICATION <br /> AGREEMENTS FOR LOANS PROVIDED TO EDEN HOUSING FOR THE <br /> REAL PROPERTY AT 15370-15375 TROPIC COURT IN THE CITY OF SAN LEANDRO <br /> AND APPROVING RELATED ACTIONS <br /> WHEREAS, on February 7, 2011, the Redevelopment Agency of the City of San Leandro <br /> (the "Former Agency") entered into that certain affordable housing loan agreement with Las <br /> Palmas Development Partners (the"Borrower"),pursuant to which the Former Agency provided <br /> a loan to Borrower in the amount of Fifty Thousand Dollars ($50,000) (the "Housing Loan") for <br /> the purpose of providing financial assistance for a multi-family affordable housing project owned <br /> by Borrower(the "Original Project") located at 15370-15375 Tropic Court in the City; and <br /> WHEREAS, Assembly Bill 26 ("ABx1 26") was enacted by the State Legislature and <br /> signed by the Governor as of June 29, 2011; and <br /> WHEREAS, on December 29, 2011 the California Supreme Court delivered its decision <br /> in California Redevelopment Association v. Matasantos, finding ABx1 26 (together with AB <br /> 1484 and SB 107,the"Dissolution Law")largely constitutional and resulting in the dissolution of <br /> all California redevelopment agencies, including the Former Agency, on February 1, 2012; and <br /> WHEREAS, pursuant to the Dissolution Law,the City of San Leandro (the "City") is the <br /> successor in interest to the Former Agency with respect to the Housing Loan; and <br /> WHEREAS, on December 6, 1999 the City entered into that certain affordable housing <br /> loan agreement with Borrower, pursuant to which the City provided a loan to Citizens Housing <br /> Corporation,predecessor in interest to Borrower, in the amount of Seven Hundred Fifty <br /> Thousand Dollars ($750,000) (the "HOME Loan") for the purpose of providing financial <br /> assistance for the Original Project; and <br /> WHEREAS, Borrower requests, and City agrees, to the transfer and assignment of the <br /> Housing Loan and the HOME Loan(together the"Loans")to a new tax-credit limited <br /> partnership for the purpose of providing new equity that will facilitate a substantial rehabilitation <br /> to the Original Project(the "Project"); and <br /> WHEREAS, in order to effect the transfer and assignment, Borrower requests that City <br /> enter into (i) an Assignment,Assumption and Modification Agreement(City HOME Program <br /> Loan) ("HOME Assignment Agreement") with LPSL, L.P., a California limited partnership <br /> (the "Assignee") and (ii) an Assignment,Assumption and Modification Agreement(Affordable <br /> Housing Loan) (the "Housing Assignment Agreement," and together with the HOME <br /> Assignment Agreement,the "Agreements")with Assignee, copies of which are on file with the <br /> City Clerk; and <br />