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