RDA Reso 2002-124 (misnumbered, see RDA Reso 2002-15)

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Resolution misnumbered. See Redevelopment Agency Resolution No. 2002-15. IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2002 -124 (2273) A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO APPROVING AN AMENDMENT TO THE OWNER PARTICIPATION AGREEMENT WITH EDEN HOUSING TO CONSTRUCT A 16 UNIT HOME FOR DEVELOPMENTALLY DISABLED ADULTS AT 2390 E. 14TH STREET, SAN LEANDRO (APN: 77E-1525-001) RECITALS WHEREAS, the Redevelopment Agency of the City of San Leandro ("Agency") and Eden Housing ("Participant") seek to amend the Owner Participation Agreement ("Agreement") dated May 1, 2000 that requires Participant to develop a 16 unit residential facility ("Project") at 2390 East 14th Street, San Leandro ("Site") pursuant to the terms and conditions of the amendment attached to this resolution as Exhibit A (the "Amendment"); and WHEREAS, pursuant to the Agreement the Agency provided Participant with a loan of $550,000.00 to assist Participant with the purchase of the Site in exchange for Participant's agreement to reserve 15 units in the facility for developmentally disabled adults; and WHEREAS, Participant has applied for and received conditional approval for other federal, state and local funds including loans from some or all of the following: United States Department of Housing and Urban Development, the California Department of Housing and Community Development, Lenders for Community Development ("LCD"), a private nonprofit lender, and the California Housing Finance Authority; and WHEREAS, Participant continues to face a permanent financing gap due to a variety of factors including new state prevailing wage laws, changes in the Project's details and the effects of inflation; and WHEREAS, the Agency desires to ensure that the Project is completed to meet the affordable housing goals of the Alameda County/City of San Leandro Redevelopment Plan (the "Plan") and so wishes to provide additional financial assistance in the form of a construction services loan in an amount not to exceed $676,000.00; and WHEREAS, Participant may enter into a short-term bridge loan with LCD to cover certain expenses to be incurred by Participant prior to the receipt of permanent financing and LCD has requested that the Agency act as a guarantor under such loan; WHEREAS, the Agency has determined that if Participant desires to obtain a loan from LCD that it is in the best interests of the Plan, and the goals contained therein, for the Agency to provide a short-term guarantee, not to exceed 24 months, upon Participant satisfying certain conditions of trustworthiness described in the Amendment; and WHEREAS, the Agency finds and declares that the consideration, construction, and operation provided in this amendment will continue to implement and carry out the provisions of the Plan; and NOW THEREFORE, the Redevelopment Agency of the City of San Leandro hereby approves the Amendment to the Owner Participation Agreement and directs the Executive Director to execute any and all documents necessary to implement the terms and conditions thereof.