Title
Staff Report for Execution of an Amended and Restated Owner Participation and Loan Agreement with Alameda Housing Associates, L.P., for an Affordable Rental Housing Project in San Leandro Crossings and Execution of the State Transit Oriented Development Housing Program (TOD) Grant Agreements and Documents for San Leandro Crossings
Staffreport
SUMMARY AND RECOMMENDATIONS
At the April 9, 2012, City Council Work Session, the City Council reviewed the recent changes to the San Leandro Crossings Master Plan including the introduction of OSIsoft, LLC Inc. (“OSIsoft”), as a new project development partner in addition to BRIDGE Housing, Inc. (“BRIDGE”), Westlake Development Partners (“Westlake”) and the City. With the resulting revisions to the Crossings Master Plan and the State’s elimination of redevelopment in early 2012, the original Owner Participation and Loan Agreement (OPLA) between the City, Redevelopment Agency of the City of San Leandro (RDA) and BRIDGE requires modification; provided however, there is no change to the amount of funds previously committed by the Redevelopment Agency for the project’s rental housing component. In addition, agreements for the $10.3 million State TOD Program grant awarded for the affordable rental housing must be executed and submitted to the Department of Housing and Community Development (HCD) by June 30, 2012. Therefore, staff recommends that the City Council:
A. Approve the resolution authorizing the execution of an Amended and Restated Owner Participation and Loan Agreement with Alameda Housing Associates, L.P.,
B. Approve the resolution authorizing execution of all TOD agreements and documents in the current form to meet the State’s statutory deadline of June 30, 2012. City and BRIDGE staff then plan to promptly work with State HCD after this deadline in order to seek approval to amend the TOD Disbursement Agreement back to BRIDGE’s original April 2012 proposal to build the affordable 200 unit Cornerstone proj...
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