Title
RESOLUTION Authorizing the Execution of the First Amendment to the Owner Participation and Loan Agreement (OPLA) and Regulatory Agreement with Alameda Housing Associates, L.P. Amending the OPLA for Affordable Rental Housing Located at 1400 San Leandro Boulevard
Body
WHEREAS, pursuant to Resolution No. 2012-001 adopted by the City Council on January 9, 2012, the City of San Leandro ("City"): (i) agreed to serve as the Successor Agency to the Redevelopment Agency of the City of San Leandro (the "Agency") commencing upon the dissolution of the Agency on February 1, 2012 pursuant to Assembly Bill x1 26, and (ii) agreed, pursuant to Health and Safety Code Section 34176(a), to assume the housing rights, duties, powers, assets and obligations associated with the housing activities of the Agency by operation of law upon dissolution of the Agency; and
WHEREAS, pursuant to the foregoing Resolution No. 2012-001, as of February 1, 2012, the City, by operation of law, assumed all rights and obligations of the Agency pertaining to the Agency's housing assets, including without limitation, the rights of the Agency set forth in that certain Owner Participation and Loan Agreement (the "OPLA") dated as of April 6, 2009 and executed by and between the Agency and Alameda Housing Associates, L.P., a California limited partnership ("Developer") pursuant to which Developer agreed to develop an affordable multi-family rental development (the "Project"); and
WHEREAS, pursuant to the OPLA, the Agency agreed to provide a loan to Developer in the amount of Nine Million, One Hundred Thousand Dollars ($9,100,000) (the "Loan"), of which approximately Two Million, Two Hundred Thousand Dollars ($2,200,000) has been disbursed for predevelopment activities associated with the development of the Project; and
WHEREAS, the remaining balance of the Loan is listed on the Recognized Obligation Payment Schedule ("ROPS") prepared by the Succe...
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