Title
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
Body
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 Housin...
Click here for full text