Title
Staff Report for Approval of a Loan Agreement for Eight Hundred Thousand Dollars ($800,000) Between the City of San Leandro and BRIDGE Economic Development Corporation to Construct Tenant Improvements for a Childcare Center at the Marea Alta Project
Staffreport
SUMMARY AND RECOMMENDATIONS
Childcare is a vital service for families, particularly lower income working households, in San Leandro. The development of a ground floor childcare center in the Marea Alta mixed use and affordable rental development is a high priority for the City. The shell of the childcare center is already constructed, which was part of the Phase 1 Marea Alta development. This proposed funding is for the childcare center tenant improvements. Staff recommends that the City Council approve the loan amount and authorize the City Manager to execute an $800,000 loan agreement between the City and BRIDGE Economic Development Corporation (BREDCO), an affiliate of BRIDGE, and all other necessary documents for the design and construction of the childcare center tenant improvements.
BACKGROUND
In 2009, planning entitlements for the 200 unit residential development (formerly called Cornerstone and renamed Marea Alta) were approved by the Planning Commission and City Council. The former Redevelopment Agency of the City of San Leandro (RDA) also approved a $9.1 million development loan from RDA Housing Set-Aside Funds to BRIDGE for the construction of Marea Alta.
The City also negotiated a memorandum of understanding (MOU) primarily between BRIDGE, Davis Street Family Resource Center (Davis Street), and the City to convene a working group and coordinate efforts to plan for and develop a childcare center as part of BRIDGE's proposed affordable housing development. The working group included key local stakeholders such as Alameda County, the Child Care Coordinating Council of Alameda County, and Congregations Organizing for Renewal (COR). For providing technical expertise for these effo...
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