Resolution 14642CITY OF ALAMEDA RESOLUTION NO. 14642
APPROPRIATING $379,000 IN FEDERAL HOME FUNDS AND
AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND
EXECUTE THE NECESSARY DOCUMENTS TO COMPLETE THE
LOAN TO ALAMEDA POINT COLLABORATIVE FOR THE
ACQUISITION AND REHABILITATION OF 240 CORPUS CHRISTI,
230 CORPUS CHRISTI, 2471 ORION, 2451 ORION, 201
STARDUST, 251 STARDUST, AND 271 STARDUST
(PROPERTY)
WHEREAS, on November 2, 2011, the Alameda Reuse and
Redevelopment Authority (ARRA) approved a 47 -year Legally Binding
Agreement (LBA) with the County of Alameda (County) and Alameda Point
Collaborative (APC) that contains each of the parties' rights and responsibilities
regarding the Property; and
WHEREAS, the LBA is effective on January 13, 2012, and provides
APC with a leasehold interest in the Property and a condition of acquiring the
leasehold interest in the Property is repayment of an existing loan from CaIHFA
in the amount of $215,000; and
WHEREAS, APC has requested a HOME loan from the City of
Alameda to repay the existing debt and provide $164,000 towards a developer
fee for the acquisition and rehabilitation of the Property; and
WHEREAS, staff is recommending a $379,000 loan from federal
HOME Investment Partnership monies that the City obtains through its
membership in the Alameda County HOME Consortium, a program that is
primarily designed to assist local governments to work with nonprofit housing
development organizations to construct new affordable housing and /or to
acquire and rehabilitate housing developments to ensure long -term affordability.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City
of Alameda that the appropriation of $379,000 from HOME funds to Alameda
Point Collaborative is hereby approved and the City Manager is hereby
authorized and directed to negotiate and execute any and all documents
necessary to complete the transaction.
I, the undersigned, hereby certify that the forgoing Resolution was duly and
regularly adopted and passed by the Council of the City of Alameda during a
special joint meeting of City Council and ARRA on the 4th day of January, 2012,
but the following vote to wit:
AYES: Councilmembers Bonta, deHaan, Johnson, Tam and
Mayor Gilmore — 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official
seal of said City this 5th day of January, 2012.
Lara Weisiger, City Clerk
City of Alameda