Resolution 14557ved as to Fo
io
CITY OF ALAMEDA RESOLUTION NO
APPROPRIATING $1.3 MILLION IN FEDERAL HOME FUNDS AND
AUTHORIZING THE ACTING CITY MANAGER TO NEGOTIATE
AND EXECUTE THE NECESSARY DOCUMENTS TO COMPLETE
THE LOAN TO RESOURCES FOR COMMUNITY DEVELOPMENT
FOR THE REHABILITATION OF 2428 CENTRAL AVENUE
(ISLANDER MOTEL)
WHEREAS, on January 19, 2011, the Housing Commission selected
Resources for Community Development (RCD) as the Housing Authority of the
City of Alameda's non-profit development partner to acquire and rehabilitate the
property at 2428 Central Avenue (Islander Motel) as 62 units of workforce
housing affordable to very low-income households; and
WHEREAS, on March 2, 2011, the Community Improvement
Commission (CIC) and the Housing Authority Board of Commissioners
approved an Owner Participation Agreement (OPA) with RCD that contains
each of the parties' obligations to fund and carry out the project; and
WHEREAS, on March 2, 2011, the CIC adopted a resolution
authorizing the issuance of Tax Allocation Housing Bonds in an amount not to
exceed $10 million with the net proceeds ($9 million) to be used solely to
provide financial assistance to the project; and
WHEREAS, on March 4, 2011, the Housing Authority and Stahl-
Wooldridge Construction Company, a California partnership, entered into an
Agreement for Purchase and Sale of Real Property and Joint Escrow
Instructions pursuant to which the Housing Authority intends to purchase the
property; and
WHEREAS, RCD and the Housing Authority intend to submit an
application for funding to the 9% Tax Credit Program on March 23, 2011, and
an additional $1.3 million in local funding is required for a competitive
application; and
WHEREAS, staff is recommending a $1.3 million 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 $1.3 million from HOME funds to
Resources of Community Development is hereby approved and the Acting City
Manager is hereby authorized and directed to negotiate and execute any and all
documents necessary to complete the transaction.
1, the undersigned, hereby certify that the foregoing Resolution was duly and
regularly adopted and passed by the Council of the City of Alameda during the Regular
Meeting of the City Council on the 15th day of March, 2011, by the following vote to wit:
AYES: Councilmembers Bonta, deHaan, Johnson, Tam and
Mayor Gilmore — 5.
NOES: None.
ABSENT: None..
ABSTENTIONS: None.
IN WITNESS, WHEREOF, 1 have hereunto set my hand and affixed the official seal of
said City this 16th day of March, 2011.
Lara Weisiger, Cit erk
City of Alameda