DATE: April 15, 2025
TO: Hayward Redevelopment Successor Agency Board
FROM: Executive Director
SUBJECT
Title
Adopt a Resolution of the City Council, Acting as the Governing Board of the Successor Agency for the Redevelopment Agency of the City of Hayward, Approving the Subordination of Loan Documents for the Façade Improvement Loan with RLW, LLC Property Located at 22401-22487 Foothill Boulevard (Richard Weinstein)
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RECOMMENDATION
Recommendation
That the Hayward Redevelopment Successor Agency Board adopts the attached resolution (Attachment I) approving the subordination of loan documents for the façade improvement loan with RLW, LLC property located at 22401-22487 Foothill Boulevard, City of Hayward, County of Alameda, State of California 94541 (APN 428-0026-008-09, 428-0026-064-01, 428-0061-032, 428-0061-033, 428-0061-034.)
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SUMMARY
The Board is being asked to approve a request from RLW, LLC to subordinate existing façade improvement loan documents in order to facilitate the refinancing of properties located at 22401-22487 Foothill Boulevard in Hayward. Approval of this subordination will not modify the terms of the original Loan Agreement executed in 2011 between the Successor Agency and the borrower.
This is not the first subordination; similar requests were approved in 2013 and again in 2019, when the Redevelopment Successor Agency of the City of Hayward and the Alameda County Oversight Board approved similar subordination actions to support refinancing efforts for the same properties. This action will not change the forgiveness provisions of the loan, which are set to result in full forgiveness of the principal and interest by March 9, 2026, provided there is no default.
ATTACHMENTS
Attachment I Staff Report
Attachment II Hayward Redevelopment Successor Agency Board Resolution