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REDEVELOPMENT AGENCY OF SAN LEANDRO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2006 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. General The Redevelopment Agency of the City of San Leandro (Agency) is a separate governmental entity established pursuant to the provisions of Section 33200 of the State of California Health and Safety Code and applicable statutes, for the purposes of redeveloping certain areas of the City of stimulate and attract private investment and to eliminate physical or economic blight. The Agency administers three Redevelopment Project Areas. · Plaza (Mer[!ed l'laza I and Plaza ill Proiect Areas. consist of the Downtown Plaza Shopping Center and adjoining commercial Plaza Project business and includes a large surface public parking facility, the Callan Parking Garage, several large office complcxes including the new Creekside Office Park, and the Costco Dcvelopment. · City of San Leandro Proiect Areas, also known as the "Joint" Project Area, Major elements of the redevelopment plan include a portion of the Bayfair Mall Shopping Center, the Marina Auto Mall, the Cherrywood residential development, and much of the E.14lh Street commercial corridor. · West San Leandro/MacArthur Proiect Area, a recently formed project area, the plan includes a major streetscape improvement and commercial revitalization effort on MacArthur Boulevard, the Airport Gateway Projects, and various economic development initiatives in the West San Leandro industrial area. Funds for redevelopment have been generated from various sources, including the issuance of tax allocation bonds, incremental property taxes and funds provided by the City of San Leandro (City). The Agency is authorized to finance its activities within each project area from various sources, including assistance from the City, the State and Federal governments, property tax increments, interest income and the issuance of Agency notes and bonds. The Agency is an integral part of the City and, accordingly, the accompanying component unit financial statements arc included as a blended component unit of the general purpose financials statements prepared by the City, A component unit is a separate government unit, agency or nonprofit corporation which, when combined with all other component Mits, constitutes the reporting entity as defined in the City's basic financial statements. B. Basis of Accounting and Measurement Focus The accounts of the Agency are organized on the basis of funds, each of which is considered a separate accounting entity, The operations of each fund arc accounted for with a separate set of self-balancing accounts which comprise its assets, liabilities, fund equity, revenues and expenditures. Agency resources are allocated to and accounted for in individual funds based upon the purpose for which they are to be spent and the means by which spending is controlled. 17