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<br />REDEVELOPMENT AGENCY OF SAN LEANDRO
<br />
<br />NOTES TO THE ~'INANCIAL STATEMENTS
<br />FOR THE YEAR ENDED JUNE 30, 2006
<br />
<br />3. LOANS RECEIVABLE
<br />
<br />Loans receivable at June 30,2006 consisted of the following:
<br />
<br /> Balance Per Balance Per
<br /> Balance Sheet Allowance Statement of
<br /> Governmental Funds For Forgivable Net Assets
<br /> June 30,2006 Loans June 30, 2006
<br />Creekside Property Loan $ 1,348,301 $ $ 1,348,301
<br />Chamber of Commerce 5,285 (5,285)
<br />Merced Street Properties 150,000 ( 150,000)
<br />Bayfair Mall Tax Increment 110,045 110,045
<br />HUD Loans to Property Owners 4,153,753 (626,994) 3,526,759
<br />Total loans and notes 5,767,384 (782,279) 4,985,105
<br />Interest on Loans Recievable 251,701 (251,701)
<br />Total Interest and Loans $ 6,019,085 $ (1,033,980) $ 4,985, I 05
<br />
<br />The Agency loaned the Creekside Property, LLC (Creekside) $1,353,586 and Merced Street Properties
<br />(Merced Street) $150,000, for property improvements. The outstanding balance net of allowances at June
<br />30, 2006, was $1,348,301. The Agency has agreed to forgive a portion of the loan if certain conditions
<br />outlined in the agreement are satisfied. Because the loans do not meet the Agency's availability criteria for
<br />revenue recognition, the Agency has deferred the revenue related to these loans. Revenues are recognized in
<br />the year of payment. Loans arc secured by trust deeds.
<br />
<br />At June 30, 2006, the Agency was owed, net of allowances, $3,526,759 for loans that were made to City
<br />property owners who meet the HUD requirements for financial assistance for property improvements and
<br />first time home buyer loans. The Agency has agreed to forgive a portion of the loan if certain conditions
<br />outlined in the agreement are satisfied. Because the loans do not meet the Agency's available criteria for
<br />revenue recognition, the Agency has deferred the revenue related to these loans. Revenues are recognized in
<br />the year of repayment. Loans arc secured by trust deeds.
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