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<br />REDEVELOPMENT AGENCY OF SAN LEANDRO
<br />
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />FOR THE YEAR ENDED JUNE 30, 2006
<br />
<br />8. LONG-TElli"-l OBLIGATIONS (Continued)
<br />
<br />At June 30, 2006, future debt services requirements for the HOD 108 Guarantee loan were as follows:
<br />
<br />For The Year
<br />Ending June 30, Principal Interest
<br />2007 $ 63,000 $ 64,084
<br />2008 63,000 59,564
<br />2009 63,000 55,016
<br />2010 63,000 50,475
<br />2011 63,000 45,861
<br />2012-2016 ' 315,000 J 57,508
<br />2017-2020 244,000 37,754
<br />Total debt service $ 874,000 470,262
<br />
<br />Total
<br />$ 127,084
<br />122,564
<br />118,016
<br />113,475
<br />108,861
<br />472,508
<br />281,754
<br />$ 1,344,262
<br />
<br />Bay Fair Mall Tax Increment Repayment - (Joint Project Area)
<br />
<br />San Leandro Joint Project Area included a Bay Fair Mall commercial complex in its Assessed Value Base
<br />(A VB) calculations. The owner of the Mall appealed the assessment, and got relief in A VB because of the
<br />economic downturn, closure of businesses and a drastic drop in its revenues. This resulted in a reduction of
<br />the Agency's tax increment. As a result, the Agency amended the Redevelopment Plan to exclude the Mall
<br />from its ABV calculations, and af,'Teed to pay back excess tax increments that were paid while the Bayfair
<br />assessment appeal was being considered. Such indebtedness is $1,035,070 and will be paid back to the
<br />county in three years. Against this, the Agency is entitled to recover $106,358 paid to various pass-through
<br />Agencies in the prior years.
<br />
<br />Owner Participation Agreements
<br />
<br />The Agency has entered into the following agreeme~t which have a contingency liability to the Agency:
<br />
<br /> Balance Balance
<br /> July 1,2005 Retirements June 30,2006
<br />Ford Motor Company $ 2,505,543 $ (102,1l3) $ 2,403,430
<br />Argonaut Holding (General Motors) 593,744 (162,563) 431,181
<br />Batarse Family Trust Disposition and Development 390,000 390,000
<br />Amin Concord LLC 210,000 (28,000) 182,000
<br />Total $ 3,699,287 $ (292,676) $ 3,406,611
<br />
<br />· Ford Motor Company Owner Participation Agreement - The agreement requires the Agency to make
<br />annual payments equivalent to 50% of the sales tax generated above a base of $277,000 by the sale of
<br />vehicles as part of the Ford Store San Leandro development. The original amount due was $3,000,000 to
<br />be paid over several years depending on the volume of auto sales at no interest. As of June 30, 2006, the
<br />amount due is $2,403,430.
<br />
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