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REDEVELOPMENT AGENCY OF SAN LEANDRO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2006 8. LONG-TERM OBLIGATIONS (Continued) · Argonaut Holding (General Motors) OWner Participation Agreement - The agreement requires the Agency to make annual payments equivalent to 50% of the sales tax generated by the sale of vehicles as part of the Gl'vVPontiac GMC dcvelopment. The original amount due was $885,000 to be paid over several years depending on the volume of auto sales as no interest. As of June 30, 2006, the amount due is $431,181. · Bartarse Family Trust Di~posltion and Development Agreement - The agreement requires the Agency to make annual payments equivalent to 50% of the sales tax generated by the sale of vehicles as part of the a proposed new car dealership. The original amount due was $390,000 to be paid over several years depending on the volume of auto sales at no interest. As of June 30, 2006, the amount due is $390,000. · Amin Concord LLC Owner Participation Agreement - The agreement requires the Agency to make 15 annual payments of $14,000 commencing in fiscal year 2003-2004 totaling $182,000, for architectural uPb'fades and additional landscaping improvements. As of June 30, 2006, the amount due is $182,000. 9. EXCESS SURPI..US REQUIREMENTS As part of AB 1290, effective January 1, 1995, the Agency is required to report any "excess surplus" to the Federal Department of Housing and Community Development. An excess surplus exists for a fiscal year if the unencumbered balance at year-end in the Agency's Low and Moderate Income Housing Fund exceeds the greater of $1 million or the aggregate amount of tax increment revenue deposited into this fund during the preceding four fiscal years. If any excess surplus is not spent or encumbered within three years, it must be transferred to the County's housing authority. 'lile Agency did not have any excess surplus housing funds for the fiscal year ended June 30, 2006, based upon calculations performed by the Agency's managemcnt. 10 JOINT PROJECT AREA AGREEMENT Effective July 2001, the Alameda County Redevelopment Agency took over the development and management responsibility of their portion of the Joint Project Area. The Agency's basic financial statements does not reflect the gross tax increment payments made to the County for their portion of the Joint Project Area, pursuant to the agreement between the Agency and the County. The County's share of the Joint Project Area tax increment is disbursed to them by the City. The County accounts for the gross tax increment payments and associated expenses in its basic financial statements that are audited by its independent auditors in conformance with state requirements. Since administrative responsibility lies with the City, the City produces one comprehensive basic financial statement and State Controller's Report for the Joint Project Area. The County's basic financial statements and other related reports for its area arc available at the County's Office for further review by the public upon notice. 31