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CITY OF SAN LEANDRO CITY COUNCIL MARINA COMMITTEE July 10, 2007 9:00 a.m. -10:30 a.m. San Leandro City Hall 835 East 14th Street San Leandro, California Sister Cities Gallery Room HIGHLIGHTS Committee Members: Mayor Santos (Chair), Councilmember ProIa, Councilmember Starosciak Ci ty staff present: City Manager J ermanis, Assistant City Manager Hollister, Interim Community Development Director Sims, Public Works Director Bakaldin, Finance Director Baloca, Engineering and Transportation Director Udemezue, Assistant to the City Manager Battenberg, Facilities and Open Space Manager Pollart, Community Relations Representative Ornelas, Marina Supervisor Snodgrass Public present: Audrey Albers, Diana Gentry (Chamber of Commerce), Bo Johanson, Barbara Johnson, Gerd Marggraff, John Manuel, Harold Perez, Jack Smoot, Amy Sylvestri (San Leandro Times) The meeting was called to order at 9: 10 a.m. 1. Review of the Shoreline Enterprise Fund Debt Schedule City Manager Jermanis reported that the Shoreline Enterprise Fund was originally established with the assumption that revenue from the Shoreline area would cover the cost of operations. Unfortunately, operations have historically required City General Fund subsidy. He then introduced Finance Director Baloca who reviewed a summary of the schedule of Shoreline Enterprise Fund debt issued between 1973 and 2006. Director Ba10ca reported that outstanding debt totaled $12.1 million as ofJune 30, 2007. The outstanding debt consists of$9 million in loans from the General Fund and $3.1 million in loans from the California Department of Boating and Waterways. The report, summary schedule, General Fund loan amortization schedule and details regarding the CalBoat loans are attached. In response to Committee comments, City Manager Jermanis explained that Senator Corbett requested forgiveness of the CalBoat loans and learned that although forgiveness is not an option, the loans could be restructured.