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REDEVELOPMENT AGENCY OF SAN LEANDRO
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />FOR THE YEAR ENDED JUNE 30, 2007
<br />3. LOANS RECENABLE
<br />Loans receivable at June 30, 2007, consisted of the following:
<br />Creekside Property Loan
<br />Chamber of Commerce
<br />Commercial Rehab Loans
<br />Business Loans
<br />HUD Loans to Property Owners
<br />Total loans and notes
<br />Interest on Loans Recievable
<br />Total Interest and Loans
<br />Balance Per
<br />Balance Sheet Allowance
<br />Governmental Funds For Forgivable
<br />June 30, 2007 Loans _
<br />$ 1,246,698 $ - $
<br />5,285 (5,285)
<br />200,000 (200,000)
<br />Balance Per
<br />Statement of
<br />Net Assets
<br />June 30, 2007
<br />1,246,698
<br />89,823 - 89,523
<br />4,884,121 (828,697) 4,055,424
<br />6,425,927 (1,033,982) 5,391,945
<br />293,588 (293,588) -
<br />$ 6,719,515 $ (1,327,570) $ 5,391,945
<br />The Agency loaned the Creekside Property, LLC (Creekside) $1,246,698, the Chamber of Commerce
<br />$5,285, Merced Street Properties (Merced Street) $150,000, and Trina Wallace $50,000, for property
<br />improvements. The outstanding balance net of allowances at June 30, 2007, was $1,246,698. The Agency
<br />has agreed to forgive a portion of the loan if certain conditions outlined in the agreement are satisfied
<br />Because the loans do not meet the Agency's availability criteria for revenue recognition, the Agency has
<br />deferred the revenue related to these loans. Revenues are recognized in the year of payment. Loans are
<br />secured by trust deeds.
<br />At June 30, 2007, the Agency was owed, net of allowances, $4,055,424 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 are secured by trust deeds.
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