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REDEVELOPMENT AGENCY OF SAN LEANDRO
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />FOR THE YEAR ENDED JUNE 30, 2007
<br />8. LONGTERM OBLIGATIONS (Continued)
<br />Bay Fair Mall Debt - (Joint Project Area)
<br />On June 15, 1998, the Agency committed $4,000,000 to renovate the Bayfair Mall. This debt with City
<br />commitment is at 0% interest and has installments ranging between $200,000 to $400,000 per year over a 15
<br />year period beginning in July 1998.
<br />At June 30, 2007, future debt service requirements for the Bayfair Mall commitment were as follows:
<br />For The Year
<br />Ending June 30, Principal
<br />2008 $ 300,000
<br />2009 250,000
<br />2010 250,000
<br />2011 250,000
<br />2012 250,000
<br />2013 250,000
<br />Total debt service $ 1,550,000
<br />HLTD 108 Guarantee-(Horsing set-aside)
<br />In 2000, the Agency received a $1,000,000 20-year federal loan from Housing and Urban Development, at
<br />an interest rate of 5.6% to finance the acquisition and construction of affordable housing for seniors within
<br />the City. The loan is secured and payable from the Agency's 20% Housing Set-Aside Fund. The tax
<br />increment funds used to repay the loan will be generated from the Cherrywood Development project.
<br />At June 30, 2007, fixture debt services requirements for the HUD 108 Guarantee loan were as follows:
<br />For The Year
<br />Ending June 30; Principal _
<br />2008 $ 63,000 $
<br />2009
<br />2010
<br />2011
<br />2012
<br />2013-2017
<br />2018-2020
<br />63,000
<br />63,000
<br />63,000
<br />63,000
<br />315,000
<br />181,000
<br />Interest Total
<br />59,564 $ 122,564
<br />55,016 118,016
<br />50,475 113,475
<br />45,861 108,861
<br />41,153 104,153
<br />133,184 448,184
<br />20,925 201,925
<br />Total debt service $ 811,000 406,178 $ 1,217,178
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