10A Action 2008 0602 Attach - Preliminary Official Statement

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THE AGENCY AND THE PROJECT AREA Authority and Personnel The Agency was created on October 17, 1960 with the adoption of an Ordinance by the City Council pursuant to the Redevelopment Law, and the City Council then designated itself as the governing board of the Agency. The City Manager serves as Executive Director of the Agency. The Agency is charged with the authority and responsibility of redeveloping and upgrading blighted areas of the City. The Agency is a separate public body and exercises governmental functions in planning and carrying out redevelopment projects. The Agency can build public improvements, facilitate the development of on and off-site improvements for private development projects, acquire and re-sell property, and provide services of special benefit to the Project Area. All powers of the Agency are vested in its seven members. Members of the Board of the Agency and their term of office are shown below: Member Term Expiration Anthony B. "Tony" Santos, Chair December 2010 Michael J. Gregory, Member- District 1 December 2010 Surlene G. Grant, Member- District 2 December 2008 Diana M. Souza, Member- District 3 December 2010 Joyce R. Starosciak, Member- District 4 December 2008 Bill Stephens, Member- District 5 December 2010 Jim Prola, Member- District 6 December 2008 The Agency has three redevelopment project areas: • West San Leandro/MacArthur Boulevard Redevelopment Project Area, located in the City's industrial core and comprised of approximately 1,030 acres; • Plaza Redevelopment Project, a 155-acre project area that was merged in 2000, largely comprised of commercial and residential properties in the downtown area of the City; and • Alameda County-City of San Leandro Redevelopment Project Area, described herein. Agency Administration The Agency adopts an appropriated budget annually which is approved by the City Council. A portion of salaries and benefits of certain City staff members are budgeted and paid for by the Agency. The Agency funds administrative costs out of advances made by the City for such purpose and repays the City advances out of available tax increment revenues. The City Manager is appointed by the City Council to administer the City's staff and generally implement policies established by the City Council. The Redevelopment Law requires redevelopment agencies to have an independent financial audit conducted each year. The financial audit is also required to include an opinion of the Agency's compliance with laws, regulations and administrative requirements governing activities of the Agency. Caporicci & Larson, LLP, Oakland, California, audited the financial statements of the Agency for the fiscal year ended June 30, 2007. The firm's examination was made in accordance with generally accepted auditing standards. The City and the Agency follow fund accounting principles reflecting the modified accrual basis of accounting in which revenue is recognized when earned -13-