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REDEVELOPMENT AGENCY OF SAN LEANDRO
<br />NOTES TO TIDE FINANCIAL STATEMENTS
<br />FOR THE YEAR ENDED JUNE 30, 2008
<br />3. LOANS RECEIVABLE
<br />Loans receivable at June 30, 2008 consisted of the following:
<br />Creekside Property Loan
<br />Chamber of Commerce
<br />Commercial Rehab Loans
<br />Bayfair Mall Tax Increment
<br />HIJD Loans to Property Owners
<br />Total loans and notes
<br />Interest on Loans Recievable
<br />Total Interest and Loans
<br />Balance Per Balance Per
<br />Balance Sheet Allowance Statement of
<br />Governmental Funds For Forgivable Net Assets
<br />June 30, 2008 Loans June 30, 2008
<br />$ 1,138,898 $ - $ 1,138,898
<br />25,285 (25,285) -
<br />216,297 (216,297) -
<br />66,604 - 66,604
<br />7,266,535 (484,031) 6,782,504
<br />8,713,G19 (725,613) 7,988,006
<br />344,666 (344,666) -
<br />$ 9,058,285 $ (1,070,279) $ 7,988,006
<br />The Agency loaned the Creekside Property, LLC (Creekside) $1,138,898, the Chamber of Commerce
<br />$25,285, and Merced Street Properties (Merced Street) $150,000, Trina Wallace $51,500, for property
<br />improvements. The outstanding balance net of allowances at June 30, 2008, was $1,138,898. 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, 2008, the Agency was owed, net of allowances, $6,782,504 for loans that were made to City
<br />property owners who meet the IiCTD 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 defer ed 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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