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REDEVELOPMENT AGENCY OF SAN LEANDRO
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />FOR THE YEAR ENDED JUNE 30, 2008
<br />8. LONG-TERM OBLIGATIONS (Continued)
<br />Bay Fair Mal! 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 duly 1998.
<br />At June 30, 2008, future debt service requirements for the Bayfair Mall commitment were as follows:
<br />For The Year
<br />Ending June 30, Principal
<br />2009 $ 250,000
<br />2010 250,000
<br />2011 250,000
<br />2012 250,000
<br />2013 200,000
<br />Total debt service $ 1,200,000
<br />HUD 108 Guarantee -(Housing 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 Ioan 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, 2008, future debt services requirements for the HUD 108 Guarantee loan were as follows:
<br />For The Year
<br />Ending June 30, Principal Interest Total
<br />2009 $ 63,000 $ SS,OI6 $ 118,016
<br />2010 63,000 50,475 113,475
<br />2011 63,000 45,861 108,861
<br />2012 63,000 41,153 104,153
<br />2013 63,000 36,382 99,382
<br />2014-2018 315,000 108,664 423,664
<br />2019-2020 118,000 9,063 127,063
<br />
<br />Total debt service $ 748,000 $ 346,614 $ 1,094,614
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