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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 />Owner Participation Agreements <br />The Agency has entered into the following agreement which have a contingency liability to the Agency: <br />Ford Motor Company <br />Argonaut Holding (General Motors) <br />Batarse Family Trust Disposition & Development <br />Total <br />Balance Balance <br />June 30, 2007 Retirements June 30, 2008 <br />$ 2,296,260 $ (62,096) $ 2,234,164 <br />253,760 (164,218) 89,542 <br />390,000 - 390,000 <br />$ 2,940,020 $ (226,314) $ 2,7]3,706 <br />^ Ford Motor Compariy Owner Participation Agreeme~:t -The agreement requires the Agency to make <br />annual payments equivalent to 50% of the sales tax generated above a base of $277,000 by the sale of <br />vehicles as part of the Ford Store San Leandro development. The original amount due was $3,000,000 to <br />be paid over several years depending on the volume of auto sales at no interest. As of June 30, 2008, the <br />amount due is $2,234,164. <br />^ Argonaut Holding (General Motors) Owner Participation Agreeme~et -The agreement requires the <br />Agency to make annual payments equivalent to 50% of the sales tax generated by the sale of vehicles as <br />part of the GM/Pontiac GMC development. The original amount due was $$85,000 to be paid over <br />several years dependmg on the volume of auto sales as no interest. As of June 30, 2008, the amount due <br />is $84,542. <br />Bartarse Family Trust Dispositio~e a~td Development Agreement -The agreement requires the Agency <br />to make annual payments equivalent to 50% of the sales tax generated by the sale of vehicles as part of <br />. the a proposed new car dealership. The original amount due was $390,000 to be paid over several years <br />depending on the volume of auto sales at no interest. As of June 30, 2008, the amount due is $390,000. <br />31 <br />