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ALAMEDA COUNTY REDEVELOPMENT AGENCY - 5AN LEANDRO JOINT PROJECT AREA NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2008 NOTE 1: ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES A. Reporting Entity The Board of Supervisors of the County of Alameda, acting pursuant to the provisions of the Community Redevelopment Law (codified at Health and Safety Code Sections 33000, et seq.), and by ordinance no. 656 issued October 3, 1961 reactivated the Agency in December 1999. The Agency is charged with the goal of eliminating blight within designated geographic areas through the process of redevelopment. Redevelopment activity is financed by secured and unsecured taxes collected in designated project areas that would go to other taxing entities in the absence of redevelopment. This allocation, known as tax increment revenue, is pursuant to State law. The assessed valuation (base roll) of a project area prior to redevelopment is established. Thereafter, any increases in assessed valuation over the base roll are remitted to the Agency. Of that amount 20 percent must be set-aside in a special revenue fund to be used for the purposes of increasing, improving and preserving low- and moderate-income housing. The remaining funds are used to finance capital projects, to pay debt of the Agency, statutory pass-throughs, and any agreements with other taxing entities. The Agency Board, also known as the Board of Directors, is composed of members of the Board of Supervisors of the County of Alameda as that body is constituted. The Agency Board exercises all rights, powers, duties and privileges of the Agency in carrying out redevelopment activities. The Executive Director of the Agency is the Director of the Community Development Agency. The Executive Director has general supervision over the administration of Agency business and operations, subject to the direction of the Board of Directors. The County Counsel serves as General Counsel of the Agency. As of July 1, 2001 the Agency regained its redevelopment authority for the County portion of the Alameda County-San Leandro Joint Redevelopment Project Area from the City of San Leandro. However, the City Agency is responsible to (a) prepare and file all reports, statements, and documents required by the Community Redevelopment Law; and (b) administer and expend the general activity funds in accordance with the terms of joint agreement, the Redevelopment Plan and the Community Redevelopment Law. The Agency's basic financial statements reflect the activities of the County's portion of the Joint Project Area. The Agency is authorized to finance redevelopment activities through various sources, including assistance from the County, State, Federal Agencies, incremental property taxes, interest income, and the issuance of notes and bonds. 20