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ROI for The Alameda at San Leandro Crossings -2- April 6, 2009 <br />allocation bond to obtain the $9.I million (less the amount of Set Aside Funds that the Agency <br />determines it will have available to directly fund Bridge Housing). <br />U. S. Income Tax Regulations generally provide that proceeds oftax-exempt debt can be used to <br />reimburse costs expended prior to the date of issue. The Agency can declare its intention to <br />reimburse such expenditures and meet the requirements of the Regulations. To date, the <br />Agency's estimated maximum principal amount of any financing or borrowing capacity is $40 <br />million, which enables the Agency to issue both its own bond for up to $9.1 million (net <br />financing costs) and Bridge Housing's tax exempt bond (upon request only by Bridge Housing). <br />The resolution is non-binding to the extent that the Agency is not required to go forward with <br />debt financing. The adoption of the resolution will permit the Agency to reimburse itself from <br />the proceeds of future tax exempt financing for expenditures made in advance of the issuance of <br />the financing. Agency staff will present to Agency Board/City Council for review and approval <br />at a later date the actual bond financing amount to be issued, the bond repayment schedule, and <br />estimated fmancing costs prior to submittal of a bond issuance application to CDLAC. <br />Current Redevelopment Agency Policy <br />The Redevelopment Agency of the City of San Leandro reviews and approves any indebtedness <br />to be incurred by the RDA. <br />Previous City Council Action(s) <br />N/A <br />Redevelopment Agency Committee Review and Action <br />N/A <br />Applicable General Plan Policy <br />N/A <br />Permits and/or Variances Granted <br />N/A <br />Environmental Review <br />N/A <br />Code Compliance Review <br />N/A <br />Board/Commission Findings <br />N/A <br />Summary Of Public Outreach Efforts <br />N/A <br />Fiscal Impact <br />N/A <br />