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PRELIMINARY OFFICIAL STATEMENT DATED , 2009
<br />NEW ISSUE- FULL BOOK ENTRY RATINGS: S8~P: " "
<br />In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, Califomia, Bond Counsel, subject, however to certain
<br />qualifications described herein, under existing law, the interest on the 2010 Bonds is exempt from Califomia personal income taxes. Interest
<br />on the 2010 Bonds is included in gross income for federal income tax purposes. See "TAX MATTERS" herein.
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<br />Redevelopment Agency of the City of San Leandro
<br />Taxable Tax Allocation Housing Bonds
<br />Series 2010
<br />Dated: Date of Delivery Due: September 1, as shown below
<br />The Redevelopment Agency of the City of San Leandro, Taxable Tax Allocation Housing Bonds, Series 2010 (the "2010 Bonds") are
<br />being issued by the Redevelopment Agency of the City of San Leandro (the "Agency") pursuant to the California Community Redevelopment
<br />Law, constituting Part 1, Division 24 (commencing with Section 33000) of the California Health and Safety Code (the "Redevelopment LavW')
<br />and an Indenture of Trust, dated as of January 1, 2010 (the "Indenture"). The 2010 Bonds are being issued to fund housing redevelopment
<br />activities of benefit to the Agency's Alameda County -City of San Leandro Redevelopment Project Area and the West San
<br />LeandrolMacArthur Boulevard Redevelopment Project Area (together, the "Project Areas").
<br />The 2010 Bonds will be delivered as fully registered bonds, registered in the name of Cede 8 Co. as nominee of The Depository Trust
<br />Company, New York, New York ("DTC"), and will be available to ultimate purchasers ("Beneficial Owners") in the denomination of $5,000 or
<br />any integral multiple thereof, under the book-entry system maintained by DTC. Beneficial Owners will not be entitled to receive delivery of
<br />certificates representing their ownership interest in the 2010 Bonds. Interest on the 2010 Bonds is payable on March 1 and September 1 of
<br />each year, commencing September 1, 2010 by U.S. Bank National Association, San Francisco, California, as trustee (the "Trustee"), to DTC
<br />for subsequent disbursement to DTC participants, so long as DTC or its nominee remains the registered owner of the 2010 Bonds.
<br />The 2010 Bonds are subject to optional and mandatory redemption prior to their maturity under certain conditions described herein.
<br />The 2010 Bonds are special obligations of the Agency and are payable from Housing Tax Revenues (as defined herein) consisting
<br />primarily of the housing set-aside portion of the tax increment derived from property in the Project Areas and allocated to the Agency pursuant
<br />to the Redevelopment Law. No funds or properties of the Agency, other than the Housing Tax Revenues are pledged to secure the 2010
<br />Bonds. See "SECURITY FOR THE BONDS." The receipt of Housing Tax Revenues is subject to certain risks and limitations. See "RISK
<br />FACTORS" and "LIMITATIONS ON HOUSING TAX REVENUES" herein.
<br />THE 2010 BONDS ARE NOT A DEBT, LIABILITY OR OBLIGATION OF THE CITY OF SAN LEANDRO, THE STATE OF
<br />CALIFORNIA, OR ANY OF ITS POLITICAL SUBDIVISIONS OTHER THAN THE AGENCY, AND NEITHER THE CITY, THE STATE NOR
<br />ANY OF ITS POLITICAL SUBDIVISIONS, OTHER THAN THE AGENCY, IS LIABLE THEREFOR. THE PRINCIPAL OF, PREMIUM, IF
<br />ANY, AND INTEREST ON THE 2010 BONDS ARE PAYABLE SOLELY FROM HOUSING TAX REVENUES ALLOCATED TO THE
<br />AGENCY FROM THE PROJECT AREAS AND AMOUNTS IN CERTAIN FUNDS AND ACCOUNTS HELD UNDER THE INDENTURE.
<br />NEITHER THE AGENCY, THE CITY NOR ANY PERSONS EXECUTING THE 2010 BONDS ARE LIABLE PERSONALLY ON THE 2010
<br />BONDS BY REASON OF THEIR ISSUANCE.
<br />This cover page contains certain information for quick reference only. It is not intended to be a summary of all factors relating to an
<br />investment in the 2010 Bonds. Investors should review the entire Official Statement before making any investment decision.
<br />MATURITY SCHEDULE
<br />Maturity Principal Interest Price CUSIP: Maturity Principal Interest Price CUSIP:
<br />(September l) Amount Rate or Yield ~~ (September 1) Amount Rate or Yield (~
<br />$ _% Term Bonds due September 1, 20_ Price: %; CUSIP
<br />(The 2010 Bonds (were sold pursuant to a competitive sale on , 2010.] The Bonds are offered when, as and if delivered
<br />and received by the Underwriter, subject to the approval as to their legality by Jones Hall, A Professional Law Corporation, San Francisco,
<br />Califomia, Bond Counsel. Jones Hall is also serving as Disclosure Counsel. Certain legal matters will be passed upon for the Agency by
<br />Meyers Nave, Oakland, Califomia, as Agency Counsel. It is anticipated that the 2010 Bonds will be available for delivery to DTC on or about
<br />2010.
<br />Dated: , 2010
<br />* Preliminary, subject to change.
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