10A Action 2010 0104 - Laserfiche WebLink

Home

CITY OF SAN LEANDRO AND REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO STAFF REPORT DATE: January 4, 2010 TO: Stephen Hollister City ManagerBxecutive Director FROM: Perry Carter Interim Finance Director/Interim Treasurer APPROVED AND FORWARDED TO CITY COUNCIL AND REDEVELOPMENT AGENCY Stephen L. Hollister City Manager/Executive Director SUBJECT: MATTER OF INTERIM LOAN IN SUPPORT OF ISSUANCE OF TAX ALLOCATION BONDS BY THE REDEVELOPMENT AGENCY; AUTHORIZATION TO USE LOW AND MODERATE INCOME HOUSING FUNDS FOR LOW AND MODERATE INCOME HOUSING LOCATED OUTSIDE PROJECT AREAS SUMMARY AND RECOMMENDATION: Staff recommends that the City Council and the Redevelopment Agency Board approve the attached resolutions which provide for an interim loan and use of project area funds in connection with a Tax Allocation Bond issue approved by Council and the Redevelopment Agency Board on December 21, 2009. BACKGROUND/DISCUSSION On December 21, 2009, the City Council and the Redevelopment Agency (the Agency) authorized the issuance of Taxable Tax Allocation Bonds, Series 2010 in an aggregate amount not to exceed $8,500,000; approved and authorized the execution of documents related to the Bonds, authorized the sale of the Bonds and approved an official statement for the Bonds. Repayment of the Bonds will be secured by the funds deposited into the Agency's Low and Moderate-Income Housing Funds for the Alameda County - City of San Leandro Redevelopment Project Area (the "Joint Project Area") and the West San Leandro/Macarthur Boulevard Redevelopment Project (the "WSL Project Area"). The Joint Project Area and the WSL Project Area are referred to herein collectively as the "Project Areas." Also, at that meeting, staff indicated that it would return to Council at its January 4, 2010 meeting to seek authorization of two additional resolutions which were inadvertently left out of the agenda packet which went to Council for the December 21, 2009 meeting. These two resolutions are attached for Council's review and action. The resolutions authorize the use of funds outside of the project area and authorize an interim City loan (if necessary).