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CITY COUNCIL FINANCE COMMITTEE <br />May 18, 2010 <br />4:00 p.m. - 5:30 p.m. <br />San Leandro City Hall <br />835 East 14th Street <br />San Leandro, California <br />(Sister Cities Gallery) <br />HIGHLIGHTS <br />Committee Members: Mayor Santos, Councilmember Prola, Councilmember Souza <br />City Staff Present: City Manager Hollister, Assistant City Manager Marshall, Interim Finance <br />Director Carter, Business Development Manager Battenberg, Assistant to <br />the City Manager Diaz, Deputy Finance Director Rodriguez, Budget and <br />Compliance Manager Perini, Administrative Analyst I Kay, Sr. <br />Accountant Galvin <br />Public Present: Bob Leigh, Corina Lopez <br />The meeting was called to order at 4:00 p.m. <br />1. Update on State Supplemental Educational Revenue Augmentation Fund (SERAF) <br />Take from the Redevelopment Agency <br />Business Development Manager Battenberg updated the Committee that on May 10, 2010, the <br />Redevelopment Agency (RDA) made the Supplemental Educational Revenue Augmentation <br />Fund (SERAF) payment of $4.3 million after a judgment in favor of the State. The California <br />Redevelopment Association (CRA) filed an appeal. She further reported that the Joint Project <br />Area was unable to cover its entire allocation, and that loan documents fora $700,000 loan from <br />the West San Leandro Project Area to the Joint Project Area would be forthcoming to the City <br />Council. <br />Payment of this State take affects the RDA's ability to make further accelerated principal <br />payments on a General Fund loan and may impact projects such as development of Town Hall <br />Square and Albertsons, undergrounding utilities on East 14th Street, the Triangle, Eden Road and <br />possibly the Estudillo/Callan parking garage. <br />The FY 2010-11 budget included the required SERAF payment of $875k therefore no changes <br />are recommended to next year's budget. <br />