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SUMMARY REPORT PURSUANT TO SECTION 33433 <br />OF THE <br />CALIFORNIA COMMUNITY REDEVELOPMENT PLAN <br />ON A <br />DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN <br />THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br />AND <br />THE BATARSE FAMILY TRUST, U.T.A., ANTHONY A. BATARSE, TRUSTEE <br />I. INTRODUCTION <br />The California Health and Safety Code, Section 33433, requires that if a redevelopment agency <br />wishes to sell or lease property to which it holds title and if that property was acquired in whole or <br />in part with property tax increment funds, the agency must first secure approval of the proposed <br />sale or lease agreement from its local legislative body after a public hearing. A copy of the <br />proposed sale or lease agreement and a summary report that describes and contains specific <br />financing elements of the proposed transactions shall be available for public inspection prior to the <br />public hearing. As contained in the Code, the following information shall be included in the <br />summary report: <br />The cost of the agreement to the redevelopment agency, including land acquisition <br />costs, clearance costs, relocation costs, the costs of any improvements to be <br />provided by the agency, plus the expected interest on any loans or bonds to <br />finance the agreement; <br />2. The estimated value of the interest to be conveyed or leased, determined at the <br />highest and best use permitted under the redevelopment plan; <br />3. The estimated value of the interest to be conveyed in accordance with the uses, <br />covenants, and development costs required under the proposed agreement with <br />the Agency, i.e., the reuse value of the property; <br />Conley Consulting Group Page 1 of 12 <br />9-9 Batarse Site 33433 10300.002 v5 <br />