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SUMMARY REPORT PURSUANT TO <br />SECTION 33433 <br />OF THE <br />CALIFORNIA COMMUNITY REDEVELOPMENT LAW <br />ON <br />THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN <br />THE REDEVELOPMENT AGENCY OF <br />THE CITY OF SAN LEANDRO <br />AND <br />AMERICAN BAPTIST HOMES OF THE WEST <br />I. INTRODUCTION <br />The California Health and Safety Code, Section 33433, requires that if a redevelopment agency wishes to sell <br />or lease property to which it holds title and if that property was acquired in whole or in part with property tax <br />increment funds, the agency must first secure approval of the proposed sale or lease agreement from its local <br />legislative body after a public hearing. A copy of the proposed sale or lease agreement and a summary report <br />that describes and contains specific financing elements of the proposed transaction shall be available for <br />public inspection prior to the public hearing. As contained in the Code, the following information shall be <br />included in the summary report: <br />The cost of the agreement to the redevelopment agency, including land acquisition costs, <br />the costs of any improvements to be provided by the agency, plus the expected interest on <br />any loans or bonds to finance the agreement; <br />2. The estimated value of the interest to be conveyed or leased, determined at the highest and <br />best use permitted under the redevelopment plan; <br />The estimated value of the interest to be conveyed in accordance with the uses, covenants, <br />and development costs required under the proposed agreement with the Agency, i.e., the <br />reuse value of the site; <br />4. An explanation of why the sale or lease of the property will assist in the elimination of <br />blight, as required by Section 33433; and <br />5. The purchase price or sum of the lease payments which the lessor will be required to make <br />during the term of the lease. If the sale price or total rental amount is less than the fair <br />market value of the interest to be conveyed or leased, determined at the highest and best use <br />consistent with the redevelopment plan, then the agency shall provide as part of the <br />summary an explanation of the reasons for the difference. <br />001-001.doc Keyser Marston Associates, Inc. <br />19096.023 Page 1 <br />