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SUMMARY REPORT PURSUANT TO <br /> SECTION 33433 <br /> OF THE <br /> CALIFORNIA COMMUNITY REDEVELOPMENT LAW <br /> ON AN AMENDED AND RESTATED <br /> DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN <br /> THE REDEVELOPMENT AGENCY OF <br /> THE CITY OF SAN LEANDRO <br /> AND <br /> CREEKSIDE ASSOCIATES, LLC <br /> 1. INTRODUCTIOiN <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 sale <br /> or lease agreement from its local le body after a public hearing.. A copy of the proposed <br /> sale or lease agreement and a summary report that describes and contains specific financing <br /> elements of the proposed transaction shall be available for public inspection prior to the public <br /> hearing. As contained in the Code, the following information shall be included in the summary <br /> report: <br /> i. 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 finance <br /> 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 the <br /> Agency, i.e., the reuse value of the site; <br /> 4. An explanation of why the sale or lease of the property will assist in the elimination <br /> of 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 <br /> make during the term of the lease. If the sale price or total rental amount is less than <br /> the fair market value of the interest to be conveyed or leased, determined at the <br /> Keyser Marston Associates, Inc. .Q4o <br /> 19096.0261002- 002.doc Page 1 <br />