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REDEVELOPMENT AGENCY OF SAN LEANDRO
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />FOR THE YEAR ENDED JUNE 30, 2010
<br />3. LOANS RECEIVABLE
<br />Loans receivable at June 30, 2010 consisted of the following:
<br />Creekside Property Loan
<br />Merced Street Properties
<br />Commercial Rehab Loans
<br />American Baptist Homes
<br />Estabrook Senior Housing
<br />Eden Housing
<br />Citizens Housing Corporation
<br />Loans to Property Owners
<br />Total loans and notes
<br />Interest on Loans Receivable
<br />Total Interest and Loans
<br />Balance Per Balance Per
<br />Balance Sheet Allowance Statement of
<br />Governmental Funds For Forgivable Net Assets
<br />June 30, 2010 Loans June 30, 2010
<br />$ 903,045 $ - $ 903,045
<br />150,000 (150,000) -
<br />334,545 (334,545) -
<br />1,887,538 - 1,887,538
<br />1,978,000 - 1,978,000
<br />1,226,000 (550,000) 676,000
<br />300,000 - 300,000
<br />2,827,979 (136,560) 2,691,419
<br />9,607,107 (1,171,105) 8,436,002
<br />470,789 (470,789)
<br />$ 10,077,896 $ (1,641,894) $ 8,436,002
<br />Redevelopment Agency Capital Projects Funds were owed $1,387,590 at June 30, 2010 which includes (1) a
<br />loan made to J.T. Lawrence and Creekside Associates, LLC for the development of Creekside Plaza Garage
<br />and Restaurant; (2) a loan made to Merced Street Properties for property improvements; and (3) other
<br />commercial rehab loans for property improvements. The outstanding balance net of allowances at June 30,
<br />2010, was $903,045. The Agency has agreed to forgive a portion of the loans if certain conditions outlined
<br />in the agreement are satisfied. Because the loans do not meet the Agency's availability criteria for revenue
<br />recognition, the Agency has deferred the revenue related to these loans. Revenues are recognized in the year
<br />of payment. Loans are secured by trust deeds.
<br />At June 30, 2010, the Agency, in its Low and Moderate Housing Capital Projects Funds, was owed
<br />$8,690,306 which includes (1) a loan made to American Baptist Homes; (2) a loan made to Estabrook Senior
<br />Housing; (3) a loan made to Eden Housing, Inc.; (4) a loan made to Citizens Housing Corporation; and (5)
<br />loans that were made to City property owners who meet the HUD requirements for financial assistance for
<br />property improvements and first time home buyer loans. The outstanding balance net of allowances at June
<br />30, 2010, was $7,532,957. The Agency has agreed to forgive a portion of the loans if certain conditions
<br />outlined in the agreement are satisfied. Because the loans do not meet the Agency's available criteria for
<br />revenue recognition, the Agency has deferred the revenue related to these loans. Revenues are recognized in
<br />the year of repayment. Loans are secured by trust deeds.
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