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REDEVELOPMENT AGENCY OF SAN LEANDRO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010 8. LONG -TERM OBLIGATIONS (Continued) Bay Fair Mall Debt — (Joint Project Area) On June 15, 1998, the Agency committed $4,000,000 to renovate the Bayfair Mall. This debt with City commitment is at 0% interest and has installments ranging between $200,000 to $400,000 per year over a 15 year period beginning in July 1998. At June 30, 2010, future debt service requirements for the Bay Fair Mall commitment were as follows: For The Year Ending June 30, Principal 2011 $ 250,000 2012 250,000 2013 200,000 Total debt service $ 700,000 HUD 108 Guarantee — (Housing set - aside) In 2000, the Agency received a $1,000,000 20 -year federal loan from Housing and Urban Development, at an interest rate of 5.6% to finance the acquisition and construction of affordable housing for seniors within the City. The loan is secured and payable from the Agency's 20% Housing Set -Aside Fund. The tax increment funds used to repay the loan will be generated from the Cherrywood Development project. At June 30, 2010, future debt services requirements for the HUD 108 Guarantee loan were as follows: For The Year Ending June 30, Principal Interest Total 2011 $ 63,000 $ 6,095 $ 69,095 2012 63,000 11,372 74,372 2013 63,000 10,925 73,925 2014 63,000 10,232 73,232 2015 63,000 9,243 72,243 2016 -2020 307,000 25,026 332,026 Total debt service $ 622,000 $ 72,893 $ 694,893 8. 32