|
REDEVELOPMENT AGENCY OF SAN LEANDRO
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />FOR THE YEAR ENDED JUNE 30, 2010
<br />LONG -TERM OBLIGATIONS (Continued)
<br />Financing Agreement with San Leandro Unified School District
<br />In February 2009, the City of San Leandro (City) entered into a joint use agreement with the San Leandro
<br />Unified School District which provides for the City use of the 9th grade gymnasium during non - school hours
<br />and the Agency agreed to provide for financial contribution to the project in the amount of $2,170,800 with
<br />no interest payable by June 30, 2014. During the fiscal year ended June 30, 2010, annual payments for the
<br />2009 -10 and 2010 -11 fiscal years were reduced from $327,072 to $160,000 as a consequence of the State
<br />SERAF requirement, consistent with the terms of the financing agreement between the Agency and the
<br />school district. Assuming no additional payments are required by the State in subsequent years, the term of
<br />the agreement will be extended with two years of additional payments at $167,072 per year.
<br />For The Year
<br />Ending June 30, Principal
<br />2011
<br />$ 160,000
<br />2012
<br />327,072
<br />2013
<br />327,072
<br />2014
<br />327,072
<br />2015
<br />167,072
<br />2016
<br />167,072
<br />Total debt service
<br />$ 1,475,360
<br />Owner Participation Agreements
<br />The Agency has entered into the following agreement which have a contingency liability to the Agency:
<br />Balance Balance
<br />■ Ford Motor Company Owner Participation Agreement — The agreement requires the Agency to make
<br />annual payments equivalent to 50% of the sales tax generated above a base of $277,000 by the sale of
<br />vehicles as part of the Ford Store San Leandro development. The original amount due was $3,000,000 to
<br />be paid over several years depending on the volume of auto sales at no interest. As of June 30, 2010, the
<br />amount due is $2,131,844.
<br />■ Bartarse Family Trust Disposition and Development Agreement — The agreement requires the Agency
<br />to make annual payments equivalent to 50% of the sales tax generated by the sale of vehicles as part of
<br />33
<br />June 30, 2009
<br />Retirements
<br />June 30, 2010
<br />Ford Motor Company
<br />$ 2,165,859
<br />$ (34,015)
<br />$ 2,131,844
<br />Batarse Family Trust Disposition &
<br />Development
<br />390,000
<br />(8,211)
<br />381,789
<br />Total
<br />$ 2,555,859
<br />$ (42,226)
<br />$ 2,513,633
<br />■ Ford Motor Company Owner Participation Agreement — The agreement requires the Agency to make
<br />annual payments equivalent to 50% of the sales tax generated above a base of $277,000 by the sale of
<br />vehicles as part of the Ford Store San Leandro development. The original amount due was $3,000,000 to
<br />be paid over several years depending on the volume of auto sales at no interest. As of June 30, 2010, the
<br />amount due is $2,131,844.
<br />■ Bartarse Family Trust Disposition and Development Agreement — The agreement requires the Agency
<br />to make annual payments equivalent to 50% of the sales tax generated by the sale of vehicles as part of
<br />33
<br />
|