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CITY OF SAN LEANDRO <br /> APPROVED AND <br /> REDEVELOPMENT AGENCY FORWARDED <br /> TO REDEVELOPMENT <br /> STAFF REPORT AGENCY <br /> ep en L. Hollister <br /> Executive Director <br /> DATE: March 7, 2011 <br /> TO: Stephen L. Hollister, Executive Director <br /> FROM: Luke Sims, Community Development Directors!) <br /> VIA: Cynthia Battenberg, Business Development Manager <br /> BY: Jeff Kay, Business Development Analyst 4v <br /> SUBJECT PROJECT /PROJECT DESCRIPTION: <br /> MATTER OF A RESOLUTION AUTHORIZING AN APPROPRIATION IN THE AMOUNT <br /> OF S2,I37,273.49 FROM THE PLAZA PROJECT AREA TO FUND REPAYMENT OF THE <br /> PLAZA GENERAL FUND LOAN <br /> SUMMARY AND RECOMMENDATION <br /> The City of San Leandro previously advanced 52,887,617 to the Redevelopment Agency secured <br /> by a Promissory Note executed on December 5, 2002. The loan was memorialized via <br /> Redevelopment Agency Resolution 2004-011 RDA. Due to the prospect of State legislation that <br /> might require the Agency to remit its fund balance to the County Auditor Controller on July 1, <br /> 2011 for redistribution to various taxing entities, staff recommends that the Agency pay the full <br /> balance on that loan at this time. <br /> Given the uncertainty surrounding potential State legislation, this action is deemed necessary to <br /> protect City and Agency assets. If the State ultimately abandons efforts to eliminate <br /> redevelopment, this payment would leave the Agency without sufficient funds to continue <br /> planned operations. Accordingly, these funds should not be considered as being available for <br /> General Fund expenditures at this time. <br /> Staff recommends approval of a resolution authorizing an appropriation in the amount of <br /> S2,137,273.49 from the Plaza Project Area to be used to make a payment against the full <br /> principal of the Plaza General fund loan. <br />