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SAN L FAN DRO REDEVELOPMENT AGENCY Notes to the Financial Statements For the Year Ended June 30, 2011 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. General The, Redevelopment Agency of the City of San Leandro (Agency) is a. separate governmental entity established pursuant to the provisions of Section 33200 of the State of California Health and Safety Code and applicable statutes, for the purposes of redeveloping certain areas of the City to stimulate and attract private investment and to eliminate physical or economic blight. The Agency administers three RedevelopmentProject Areas. + Plaza (Nlerted Plaza I and Plaza f1[) Project Areas consist of the Downtown Plaza Shopping Center and adjoining commercial Plaza Project business and includes a large surface public parking facility, the Callan Parking Garage, several large office complexes .including the Creek-side Office Park, and the Costco Development. • Alameda County — City of San Leandro Project Area is also known as the "Joint" Project Area. Major elements of this project area include a portion of the Bayfair Mall Shopping Center, the Marina Auto Mall, the Cherrywood residential development, and much of the E.14th Street commercial corridor. West San Leandro/MacArthur Project Area a recently formed project area, the plan. includes a major streetscape improvement and commercial revitalization effort on MacArthur Boulevard, the Airport Gateway Projects, and various economic development initiatives in the West San Leandro industrial area. Funds for redevelopment have been generated from various sources, including the issuance of tax allocation bonds, incremental property taxes and fiends provided by the City of San Leandro (City). The Agency is authorized to finance its activities within each project area from various sources, including assistance from the City, the State and Federal governments, property tax increments, interest income and the .issuance of Agency notes and bonds. The Agency is an integral part of the City and accordingly, the accompanying component unit financial statements are included as a blended component unit of the general purpose financial statements prepared by the City. A component unit is a separate government unit, agency or nonprofit .corporation which, when combined with all other component units, constitutes the reporting entity as defined in the City's basic financial statements. B. Basis of Presentation The Agency's Basic Component Unit Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America. The Governmental Accounting Standards Board is the acknowledged standard setting body for establishing governmental accounting and financial reporting standards in the U.S.A. Agency -wide Statements: The Statement of Net Assets and the Statement of Activities include the financial activities of the overall Agency, All significant interfund activity has been eliminated. 29