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SAN LEANDRO REDEVELOPMENT AGENCY
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2011
<br />NOTE 2 — CASH AND INVESTMENTS (Continued)
<br />The Agency does not have specific cash or investment accounts. See the City's Comprehensive
<br />Annual Financial Report for disclosures related to cash and investments and the related custodial risk
<br />categorization, as prescribed by Governmental Accounting Standards Boards Statement No. 40.
<br />NOTE 3 — LOANS RECEIVABLE
<br />Loans receivable at June 30, 2011 consisted of the following:
<br />Redevelopment Agency Capital Projects Funds were owed $1,089,275 at June 30, 2011, which
<br />includes (1) a loan made to J.T. Lawrence and Creekside Associates, LLC for the development of
<br />Creekside Plaza Garage and Restaurant; (2) a loan made to Merced Street Properties for property
<br />improvements; and (3) other commercial rehab loans for property improvements. The outstanding
<br />balance net of allowances at June 30, 2011, was $582,935. The Agency has agreed to forgive a
<br />portion of the loans if certain conditions outlined in the agreement are satisfied. Because the loans do
<br />not meet the Agency's availability criteria for revenue recognition, the Agency has deferred the
<br />revenue related to these loans. Revenues are recognized in the year of payment. Loans are secured by
<br />trust deeds.
<br />At June 30, 2011, the Agency, in its Low and Moderate Housing Capital Projects Funds, was owed
<br />$9,019,731 which includes (1) a loan made to American Baptist Homes; (2) a loan made to Estabrook
<br />Senior Housing; (3) a loan made to Eden Housing, Inc.; (4) a loan made to Citizens Housing
<br />Corporation; and (5) loans that were made to City property owners who meet the HUD requirements
<br />for financial assistance for property improvements, first time home buyer loans; and accrued interest
<br />receivable. The outstanding balance net of allowances at June 30, 2011, was $7,831,835. The Agency
<br />has agreed to forgive a portion of the loans if certain conditions outlined in the agreement are
<br />satisfied. Because the loans do not meet the Agency's available criteria for revenue recognition, the
<br />Agency has deferred the revenue related to these loans. Revenues are recognized in the year of
<br />repayment. Loans are secured by trust deeds.
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<br />Governmental
<br />Allowance
<br />Statement of
<br />Funds
<br />For
<br />Net Assets
<br />Balance Sheet
<br />Forgievable
<br />Balance Sheet
<br />June 30, 2011
<br />Loans
<br />June 30, 2011
<br />Creekside Property Loan
<br />$582,935
<br />$582,935
<br />Merced Street Properties
<br />150,000
<br />($150,000)
<br />Commercial Rehab Loans
<br />356,340
<br />(356,340)
<br />American Baptist Homes
<br />1,887,538
<br />1,887,538
<br />Estabrook Senior Housing
<br />1,978,000
<br />1,978,000
<br />Eden Housing
<br />1,226,000
<br />(550,000)
<br />676,000
<br />Citizens Housing Corporation
<br />300,000
<br />300,000
<br />Loans to Property Owners
<br />3,105,090
<br />(114,793)
<br />2,990,297
<br />Total loans and notes
<br />$9,585,903
<br />($1,171,133)
<br />$8,414,770
<br />Interest on Loans Receivable
<br />523,103
<br />(523,103)
<br />Total Interest and Loans
<br />$10,109,006
<br />($1,694,236)
<br />$8,414,770
<br />Redevelopment Agency Capital Projects Funds were owed $1,089,275 at June 30, 2011, which
<br />includes (1) a loan made to J.T. Lawrence and Creekside Associates, LLC for the development of
<br />Creekside Plaza Garage and Restaurant; (2) a loan made to Merced Street Properties for property
<br />improvements; and (3) other commercial rehab loans for property improvements. The outstanding
<br />balance net of allowances at June 30, 2011, was $582,935. The Agency has agreed to forgive a
<br />portion of the loans if certain conditions outlined in the agreement are satisfied. Because the loans do
<br />not meet the Agency's availability criteria for revenue recognition, the Agency has deferred the
<br />revenue related to these loans. Revenues are recognized in the year of payment. Loans are secured by
<br />trust deeds.
<br />At June 30, 2011, the Agency, in its Low and Moderate Housing Capital Projects Funds, was owed
<br />$9,019,731 which includes (1) a loan made to American Baptist Homes; (2) a loan made to Estabrook
<br />Senior Housing; (3) a loan made to Eden Housing, Inc.; (4) a loan made to Citizens Housing
<br />Corporation; and (5) loans that were made to City property owners who meet the HUD requirements
<br />for financial assistance for property improvements, first time home buyer loans; and accrued interest
<br />receivable. The outstanding balance net of allowances at June 30, 2011, was $7,831,835. The Agency
<br />has agreed to forgive a portion of the loans if certain conditions outlined in the agreement are
<br />satisfied. Because the loans do not meet the Agency's available criteria for revenue recognition, the
<br />Agency has deferred the revenue related to these loans. Revenues are recognized in the year of
<br />repayment. Loans are secured by trust deeds.
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