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SAN LEANDRO REDEVELOPMENT AGENCY
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2011
<br />NOTE 7 — LONG -TERM OBLIGATIONS (Continued)
<br />At June 30, 2011, future debt service requirements for the 2008 Tax Allocation Bonds were as
<br />follows:
<br />For The Year
<br />Ending June 30 Principal Interest Total
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016
<br />2017 -2021
<br />2022 -2026
<br />2027 -2031
<br />2032 -2036
<br />2037 -2041
<br />$495,000
<br />510,000
<br />530,000
<br />550,000
<br />570,000
<br />3,240,000
<br />4,040,000
<br />5,150,000
<br />6,705,000
<br />4,940,000
<br />$26,730,000
<br />$1,365,566
<br />1,340,438
<br />1,314,438
<br />1,287,438
<br />1,259,437
<br />5,838,608
<br />4,963,911
<br />3,820,035
<br />2,273,558
<br />409,050
<br />$23,872,479
<br />$1,860,566
<br />1,850,438
<br />1,844,438
<br />1,837,438
<br />1,829,437
<br />9,078,608
<br />9,003,911
<br />8,970,035
<br />8,978,558
<br />5,349,050
<br />$50,602,479
<br />Bay Fair Mall Debt — (Joint Project Area)
<br />On June 15, 1998, the Agency committed $4,000,000 to renovate the Bayfair Mall. This debt with City
<br />commitment is at 0% interest and has installments ranging from $200,000 to $400,000 per year over a
<br />15 year period beginning in July 1998.
<br />At June 30, 2011, the Agency did not make the required debt principal payment of $250,000. The
<br />payment future debt service requirements for the Bay Fair Mall commitment were as follows:
<br />For The Year
<br />Ending June 30 Principal
<br />2012 $500,000
<br />2013 200,000
<br />$700,000
<br />HUD 108 Guarantee — (Housing set - aside)
<br />In 2000, the Agency received a $1,000,000 20 -year federal loan from Housing and Urban
<br />Development, at .an interest rate of 5.6% to finance the acquisition and construction of affordable
<br />housing for seniors within the City. The loan is secured and payable from the Agency's 20% Housing
<br />Set -Aside Fund. The tax increment funds used to repay the loan will be generated from the
<br />Cherrywood Development project.
<br />40
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