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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 />Owner Participation Agreements <br />The Agency has entered into the following agreements as follows: <br />Balance <br />June 30, 2010 <br />Ford Motor Company <br />Batarse Family Trust Disposition <br />and Development <br />Total <br />$2,131,843 <br />381,789 <br />$2,513,632 <br />Retirements <br />($43,265) <br />Balance <br />June 30, 2011 <br />$2,088,578 <br />(49,174) 332,615 <br />($92,439) $2,421,193 <br />• Ford Motor Company Owner Participation Agreement — The agreement requires the Agency to <br />make annual payments equivalent to 50% of the sales tax generated above a base of $277,000 by <br />the sale of vehicles as part of the Ford Store San Leandro development. The agency is required to <br />make the. annual payment until the entire $3,000,000 is paid off or on July 1, 2019, whichever <br />comes sooner. No interest payment is required. <br />• Bartarse Family Trust Disposition and Development Agreement — The agreement requires the <br />Agency to make annual payments equivalent to 50% of the sales tax generated by the sale of <br />vehicles as part of 34 a proposed new car dealership. The original amount due was $390,000 to be <br />paid over several years depending on the volume of auto sales at no interest. <br />NOTE 8 — JOINT PROJECT AREA AGREEMENT <br />Effective July 200.1, the Alameda County Redevelopment Agency took over the development and <br />management responsibility of their portion of the Joint Project Area. The Agency's basic financial <br />statements does not reflect the gross tax increment payments made to the County for their portion of the <br />Joint Project Area, pursuant to the agreement between the Agency and the County. The County's share <br />of the Joint Project Area tax increment is disbursed to the County by the City. The County accounts.for <br />the gross tax increment payments and associated expenses in its basic financial statements that are <br />audited by its independent auditors in conformance with state requirements. Since administrative <br />responsibility lies with the City, the City produces one comprehensive basic financial statement and <br />State Controller's Report for the Joint Project Area. The County's basic financial statements and other <br />related reports for its area are available at the County's Office for further review by the public upon <br />notice. <br />42 <br />