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REPAYMENT OF FUNDS AGREEMENT <br /> This Agreement is entered into this 17th day of June, 2002, by and between <br /> the REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO (the <br /> "Agency ") and the CITY OF SAN LEANDRO (the "City "). The Agency and City <br /> agree as follows: <br /> RECITALS <br /> 1. On October 17, 1960, the City duly adopted Council Resolution No. 4399 <br /> C.M.S., establishing the Agency. <br /> 2. The Agency is vested with the responsibility for formulating and carrying out <br /> necessary redevelopment projects within the City. <br /> 3. To that end, the City has expended and will continue to expend on behalf of <br /> the Agency, at the special instance and request of the Agency, staff time, expenses, <br /> overhead, consultant costs and other related expenses in the formulation, <br /> coordination, administration and implementation of a Redevelopment Program for <br /> the City. <br /> 4. Said expenditures have been made and will continue to be made in the <br /> anticipation that said costs would be repaid by the Agency out of tax increment <br /> funds to be generated within the Plaza, Alameda County-City of San Leandro <br /> ( "Joint "), and West San Leandro/MacArthur Boulevard and any future <br /> Redevelopment Project Areas. <br /> NOW THEREFORE, the Agency and City agree as follows: <br /> 1. The Agency agrees to reimburse the City for all sums heretofore expended by <br /> the City in connection with the development, planning, adoption, administration <br /> and implementation of the San Leandro Redevelopment Program, including, but not <br /> limited to, all staff time and overhead costs, use of City facilities, consulting fees <br /> and other related costs. Said debt shall bear an interest rate equal to the City's <br /> portfolio earnings plus 1 %. <br /> 2. The Agency agrees to reimburse the City for all future costs incurred by the <br /> City in furtherance of the Redevelopment Program. Said future costs shall include, <br /> but shall not be limited to, costs to the City for consulting services, staff time and <br /> other related administrative expenses as well as public improvements within the <br /> Project Areas. Said debt shall bear an interest rate not to exceed limits set by State <br /> law and shall be paid to the City by the Agency in the manner provided in Section 3 <br />