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SUMMARY REPORT PURSUANT TO <br /> SECTION 33433 <br /> OF T.HE <br /> CALIFORNIA COMMUNITY REDEVELOPMENT PLAN <br /> ON A <br /> DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN <br /> 1.11:LE REDEVELOPMENT AGENCY OF <br /> '111:1Ia; CITY OF SAN LEANDRO <br /> AND <br /> '1 BATARSE FAMILY TRUST <br /> L INTRODUCTION <br /> The California Health and Safety Code, Section 33433, requires that if a redevelopment agency <br /> wishes to sell or lease property to which it holds title and if that property was acquired in whole or in <br /> pan with property tax increment funds, the agency must first secure approval of the proposed sale or <br /> lease agreement from its local legislative body after a public hearing. A copy of the proposed sale or <br /> iease agreement and a summary report that describes and contains specific financing elements of the <br /> proposed transactions shall be available for public inspection prior to the public hearing. As <br /> contained in the Code, the following information shall be included in the summary report: <br /> 1. The cost of the agreement to the redevelopment agency, including land acquisition <br /> costs, clearance costs, relocation costs, the costs of any improvements to be provided <br /> by the agency, plus the expected interest on any loans or bonds to finance the <br /> agreement; <br /> 2. The estimated value of the interest to be conveyed or leased, determined at the <br /> highest and best use permitted under the redevelopment plan; <br /> 3. The estimated value of the interest to be conveyed in accordance with the uses, <br /> covenants, and development costs required under the proposed agreement with the <br /> Agency, i.e., the reuse value of the site; <br /> 4. An explanation of why the sale or lease of the property will assist in the elimination of <br /> blight, as required by Section 33433; and <br /> 5. The purchase price or sum of the lease payments which the lessor will be required to <br /> make during the term of the lease. If the sale price or total rental amount is Tess than <br /> the fair market value of the interest to be conveyed or leased, determined at the <br /> • <br /> highest and best use consistent with the redevelopment plan, then the agency shall • <br /> provide as part of the summary an explanation of the reasons for the difference. <br /> K E Y S E R M A R S T O N A S S O C I A T E S I N C. <br /> 1 9055%00 1 4-002.doc Page 1 <br />