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City of San Leandro
<br />Notes to Basic Financial Statements
<br />For the year ended June 30, 2012
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<br />96
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<br />NOTE 18 – REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY
<br />ACTIVITIES, Continued
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<br />G. Property Held For Resale
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<br />The Successor Agency assumed the property held for resale of the Redevelopment Agency as of February 1,
<br />2012. The Redevelopment Agency had purchased parcels of land as part of its efforts to develop or redevelop
<br />blighted properties within the Redevelopment areas. Such land parcels are accounted for at the lower of cost or
<br />net realizable value or agreed-upon sales price if a disposition agreement has been made with a developer.
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<br />H. Long-Term Debt Obligations
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<br />The Successor Agency assumed the long-term debt loans of the Redevelopment Agency as of February 1, 2012.
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<br />Transfer from
<br />Redevelopment
<br />Agency as of Balance Due within Due in more
<br />February 1, 2012 Retirements June 30, 2012 one year than one year
<br />Bonded Debt:
<br />2001 Certificates of
<br />Participation 3,610,000$ -$ 3,610,000 170,000$ 3,440,000
<br />2002 Tax
<br />Allocation Bonds 12,385,000 - 12,385,000 635,000 11,750,000
<br />2004 Tax - -
<br />Allocation Bonds 5,090,000 - 5,090,000 115,000 4,975,000
<br /> 2008 Tax - -
<br /> Allocation Bonds 26,235,000 - 26,235,000 510,000 25,725,000
<br />Total Bonded Debt 47,320,000 - 47,320,000 1,430,000 45,890,000
<br />Bayfair Mall Debt
<br />with Agency Commitment 450,000 (250,000) 200,000 200,000 -
<br />Owner Participation Agreements - -
<br />with Agency Commitment 2,341,361 (332,615) 2,008,746 79,832 1,928,914 - -
<br />San Leandro USD 1,315,360 (327,072) 988,288 327,072 661,216
<br />Total General Long-Term
<br />Obligations 51,426,721$ (909,687)$ 50,517,034$ 2,036,904$ 48,480,130$
<br />Plus unamortized:
<br /> Discount (2002 TAB)(69,822)$ -$ (69,822) (4,107) (65,715)
<br /> Premium (2008 TAB)182,612 - 182,612 6,522 176,090 -
<br />Total General Long-Term
<br />Obligations, net 51,539,511$ (909,687)$ 50,629,824$ 2,039,319$ 48,590,505$
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