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City of San Leandro <br />Notes to Basic Financial Statements <br />For the year ended June 30, 2012 <br /> <br /> <br />102 <br /> <br />NOTE 18 – REDEVELOPMET AGENCY DISSOLUTION AND SUCCESSOR AGENCY <br />ACTIVITIES, continued <br /> <br />H. Long-Term Debt Obligations, continued <br /> <br />2009 San Leandro Unified School District <br /> <br />In February 2009, the City entered into a joint use agreement with the San Leandro Unified School District which <br />provides for the City use of the 9th grade gymnasium during non-school hours and the San Leandro Redevelopment <br />Agency (Agency) agreed to provide for financial contribution to the project from the Agency in the amount of <br />$2,170,800 with no interest payable by June 30, 2017. <br /> <br />During the fiscal year ended June 30, 2010, annual payments for the 2009-10 and 2010-11 fiscal years were reduced <br />from $327,072 to $160,000 as a consequence of the State SERAF requirement, consistent with the terms of the <br />financing agreement between the Agency and the school district. Assuming no additional payments are required by <br />the State in subsequent years, the terms of the agreement was extended to Fiscal 2019 with payments at $167,072 each <br />fiscal year beginning fiscal year 2015. <br /> <br /> <br />For year Ending <br />June 30,Principal Total <br />2013 327,072 327,072 <br />2014 327,072 327,072 <br />2015 327,072 327,072 <br />2016 7,072 7,072 <br />Total debt service 988,288$ 988,288$ <br />