Laserfiche WebLink
City of San Leandro <br />Notes to Basic Financial Statements <br />For the year ended June 30, 2013 <br />NOTE 17 — SUCCESSOR AGENCY ACTIVITIES (Continued) <br />Bay Fair Mall Debt with Agency Commitment <br />On June 15, 1998, the City committed $4,000,000 to renovate the Bayfair Mall. This debt had 0% interest <br />and has installments ranging between $200,000 and $400,000 per year over a 15 year period beginning in <br />July 1998. <br />During the current year the Bay Fair Mall Debt was retired in full. <br />Owner Participation Agreements with Agency Commitment <br />The Agency entered into the following agreements which represent contingency liabilities for the Agency: <br />Balance <br />June 30, 2012 <br />Retirements <br />Balance <br />June 30, 2013 <br />Ford Motor Company <br />$2,008,746 <br />($123,730) <br />$1,885,016 <br />Total <br />$2,008,746 <br />($123,730) <br />$1,885,016 <br />Ford Motor Company Owner Participation Agreement - The agreement required the Agency to make <br />annual payment equivalent to 50% of the sales tax generated above a base of $277,000 by the sale of <br />vehicles as part of the Ford Store San Leandro development. The amount due is paid over several years <br />depending on the volume of auto sales at no interest. <br />2009 San Leandro Unified School District <br />In February 2009, the City entered into a joint use agreement with the San Leandro Unified School <br />District which provides for the City use of the 9th grade gymnasium during non -school hours and the San <br />Leandro former Redevelopment Agency (Agency) agreed to provide for financial contribution to the <br />project from the Agency in the amount of $2,170,800 with no interest payable by June 30, 2017. <br />During the fiscal year ended June 30, 2010, annual payments for the 2009-10 and 2010-11 fiscal years <br />were reduced from $327,072 to $160,000 as a consequence of the State SERAF requirement, consistent <br />with the terms of the financing agreement between the Agency and the school district. Assuming no <br />additional payments are required by the State in subsequent years, the terms of the agreement was <br />extended to Fiscal 2019 with payments at $167,072 each fiscal year beginning fiscal year 2015. <br />For The Year <br />Ending June 30 Principal <br />2014 $327,072 <br />2015 327,072 <br />2016 7,072 <br />$661,216 <br />86 <br />