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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 />King Property Settlement <br />The Successor Agency of the former Redevelopment Agency of the City of San Leandro had agreements <br />with the King parties who are owners of a 3.7 acre parcel on East 14"' Street which is a portion of the <br />Bayfair Shopping Center. The King had demanded payment from the Successor Agency of the City of <br />San Leandro as a guarantor of the lease payments. During the fiscal year 2013, the Successor Agency <br />entered into a settlement in the amount of $7,750,000. <br />At June 30, 2013, future debt service requirements for the 2013 King Property Settlement were as follows: <br />For The Year <br />Ending June 30 Principal <br />2014 <br />$1,000,000 <br />2015 <br />1,500,000 <br />2016 <br />1,500,000 <br />2017 <br />1,500,000 <br />2018 <br />1,250,000 <br />$6,750,000 <br />HUD 108 Guarantee Notes <br />In 2000, the City received a $1,000,000 20 -year federal loan from Housing and Urban Development <br />(HUD 108 Guarantor loan), at an interest rate of 5.6% to finance the acquisition and construction of <br />affordable housing for seniors within the City of San Leandro. The loan is secured and payable from the <br />Agency's 20% Housing Set -Aside Fund. The debt was assumed by the Successor Agency. Future debt <br />service payments for the HUD 108 Guarantee loan were as follows: <br />For The Year <br />Ending June 30 Principal <br />Interest Total <br />2014 <br />$63,000 <br />$10,232 <br />$73,232 <br />2015 <br />63,000 <br />9,243 <br />72,243 <br />2016 <br />63,000 <br />7,983 <br />70,983 <br />2017 <br />63,000 <br />6,452 <br />69,452 <br />2018 <br />63,000 <br />4,697 <br />67,697 <br />2019-2020 <br />118,000 <br />3,706 <br />121,706 <br />$433,000 <br />$42,313 <br />$475,313 <br />87 <br />