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City of San Leandro <br />Meeting Date: June 16, 2014 <br />Staff Report <br />Agenda Section:File Number:14-240 ACTION ITEMS <br />Agenda Number:10.B. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:David Baum <br />Finance Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for the Approval of the Successor Agency to the Redevelopment <br />Agency of the City of San Leandro 2014 Subordinate Tax Allocation Refunding <br />Bonds <br />SUMMARY AND RECOMMENDATION <br />Staff recommends that the Successor Agency approve the resolutions and documents <br />required to issue the Successor Agency to the Redevelopment Agency of the City of San <br />Leandro 2014 Subordinate Tax Allocation Refunding Bonds (“2014 Refunding Bonds”). The <br />proposed 2014 Refunding Bonds will be issued to refund $10,375,000 of Redevelopment <br />Agency of the City of San Leandro Tax Allocation Bonds , Series 2002 (“2002 TABs”) and <br />$4,720,000 of Redevelopment Agency of the City of San Leandro Tax Allocation Bonds , <br />Series 2004 (“2004 TABs”). The par amount of the 2014 Refunding Bonds will not exceed $14 <br />million and they will mature September 1, 2034. Annual debt service on the 2014 Refunding <br />Bonds will not exceed the annual debt service currently payable on the outstanding 2002 and <br />2004 TABs. <br />BACKGROUND <br />In December 2002, $15,935,000 of 2002 TABs were issued to refund the Redevelopment <br />Agency of the City of San Leandro Tax Allocation Bonds , Series 1993 (“1993 TABs”). The <br />1993 TABs were issued to fund redevelopment activities of benefit to the Plaza <br />Redevelopment Project Area. In June 2004, $5,500,000 of 2004 TABs were issued to fund <br />redevelopment activities of benefit to the West San Leandro /MacArthur Boulevard <br />Redevelopment Project Area. The 2002 and 2004 TABs are secured by property taxes in the <br />Plaza Redevelopment Project Area and the West San Leandro /MacArthur Boulevard <br />Redevelopment Project Area, respectively. The Successor Agency to the Redevelopment <br />Agency of the City of San Leandro (“Successor Agency”) has an opportunity to refinance the <br />2002 and 2004 TABs to realize savings in annual debt service payments . The savings from <br />the 2002 and 2004 TABs will be distributed to affected taxing entities due to the dissolution of <br />the City’s Redevelopment Agency . The following table presents the status of the currently <br />Page 1 City of San Leandro Printed on 6/10/2014