Reso 2015-034 - Laserfiche WebLink

Home

CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2014 NOTE 17 — SUCCESSOR AGENCY ACTIVITIES (Continued) 2009 San Leandro Unified School District In February 2009, the City entered into a joint use agreement with the San Leandro Unified School District which provides for the City use of the 9th grade gymnasium during non -school hours and the San Leandro former Redevelopment Agency (Agency) agreed to provide for financial contribution to the project from the Agency in the amount of $2,170,800 with no interest payable by June 30, 2017. During the fiscal year ended June 30, 2010, annual payments for the 2009-10 and 2010-11 fiscal years were reduced from $327,072 to $160,000 as a consequence of the State SERAF requirement, consistent with the terms of the financing agreement between the Agency and the school district. Assuming no additional payments are required by the State in subsequent years, the terms of the agreement was extended to Fiscal 2019 with payments at $167,072 each fiscal year beginning fiscal year 2015. For The Year Ending June 30 Principal 2015 $ 327,072 2016 7,072 $ 334,144 King Property Settlement Agreement The Successor Agency of the former Redevelopment Agency of the City of San Leandro had agreements with the King parties who are owners of a 3.7 acre parcel on East 14th Street which is a portion of the Bayfair Shopping Center. The King had demanded payment from the Successor Agency of the City of San Leandro as a guarantor of the lease payments. During the fiscal year 2013, the Successor Agency entered into a settlement agreement in the amount of $7,750,000. At June 30, 2014, future debt service requirements for the 2014 King Property Settlement were as follows: For The Year Ending June 30 Principal 2015 $ 1,500,000 2016 1,500,000 2017 1,375,000 2018 625,000 $ 5,000,000 091