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City of San Leandro <br />Meeting Date: September 21, 2015 <br />Staff Report <br />Agenda Section:File Number:15-512 CONSENT CALENDAR <br />Agenda Number:8.E. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for City and Successor Agency Resolutions Approving a Loan by <br />the City of San Leandro to the Successor Agency to the Redevelopment <br />Agency of the City of San Leandro to Advance Funds for the Payment of <br />Enforceable Obligations from the General Fund Unrestricted Economic <br />Uncertainty Reserve <br />SUMMARY AND RECOMMENDATIONS <br />Staff recommends that the City Council and Successor Agency Board of Directors adopt <br />resolutions approving a loan from the City to the Successor Agency to advance funds for the <br />payment of enforceable obligations. This action will remedy a negative fund balance of the <br />Successor Agency and provide a mechanism for putting the shortfall on the Successor <br />Agency’s Recognized Obligation Payment Schedule, thereby creating a process for <br />recovering the funds. <br />BACKGROUND <br />The City of San Leandro, serving in its capacity as Successor Agency to the Redevelopment <br />Agency of the City of San Leandro (“Successor Agency”) is responsible for preparing a <br />Recognized Obligation Payment Schedule (“ROPS”) every six months. The ROPS lists all <br />payments due on Enforceable Obligations of the former Redevelopment Agency for the <br />upcoming six month period. <br />Enforceable Obligations are defined as: <br />·Bonds including debt service reserve set asides; <br />·Loans borrowed by the Agency; <br />·Payments required by the federal or state governments; <br />·Pension and unemployment payments for Agency employees; <br />·Judgments, settlements or binding arbitration decisions; and <br />Page 1 City of San Leandro Printed on 9/15/2015