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File Number: 15-730 <br />·Maximum payment per year will be 50% of the increase between the amount <br />distributed to the taxing entities in the Plaza Project Area from the Redevelopment <br />Property Tax Trust Fund during that year and the amount distributed to the taxing <br />entities during the base year of 2012-13 (the increment). <br />·20% of yearly payments received by the City must be transferred to the City’s Low and <br />Moderate Income Housing Asset Fund. <br />The current outstanding balance on the loan is $2,299,315. Including interest, the City will <br />receive approximately $3,369,000 in payments towards the loan by fiscal year 2022-23. Of <br />this, approximately $2,695,000 will be remitted to the General Fund and $674,000 (20%) will <br />be remitted to the Low and Moderate Income Housing Asset Fund and used to support the <br />development of affordable housing. <br />In keeping with State law, a defined repayment schedule was developed with annual <br />payments of $574,829. Payments will be made based upon availability of funds after <br />payment of other enforceable obligations on the ROPS and the yearly cap. Based upon this <br />requirement, sufficient funds are projected to be available to begin payments in fiscal year <br />2017-18 and complete loan payoff by fiscal year 2022-23. The total amount of the payments <br />will also vary based on the availability of funds because a longer payment period will result in <br />increased interest. <br />Previous Actions <br />·On June 21, 2004 the Redevelopment Agency passed Resolution No. 2004-011 RDA <br />confirming the loan from the City General Fund to the Plaza Project Area. <br />·On March 7, 2011 the Redevelopment Agency passed Resolution No. 2011-006 RDA <br />appropriating funding to pay the full remaining balance on the Plaza Project Loan of <br />$2,137,273.49 to the City. <br />·On October 19, 2015 the City Council passed Resolution No. 2015-177 appropriating <br />$2,437,273 to be paid to the Alameda County Auditor-Controller to reverse the payments <br />made to the City towards the Plaza Project Loan in 2011. <br />Fiscal Impacts <br />If this action is approved by the City Council and the Oversight Board, the City will receive <br />approximately $3,369,000 in loan payments by fiscal year 2022-23. Of this, approximately <br />$2,695,000 will be remitted to the General Fund and approximately $674,000 (20%) will be <br />remitted to the Low and Moderate Income Housing Asset Fund and used to support the <br />development of affordable housing. The amount paid each year may vary, based upon <br />availability of funds after payment of other enforceable obligations and the yearly cap. <br />ATTACHMENTS <br />Attachments to Resolutions <br />·Plaza Loan Restated Loan Agreement, Payment Schedule and Promissory Note <br />PREPARED BY: Katie Bowman, Business Development Specialist, Community Development <br />Department <br />Page 3 City of San Leandro Printed on 1/12/2016