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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2015 <br /> <br /> <br />NOTE 17 – SUCCESSOR AGENCY ACTIVITIES (Continued) <br /> <br />At June 30, 2015, future debt service requirements for the Successor Agency’s portion of the 2013 <br />Refunding Lease Revenue Bonds were as follows: <br /> <br />For The Year <br /> Ending June 30 Principal Interest Total <br />2016 175,000$ 93,415$ 268,415$ <br />2017 203,000 87,745 290,745 <br />2018 204,000 81,640 285,640 <br />2019 214,000 75,370 289,370 <br />2020 219,000 68,875 287,875 <br />2021-2025 1,205,000 224,458 1,429,458 <br />2026-2027 542,000 25,355 567,355 <br />2,762,000$ 656,858$ 3,418,858$ <br /> <br />Owner Participation Agreements with Agency Commitment <br /> <br />The Agency entered into the following agreements which represent contingency liabilities for the Agency: <br />Ford Motor Company Owner Participation Agreement - The agreement required the Agency to make <br />annual payment equivalent to 50% of the sales tax generated above a base of $277,000 by the sale of <br />vehicles as part of the Ford Store San Leandro development. The amount due is paid over several years <br />depending on the volume of auto sales at no interest. <br /> <br />2009 San Leandro Unified School District <br /> <br />In February 2009, the City entered into a joint use agreement with the San Leandro Unified School <br />District which provides for the City use of the 9th grade gymnasium during non-school hours and the San <br />Leandro former Redevelopment Agency (Agency) agreed to provide a financial contribution to the <br />project from the Agency in the amount of $2,170,800. <br /> <br />During the fiscal year ended June 30, 2010, annual payments for the 2009-10 and 2010-11 fiscal years <br />were reduced from $327,072 to $167,072 as a consequence of the State Educational Revenue <br />Augmentation Fund requirement, consistent with the terms of the financing agreement between the <br />Agency and the school district. Assuming no additional payments are required by the State in subsequent <br />years, the terms of the agreement was extended to Fiscal Year 2016 with payments at $167,072 each <br />fiscal year beginning fiscal year 2015. <br /> <br />For The Year <br /> Ending June 30 Principal <br />2016 167,072$ <br />167,072$ <br />84