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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 />King Property Settlement Agreement <br /> <br />The Successor Agency of the former Redevelopment Agency of the City of San Leandro had agreements <br />with the King parties who are owners of a 3.7 acre parcel on East 14th Street which is a portion of the <br />Bayfair Shopping Center. The King had demanded payment from the Successor Agency of the City of <br />San Leandro as a guarantor of the lease payments. During the fiscal year 2013, the Successor Agency <br />entered into a settlement agreement in the amount of $7,750,000. <br /> <br />At June 30, 2015, future debt service requirements for the 2014 King Property Settlement were as follows: <br /> <br />For The Year <br /> Ending June 30 Principal <br />2016 1,500,000$ <br />2017 1,500,000 <br />2018 1,250,000 <br />4,250,000$ <br /> HUD 108 Guarantee Notes <br /> <br />In 2000, the City received a $1,000,000 20-year federal loan from Housing and Urban Development <br />(HUD 108 Guarantor loan), at an interest rate of 5.6% to finance the acquisition and construction of <br />affordable housing for seniors within the City of San Leandro. The loan is secured and payable from the <br />Agency’s 20% Housing Set-Aside Fund. The debt was assumed by the Successor Agency. Future debt <br />service payments for the HUD 108 Guarantee loan were as follows: <br /> <br />For The Year <br /> Ending June 30 Principal Interest Total <br />2016 63,000$ 7,983$ 70,983$ <br />2017 63,000 6,452 69,452 <br />2018 63,000 4,697 67,697 2019 63,000 2,798 65,798 <br />2020 55,000 908 55,908 <br />307,000$ 22,838$ 329,838$ <br /> <br /> <br /> <br /> <br />85