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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2015
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<br />NOTE 3 – LOANS RECEIVABLE
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<br />At June 30, 2015, the City had loans receivable in the following funds:
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<br />Governmental Funds:
<br />General Fund 3,702,470$
<br />Non Major Special Revenue Funds:
<br /> Affordable Housing Asset Special Revenue Fund 8,246,423
<br /> Community Development Block Grant (CDBG)726,946
<br /> HOME Fund 3,335,000
<br /> Housing In-Lieu 637,000
<br /> Less allowance for uncollectible loans (12,193,760)
<br /> Total net loans receivable 4,454,079$
<br /> At June 30, 2015, the City was owed, in the General Fund, $1,092,763 for a loan made by the City to the
<br />San Leandro Unified School District related to property acquisition. The loan is for purchase of a property
<br />in the City that will be used to directly support the educational and administrative function of the District.
<br />The loan is evidenced by a promissory note with a term of 15 years and is to be repaid in full on August
<br />1, 2028. The interest rates range from 1.5% to a maximum of 5%.
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<br />At June 30, 2015, the City was owed, in the General Fund, $1,109,707 for a loan made by the City to
<br />Alameda County Industries Inc. (ACI). The loan is to refurbish ACI's Materials Recovery Facility in
<br />order to expand operations to take in more solid waste, recyclable, and green waste tonnage. The loan is
<br />evidenced by a promissory note with a term of 10 years and is to be repaid in full on July 1, 2025. The
<br />interest rate is 2.5% per annum.
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<br />At June 30, 2015, the City was owed, in the General Fund, $1,500,000 for a loan made by the City to
<br />Davis Street Community Center Incorporated. The loan is to assist in the opening of a community health
<br />clinic. The loan is evidenced by a promissory note with a term of 2 years and is to be repaid in full on
<br />August 1, 2016. The interest rate is 4.5% per annum.
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<br />At June 30, 2015, the City was owed, in its Low/Moderate Asset Housing Fund, $8,246,423 which
<br />includes (1) loans made to the City property owners who meet the HUD requirements for financial
<br />assistance for property improvements and first time home buyer loans; (2) a loan made to Ruth Rogers
<br />and Sara Bagwell; (3) a loan made to Eden Housing, Inc.; (4) a loan made to San Leandro Senior
<br />Housing; (5) a loan made to Citizens’ Housing Corporation for property improvements; and (6) a loan
<br />made to Mercy Housing for the construction of the Casa Verde. $7,494,814 of the total receivable was
<br />reduced by allowance for uncollectible loans.
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<br />At June 30, 2015, the City was owed, in its Community Development Block Grant Special Revenue
<br />Fund, $726,946 for various housing assistance loans made by the City. The terms of repayment vary. All
<br />of the loans receivable was reduced by allowance for uncollectible loans.
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<br />At June 30, 2015, the City was owed, in its HOME Special Revenue Fund, $3,350,000 which includes
<br />(1) a housing assistance loan made by the City to Citizens’ Housing Corporation; (2) The terms of
<br />repayment vary. All of the loans receivable was reduced by allowance for uncollectible loans.
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