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File Number: 16-469 <br />proceeds of Redevelopment Agency bonds issued on or before December 31, 2010 for the <br />purposes for which the bonds were sold. In addition to expending proceeds to satisfy <br />previously approved enforceable obligations, the Successor Agency may expend bond <br />proceeds in excess of these amounts (excess bond proceeds) in a manner consistent with the <br />original bond covenants. <br />In order to be expended, excess bond proceeds must be must listed separately on the <br />Successor Agency Recognized Obligation Payment Schedule (ROPS). With the approval of <br />the Oversight Board to the Successor Agency (Oversight Board), the expenditure of excess <br />bond proceeds may be established as an enforceable obligation and transferred to the entity <br />that created the redevelopment agency, namely the City of San Leandro. <br />On September 1, 2008, the Redevelopment Agency of the City of San Leandro issued the <br />Alameda County-City of San Leandro Redevelopment Project Tax Allocation Bonds, Series <br />2008, in the original principal amount of $27,530,000 (2008 Bonds) to finance redevelopment <br />projects in the Alameda County-City of San Leandro Redevelopment Project Area (Joint <br />Project Area). Such projects included the design and construction of a Senior Center, a <br />downtown parking garage, and infrastructure improvements on East 14th Street. A new 400 <br />space parking garage was constructed utilizing bond funds to replace the City’s 215 space <br />parking garage to meet downtown business parking needs and to comply with seismic safety <br />requirements. <br />ANALYSIS <br />At this time, the 2008 Bonds have approximately $2.3 million in excess bond proceeds that <br />are not committed to previously approved enforceable obligations. An Agreement between <br />the City of San Leandro and the Successor Agency was developed to authorize an initial <br />transfer of $600,000 in 2008 Bonds to the City for projects consistent with the original bond <br />covenants. <br />In keeping with bond covenants, staff recommends that the $600,000 in excess bond <br />proceeds be expended on improvements to the downtown parking garage, which was <br />constructed utilizing the 2008 Bonds. These improvements conform to recommendations <br />from the City’s Draft Downtown Parking Management Plan, initially presented to the City <br />Council on May 23, 2016 and scheduled for adoption later in 2016. Work will include, but will <br />not be limited to, replacement of nonfunctional equipment, installation of new parking <br />management technology and payment systems, and implementation of parking enforcement <br />technology. <br />Most work will be done to improve the parking payment systems in the downtown parking <br />garage, which were affected by the 2015 bankruptcy of the company that provided the original <br />payment systems and equipment. Payment and permitting systems currently function at a <br />limited and inefficient level, well short of what was originally intended for the new garage. The <br />proposed expenditures will enable the City to bring the level of technology in the garage to <br />updated standards that will be implemented to ensure consistency with the recommendations <br />of the Downtown Parking Management Plan. <br />If approved by the City Council and Successor Agency, these items will be presented to the <br />Page 2 City of San Leandro Printed on 9/13/2016