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City of San Leandro <br />Meeting Date: January 17, 2017 <br />Staff Report <br />Agenda Section:File Number:17-003 CONSENT CALENDAR <br />Agenda Number:8.F. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for Resolutions Approving an Agreement Regarding Expenditure <br />of Excess Bond Proceeds and Authorizing the Acceptance of the Transfer of <br />Excess Bond Proceeds from the Successor Agency to the Redevelopment <br />Agency of the City of San Leandro to the City of San Leandro <br />SUMMARY AND RECOMMENDATIONS <br />Staff recommends that the City Council, serving in its capacity as the Board of Directors of the <br />Successor Agency to the Redevelopment Agency of the City of San Leandro (Successor <br />Agency), adopt a Resolution approving an Agreement with the City of San Leandro regarding <br />the expenditure of excess bond proceeds and authorizing the transfer of such proceeds to the <br />City of San Leandro. <br />Staff also recommends that the City Council adopt a Resolution approving an Agreement with <br />the Successor Agency regarding the expenditure of excess bond proceeds and authorizing <br />the acceptance of the transfer of such proceeds from the Successor Agency. <br />A total of $1,764,526 in bond proceeds from the Alameda County-City of San Leandro <br />Redevelopment Project Tax Allocation Bonds, Series 2008, (2008 Bonds) are proposed for <br />transfer and expenditure for purposes consistent with the bond covenants, specifically to <br />construct capital improvements in the Joint Project Area, including improvements to the <br />“Triangle” project at E. 14th St./Hesperian Blvd./150th St., as well as streetscape, utility <br />undergrounding, pedestrian, and lighting improvements along north and south portions of East <br />14th Street. <br />BACKGROUND <br />On September 1, 2008, the Redevelopment Agency issued Tax Allocation Bonds, in the <br />original principal amount of $27,530,000 (2008 Bonds) to finance redevelopment projects in <br />the Alameda County-City of San Leandro Redevelopment Project Area (Joint Project Area). <br />Page 1 City of San Leandro Printed on 1/10/2017