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File Number: 17-003 <br />These projects are recommended because they are in the Joint Project Area, fall under the <br />umbrella of projects identified in the 2008 Bonds, and can be constructed within the next <br />budget cycle. These projects also represent the culmination of the City’s forward planning <br />and policy goals, including recommendations from the City’s East 14th Street South Area <br />Development Strategy, the North Area Specific Plan & Revitalization Manual, and the Bicycle <br />and Pedestrian Master Plan. Additionally, the funding will implement specific projects <br />identified in the City’s Capital Improvement Plan (CIP), freeing up future capital improvement <br />funding for other projects. <br />An agreement between the City of San Leandro and the Successor Agency was developed to <br />authorize transfer of the remaining $1,764,526 in 2008 Bonds to the City for projects <br />consistent with the original bond covenants and outlined above. <br />If approved by the City Council and Successor Agency, these items will be presented to the <br />Oversight Board on January 18, 2017 for approval as an enforceable obligation and <br />subsequent placement on the 2017-18 ROPS (Recognized Obligation Payment Schedule). <br />The 2017-18 ROPS will be considered at the same Oversight Board meeting and <br />subsequently sent to the DOF for approval. <br />Staff requests that: <br />1)The City Council serving in its capacity as the Board of Directors of the Successor <br />Agency to the Redevelopment Agency of the City of San Leandro (Successor Agency) <br />adopt a Resolution approving an Agreement with the City of San Leandro regarding the <br />expenditure of excess bond proceeds and authorizing the transfer of such proceeds to <br />the City of San Leandro. <br />2)The City Council adopt a Resolution approving an Agreement with the Successor <br />Agency regarding the expenditure of excess bond proceeds and authorizing the <br />acceptance of the transfer of such proceeds from the Successor Agency. <br />Previous Actions <br />·On October 28, 2015, the Successor Agency to the Redevelopment Agency of the City of <br />San Leandro received its Finding of Completion, authorizing the Successor Agency to <br />utilize proceeds derived from bonds issued prior to December 31, 2010 in a manner <br />consistent with the original bond covenants. <br />·On September 19, 2016, the Successor Agency to the Redevelopment Agency of the City <br />of San Leandro approved an Agreement with the City of San Leandro regarding the <br />expenditure of $600,000 of excess bond proceeds and authorizing the transfer of such <br />proceeds to the City of San Leandro. <br />Legal Analysis <br />This report and the proposed agreement were reviewed by the City Attorney and approved as <br />to form. <br />Fiscal Impacts <br />Page 3 City of San Leandro Printed on 1/10/2017