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File Number: 16-715 <br />amended loan agreement and promissory note was approved at the January 19, 2016 City <br />Council meeting. Following approval by the Oversight Board and the DOF, it became an <br />enforceable obligation on the ROPS 16-17. <br />Over the next seven years, the Agency anticipates making approximately $3 million in <br />payments to the City General Fund to retire this obligation. Payment of this reinstated loan <br />owed by the Plaza Project Area to the City General Fund, is included in ROPS 17-18 for the <br />first time. <br />Excess Bond Proceeds <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. <br />On October 28, 2015, the Successor Agency to the Redevelopment Agency of the City of San <br />Leandro (Successor Agency) received its Finding of Completion. With the Finding of <br />Completion, the Successor Agency is now able to use proceeds of Redevelopment Agency <br />bonds that are not otherwise allocated for previously approved projects (excess bond <br />proceeds). <br />The 2008 Bonds have approximately $2.3 million in excess bond proceeds that were not <br />committed to previously approved enforceable obligations at the time of dissolution of the <br />Redevelopment Agency. On September 19, 2016, an Agreement was approved by the City <br />Council authorizing an initial transfer of $600,000 from the Successor Agency to the City of <br />San Leandro (City) to complete improvements to the San Leandro Downtown Parking <br />Garage. <br />A second agreement authorizing the transfer of the remaining approximately $1.7 million in <br />excess bond proceeds from the Successor Agency to the City is presented for review and <br />approval at this regular January 17, 2017 regular meeting. The remaining excess bond <br />proceeds will be utilized to complete capital improvements in the Joint Project Area, including <br />improvements to the “Triangle” project at E. 14th St./Hesperian Blvd./150th St., streetscape, <br />utility undergrounding, pedestrian, and lighting improvements along East 14th Street. <br />Pending approval by the City Council and the Oversight Board, the one-time transfer of 2008 <br />Bond proceeds in the amounts of $600,000 and $1,764,526 are included on ROPS 17-18. <br />Administrative Budget <br />The ROPS also contains an administrative budget for the Successor Agency. Based on <br />direction from the DOF, the amount of the administrative allowance is the greater of 3% of <br />funds received from the Redevelopment Property Tax Trust Fund or $250,000 annually. For <br />the 2017-2018 ROPS period, the $250,000 minimum will apply. <br />The Oversight Board is scheduled to approve this ROPS on January 18, 2017 and it will be <br />forwarded to the DOF, the State Controller’s Office and the Alameda County Auditor <br />Controller after that action is finalized. <br />Page 3 City of San Leandro Printed on 1/10/2017