|
CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2016
<br />
<br />
<br />NOTE 3 – LOANS RECEIVABLE (Continued)
<br />
<br />At June 30, 2016, the City was owed, in the General Fund, $1,081,203 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%.
<br />
<br />At June 30, 2016, the City was owed, in the General Fund, $1,010,763 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.
<br />
<br />At June 30, 2016, the City was owed, in the General Fund, $18,369 for loans made by the City to
<br />employees as part of the Employee Computer Purchase Loan Program. The loans are to assist regular
<br />full-time employees after completion of the one-year probationary period, “permanent” part-time
<br />employees as defined in the relevant MOU and City Council Members with the purchase of a home
<br />computer or laptop. The loans range from $500 to $3,000, are repaid over a 1 or 2 year period, and are
<br />interest free. Payments on the loans are handled as standard payroll deduction.
<br />
<br />At June 30, 2016, 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.
<br />
<br />At June 30, 2016, the City was owed, in its Low/Moderate Asset Housing Fund, $7,913,765 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. $547,907 of the total receivable was
<br />reduced by allowance for uncollectible loans.
<br />
<br />At June 30, 2016, the City was owed, in its Community Development Block Grant Special Revenue
<br />Fund, $686,766 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.
<br />
<br />At June 30, 2016, the City was owed, in its HOME Special Revenue Fund, $3,335,000 which includes
<br />(1) two housing assistance loans made by the City to Citizens’ Housing Corporation; (2) a loan made to
<br />Estabrook Senior Housing for construction of senior housing facility; (3) a loan made to Hello Housing
<br />for the rehabilitation of a single family home; (4) a housing assistance loan made to Allied Housing. The
<br />terms of repayment vary. All of the loans receivable were reduced by allowance for uncollectible loans.
<br />
<br />At June 30, 2016, the City was owed, in its Housing In-Lieu Special Revenue Fund, $637,000 for a
<br />housing assistance loan made by the City to the Estabrook Senior Housing for low-moderate housing
<br />construction. The terms of repayment vary. The entire loan receivable was reduced by allowance for
<br />uncollectible loans.
<br />
<br />
<br />
<br />55
|