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SUMMARY REPORT PURSUANT TO <br />SECTION 33433 <br />OF THE <br />CALIFORNIA COMMUNITY REDEVELOPMENT LAW <br />ON AN <br />DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN <br />THE REDEVELOPMENT AGENCY OF <br />THE CITY OF SAN LEANDRO <br />AND <br />S.L. VANUATU PROPERTIES, LLC, A LIMITED LIABILITY CORPORATION <br />I. INTRODUCTION <br />The California Health and Safety Code, Section 33433, requires that if a redevelopment agency <br />wishes to sell or lease property to which it holds title and if that property was acquired in whole or <br />in part with property tax increment funds, the agency must first secure approval of the proposed sale <br />or lease agreement from its local legislative body after a public hearing. A copy of the proposed <br />sale or lease agreement and a summary report that describes and contains specific financing <br />elements of the proposed transactions shall be available for public inspection prior to the public <br />hearing. As contained in the Code, the following information shall be included in the summary <br />report: <br />The cost of the agreement to the redevelopment agency, including land acquisition <br />costs, the costs of any improvements to be provided by the agency, plus the expected <br />interest on any loans or bonds to finance the agreement; <br />2. The estimated value of the interest to be conveyed or leased, determined at the <br />highest and best use permitted under the redevelopment plan; <br />3. The estimated value of the interest to be conveyed in accordance with the uses, <br />covenants, and development costs required under the proposed agreement with the <br />Agency, i.e., the reuse value of the site; <br />4. An explanation of why the sale or lease of the property will assist in the elimination <br />of blight, as required by Section 33433; and <br />5. The purchase price or sum of the lease payments which the lessor will be required to <br />make during the term of the lease. If the sale price or total rental amount is less than <br />the fair market value of the interest to be conveyed or leased, determined at the <br />highest and best use consistent with the redevelopment plan, then the agency shall <br />provide as part of the summary an explanation of the reasons for the difference. <br />KEYS ER MARSTON ASSOCIATES INC. <br />19104\0001-002.DOC Page 1 <br />