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<br />5 <br />Reserve Account; 2018 Reserve Policy <br /> <br />The Successor Agency will meet the “Reserve Requirement” (as defined herein) for the <br />2018 Bonds by depositing the 2018 Reserve Policy issued by the 2018 Reserve Insurer with the <br />Trustee. See “SECURITY FOR THE 2018 BONDS – Reserve Account.” <br /> <br />The Redevelopment Plan and the Project Area <br /> Redevelopment Plan. On July 8, 1993, the City Council of the City (the “City <br />Council”) adopted the Redevelopment Plan for the Alameda County – City of San Leandro <br />Redevelopment Project Area (as amended, the “Redevelopment Plan”) by Ordinance No. 93- <br />012. The plan has been amended seven times, as described herein. <br /> <br />See “THE PROJECT AREA – The Redevelopment Plan” for a description of <br />amendments to the Redevelopment Plan and related limitations. <br /> <br />Project Area. The Project Area encompasses approximately 1,700 acres and is largely <br />comprised of single-family residential parcels, along with commercial and industrial parcels. <br />Based on the County property tax roll for fiscal year 2017-18, there are 5,496 properties in the <br />Project Area, of which 3,461 are residential. The assessed value of the Project Area for fiscal <br />year 2017-18 is approximately $2.8 billion and the base year valuation is approximately $0.9 <br />billion. <br /> <br />The Project Area is a “joint” area due to the inclusion of land in both the City and County. <br />Accordingly, the Redevelopment Plan provides that tax increment revenues generated from the <br />Project Area are split between the City and the County by a formula. The percentage payable <br />to each varies over time. <br /> <br />See “THE PROJECT AREA” for additional information on land use, assessed valuation <br />and property ownership within the Project Area. <br /> <br />Other Project Areas of the Successor Agency. The Project Areas is one of three <br />redevelopment project areas created by the Former Agency. The other two redevelopment <br />project areas are known as the Plaza Project Area and the West San Leandro/MacArthur <br />Boulevard Redevelopment Area (the “Other Project Areas”). Property tax revenues from the <br />Other Project Areas are deposited by the County Auditor-Controller into a separate <br />redevelopment property tax trust fund held by the County Auditor-Controller for such Other <br />Project Areas and available to the Successor Agency for enforceable obligations payable <br />therefrom. The 2018 Bonds are not secured by a pledge, or lien on, property tax revenues <br />allocated to the Successor Agency from the Other Project Areas or their associated redevelopment property tax trust fund. See “SECURITY FOR THE 2018 BONDS – Tax <br />Revenues.” The Successor Agency’s $11,235,000 2014 Tax Allocation Refunding Bonds <br />(Redevelopment Projects) are secured by and payable from the redevelopment property tax <br />trust fund for the Other Project Areas, not the Redevelopment Property Tax Trust Fund that <br />serves as security for the 2018 Bonds. The 2018 Bonds are the only bonds secured by Tax <br />Revenues as defined herein. <br /> <br />Limited Obligation <br /> <br />The 2018 Bonds are special obligations of the Successor Agency and are secured by an <br />irrevocable pledge of and lien on, and are payable as to principal, interest and premium, if any, <br />110