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<br />20 <br />THE AUTHORITY <br />The Authority was formed on May 24, 1993 pursuant to a Joint Exercise of Powers <br />Agreement (the “Joint Exercise of Power Agreement”), between the City and the former <br />Redevelopment Agency of the City of San Leandro (the “Former Agency”). The Successor Agency to the Redevelopment Agency of the City of San Leandro (the “Successor Agency”) <br />has subsequently succeeded to the rights and obligations of the Former Agency under the Joint <br />Exercise of Powers Agreement. The City Council acts as the board of directors of the Successor Agency. <br />The Authority was formed for the purpose, among others, of assisting the City in the <br />acquisition, construction and financing of public improvements that are of public benefit to the City. The City Council acts as the Board of the Authority. The Mayor and the Vice Mayor of the <br />City serve as the Chairman and Vice–Chairman, respectively, the City Manager serves as the Executive Director, the City Clerk serves as the Secretary, and the City’s Finance Director serves as the Treasurer of the Authority. <br /> <br />