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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2018
<br />I NOTE 3 -LOANS RECEIVABLE
<br />At June 30, 2018, the City had loans receivable in the following funds:
<br />Governmental Funds:
<br />General Fund
<br />Non Major Special Revenue Funds:
<br />Affordable Housing Asset Special Revenue Fund
<br />Community Development Block Grant (CDBG)
<br />HOME Fund
<br />Housing In-Lieu
<br />Less allowance for uncollectible loans
<br />Total net loans receivable
<br />$
<br />$
<br />2,357,668
<br />7,344,052
<br />306,395
<br />3,335,000
<br />637,000
<br />(11,267,984)
<br />2,712,131
<br />At June 30, 2018, the City was owed, in the General Fund, $858,072 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 />At June 30, 2018, the City was owed, in the General Fund, $831,564 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 />At June 30, 2018, the City was owed, in the General Fund, $12,050 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 />At June 30, 2018, the City was owed, in the General Fund, $260,139 for a loan made by the City to San
<br />Leandro Improvement Agency. The loan is to fund Downtown San Leandro capital improvements. The
<br />loan is evidenced by a promissory note with a term of 10 years. The interest rate is 3% per annum.
<br />At June 30, 2018, the City was owed, in the General Fund, $395,843 for a loan made by the City to the
<br />Historic BAL Theatre. The loan is to promote the performing arts, music, and City's culture, which is vital
<br />to the public health and economic vitality of the City. The loan is evidenced by a promissory note with a
<br />term of 30 years. The interest rate is 3% per annum.
<br />During fiscal year 2018, the City was owed, in its Low/Moderate Asset Housing Fund, $7,344,052 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. The total loan receivable amount was
<br />reduced by an allowance for uncollectible loans in the amount of $6,989,589 leaving a balance of
<br />$354,463 as of June 30, 2018.
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