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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2021
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<br />NOTE 3 – LOANS RECEIVABLE
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<br />At June 30, 2021, the City had loans receivable in the following funds:
<br />
<br />Governmental Funds:
<br />General Fund 1,349,968$
<br />Non Major Special Revenue Funds:
<br /> Affordable Housing Asset Special Revenue Fund 18,273,614
<br /> Community Development Block Grant (CDBG) 239,161
<br /> HOME Fund 4,536,036
<br /> Housing In-Lieu 737,000
<br />Less allowance for uncollectible loans (23,138,826)
<br /> Total net loans receivable 1,996,953$
<br />
<br />
<br />At June 30, 2021, the City was owed in the General Fund, $506,441 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, 2021, the City was owed in the General Fund, $19,242 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, 2021, the City was owed in the General Fund, $70,139 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.
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<br />At June 30, 2021, the City was owed in the General Fund, $382,987 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 />
<br />At June 30, 2021, the City was owed in the General Fund, $371,159 for a loan made by the City to
<br />MTLG, LLC. The loan is for litigation costs between the City of San Leandro and MTLG, LLC for a
<br />proposed wind energy conversion project. The loan is evidenced by a promissory note in the amount of
<br />the loan and a deed of trust with a term of 10 years. The interest rate is 2% per annum.
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<br />57318
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