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SUMMARY REPORT PURSUANT TO <br />SECTION 33433 <br />OF THE <br />CALIFORNIA COMMUNITY REDEVELOPMENT PLAN <br />ON A <br />DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN <br />THE REDEVELOPMENT AGENCY OF <br />THE CITY OF SAN LEANDRO <br />AND <br />CREEKSIDE CENTER ASSOCIATES, INC. <br />L INTRODUCTION <br />The California Health and Safety Code, Section 33433, requires that if a redevelopment agency wishes <br />to sell or lease property to which it holds title and if that property was acquired in whole or in part with <br />property tax_ increment funds, the agency must first secure approval of the proposed sale or lease <br />agreement from its local legislative body after a public hearing. A copy of the proposed sale or lease <br />agreement and a summary report that describes and contains specific financing elements of the <br />proposed transactions shall be available for public inspection prior to the public hearing. As contained <br />in the Code, the following information shall be included in the summary report: <br />The cost of the agreement to the redevelopment agency, including land acquisition <br />costs, clearance costs, relocation costs, the costs of any improvements to be provided <br />by the agency, plus the expected interest on any loans or bonds to finance the <br />agreement; <br />2. The estimated value of the interest to be conveyed or leased, determined at the highest <br />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 of <br />blight, as required by Section 33433; and <br />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 highest <br />and best use consistent with the redevelopment plan, then the agency shall provide as <br />part of the summary an explanation of the reasons for the difference. <br />- 159 <br />KEYSER MARSTON ASSOCIATES I N C. <br />1910010001-Ml.doc Pape 1 <br />