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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2024 NOTE 18 – SUCCESSOR AGENCY ACTIVITIES (Continued) Direct Borrowings The Agency entered into the following agreement which represent contingency liabilities for the Agency: Ford Motor Company Owner Participation Agreement The agreement required the Agency to make annual payments equivalent to 50% of the sales tax generated above a base of $277,000 by the sale of vehicles as part of the Ford Store San Leandro development. The amount due is paid over several years depending on the volume of auto sales at no interest. There were no payments for fiscal year ended June 30, 2024. NOTE 19 – SHORELINE DEVELOPMENT PROJECT In October 2008, the City put out a request for proposal for a master developer and entered into an Exclusive Negotiating Rights Agreement with Cal-Coast (Developer) to negotiate agreements to redevelop the City’s Shoreline area. From 2008 to 2015, Cal-Coast worked with City staff and various resident advisory committees to develop a Conceptual Master Plan for the Shoreline area that would meet the following stated objectives: • Provide complementary amenities to the residents of, and visitors to, the City of San Leandro; • Connect the amenities with current Shoreline users; • Recognize the development value of a desirable regional location and how private development can fund public amenities and services; • Address logical phasing of development; • Require little or no City investment; and • Result in a self-supporting Shoreline project area. Subsequent to that, Cal-Coast modified the Shoreline Development Concept Plan based on feedback from local commissions and evolving market conditions. On February 24, 2020, the City Council approved a General Plan Text Amendment, General Plan Map Amendment, and Zoning Map Amendments, including a Planned Development Overlay, to reflect the updated Shoreline Development Concept Plan, which includes the following: • 210-room hotel with attached restaurant; • 15,000 square foot two-story restaurant/banquet facility; • Up to 500 housing units; • 3,000 square foot market/café; • Demolition within the Harbor Basin area and construction of a 9-acre community park on Mulford Point; • New Mulford-Marina Branch library; • Redesigned nine-hole golf course; • Reconstruction of Monarch Bay Drive, including a Class I bike facility; • Related site improvements, including publicly accessible trails, landscaped areas, access drives, and parking lots throughout the project area. 93