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REPAYMENT OF FUNDS AGREEMENT <br /> This Agreement is entered into this 21st day of June, 1999, by and between <br /> the REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO (the <br /> "Agency") and the CITY OF SAN LEANDRO (the "City"). The Agency and City <br /> agree as follows: <br /> RECITALS <br /> 1. On October 17, 1960, the City duly adopted Council Resolution No. 4399 <br /> C.M.S., establishing the Agency. <br /> 2. The Agency is vested with the responsibility for formulating and carrying <br /> out necessary redevelopment projects within the City. <br /> 3. To that end, the City has expended and will continue to expend on behalf <br /> of the Agency, at the special instance and request of the Agency, staff time, expenses, <br /> overhead, consultant costs and other related expenses in the formulation, <br /> coordination, administration and implementation of a Redevelopment Program for <br /> the City. <br /> 4. Said expenditures have been made and will continue to be made in the <br /> anticipation that said costs would be repaid by the Agency out of tax increment funds <br /> to be generated within the Plaza I, Plaza II, Joint, West San Leandro and any future <br /> Redevelopment Project Areas. <br /> NOW, THEREFORE, the Agency does RESOLVE as follows: <br /> 1. The Agency agrees to reimburse the City for all sums heretofore expended <br /> by the City in connection with the development, planning, adoption, administration <br /> and implementation of the San Leandro Redevelopment Program, including, but not <br /> limited to, all staff time and overhead costs, use of City facilities, consulting fees and <br /> other related costs. Said debt shall bear an interest rate of the City's portfolio <br /> earnings rate plus 1%. <br /> 2. The Agency agrees to reimburse the City for all future costs incurred by the <br /> City in furtherance of the Redevelopment Program. Said future costs shall include, <br /> but shall not be limited to, costs to the City for consulting services, staff time and <br /> other related administrative expenses as well as public improvements within the <br /> Project Areas. Said debt shall bear an interest rate not to exceed limits set by State <br /> 1 <br />