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City of San Leandro <br />Meeting Date: September 19, 2016 <br />Staff Report <br />Agenda Section:File Number:16-469 CONSENT CALENDAR <br />Agenda Number:8.F. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for Resolutions Approving an Agreement Regarding Expenditure <br />of Excess Bond Proceeds and Authorizing the Acceptance of the Transfer of <br />Excess Bond Proceeds Between the Successor Agency to the <br />Redevelopment Agency of the City of San Leandro to the City of San Leandro <br />SUMMARY AND RECOMMENDATIONS <br />Staff recommends that the City Council, serving in its capacity as the Board of Directors of the <br />Successor Agency to the Redevelopment Agency of the City of San Leandro (Successor <br />Agency) adopt a Resolution approving an Agreement with the City of San Leandro regarding <br />the expenditure of excess bond proceeds and authorizing the transfer of such proceeds to the <br />City of San Leandro. <br />Staff also recommends that the City Council adopt a Resolution approving an Agreement with <br />the Successor Agency regarding the expenditure of excess bond proceeds and authorizing <br />the acceptance of the transfer of such proceeds from the Successor Agency. <br />A total of $600,000 in bond proceeds from the Alameda County-City of San Leandro <br />Redevelopment Project Tax Allocation Bonds, Series 2008, (2008 Bonds) are proposed for <br />transfer and spending for purposes consistent with the bond covenants, specifically to <br />complete improvements to the San Leandro Downtown Parking Garage. <br />BACKGROUND <br />On October 28, 2015, the Successor Agency to the Redevelopment Agency of the City of San <br />Leandro received its Finding of Completion, certifying that the Successor Agency deposited all <br />funds with the Alameda County Auditor-Controller as required by the California Department of <br />Finance (DOF) per California Health and Safety Code (HSC) Sections 34179.6 and 34183.5. <br />Pursuant to the Finding of Completion, the Successor Agency is authorized to use the <br />Page 1 City of San Leandro Printed on 9/13/2016