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3A Presentation 2017 0103
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3A Presentation 2017 0103
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12/21/2016 4:42:35 PM
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CM City Clerk-City Council - Document Type
Agenda
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1/3/2017
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City of San Leandro <br />Meeting Date: January 3, 2017 <br />Staff Report <br />Agenda Section:File Number:16-692 PRESENTATIONS <br />Agenda Number:3.A. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:Not Applicable <br />TITLE:Presentation on Potential Projects to be Funded Through Remaining Excess <br />Proceeds from Bonds of the Former Redevelopment Agency of the City of <br />San Leandro. <br />On October 28, 2015, the Successor Agency to the Redevelopment Agency of the City of San <br />Leandro (Successor Agency) received its Finding of Completion. With the Finding of <br />Completion, the Successor Agency is now able to use proceeds of Redevelopment Agency <br />bonds that are not otherwise allocated for previously approved projects (excess bond <br />proceeds). <br />On September 1, 2008, the Redevelopment Agency of the City of San Leandro issued the <br />Alameda County-City of San Leandro Redevelopment Project Tax Allocation Bonds, Series <br />2008, in the original principal amount of $27,530,000 (2008 Bonds) to finance redevelopment <br />projects in the Alameda County-City of San Leandro Redevelopment Project Area (Joint <br />Project Area - a map of the area is attached). Projects identified in the bond issuance <br />documents include the design and construction of a Senior Center, a downtown parking <br />garage, and infrastructure improvements on East 14th Street. <br />The 2008 Bonds had approximately $2.3 million in excess bond proceeds that were not <br />committed to previously approved enforceable obligations at the time of the dissolution of the <br />Redevelopment Agency. On September 19, 2016, an Agreement was developed to authorize <br />an initial transfer of $600,000 in 2008 Bonds from the Successor Agency to the City of San <br />Leandro (City) for Parking Garage Technology Upgrades. Approximately $1.7 million in <br />excess bond proceeds remains to be allocated to projects. <br />Potential projects that could be funded with the remaining excess bond proceeds follow for <br />City Council consideration. These projects are recommended as they are in the Joint Project <br />Area, fall under the umbrella of projects identified in the 2008 Bonds, and can be constructed <br />within the next budget cycle. <br />$750,000 E. 14th St/Hesperian/150th Triangle Gateway Beautification Project <br />Page 1 City of San Leandro Printed on 12/21/2016
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