Title
Staff Report for the Approval of the Successor Agency to the Redevelopment Agency of the City of San Leandro 2014 Subordinate Tax Allocation Refunding Bonds
Staffreport
SUMMARY AND RECOMMENDATION
Staff recommends that the Successor Agency approve the resolutions and documents required to issue the Successor Agency to the Redevelopment Agency of the City of San Leandro 2014 Subordinate Tax Allocation Refunding Bonds ("2014 Refunding Bonds"). The proposed 2014 Refunding Bonds will be issued to refund $10,375,000 of Redevelopment Agency of the City of San Leandro Tax Allocation Bonds, Series 2002 ("2002 TABs") and $4,720,000 of Redevelopment Agency of the City of San Leandro Tax Allocation Bonds, Series 2004 ("2004 TABs"). The par amount of the 2014 Refunding Bonds will not exceed $14 million and they will mature September 1, 2034. Annual debt service on the 2014 Refunding Bonds will not exceed the annual debt service currently payable on the outstanding 2002 and 2004 TABs.
BACKGROUND
In December 2002, $15,935,000 of 2002 TABs were issued to refund the Redevelopment Agency of the City of San Leandro Tax Allocation Bonds, Series 1993 ("1993 TABs"). The 1993 TABs were issued to fund redevelopment activities of benefit to the Plaza Redevelopment Project Area. In June 2004, $5,500,000 of 2004 TABs were issued to fund redevelopment activities of benefit to the West San Leandro/MacArthur Boulevard Redevelopment Project Area. The 2002 and 2004 TABs are secured by property taxes in the Plaza Redevelopment Project Area and the West San Leandro/MacArthur Boulevard Redevelopment Project Area, respectively. The Successor Agency to the Redevelopment Agency of the City of San Leandro ("Successor Agency") has an opportunity to refinance the 2002 and 2004 TABs to realize savings in annual debt service payments. The savings from the 2002 and 2004 TABs will be distributed to affected taxing entities due to the dissolution of the City's Redevelopment Agency. The f...
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