Title
Staff Report for Resolutions Approving an Agreement Regarding Expenditure of Excess Bond Proceeds and Authorizing the Acceptance of the Transfer of Excess Bond Proceeds from the Successor Agency to the Redevelopment Agency of the City of San Leandro to the City of San Leandro
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the City Council, serving in its capacity as the Board of Directors of the Successor Agency to the Redevelopment Agency of the City of San Leandro (Successor Agency), adopt a Resolution approving an Agreement with the City of San Leandro regarding the expenditure of excess bond proceeds and authorizing the transfer of such proceeds to the City of San Leandro.
Staff also recommends that the City Council adopt a Resolution approving an Agreement with the Successor Agency regarding the expenditure of excess bond proceeds and authorizing the acceptance of the transfer of such proceeds from the Successor Agency.
A total of $1,764,526 in bond proceeds from the Alameda County-City of San Leandro Redevelopment Project Tax Allocation Bonds, Series 2008, (2008 Bonds) are proposed for transfer and expenditure for purposes consistent with the bond covenants, specifically to construct capital improvements in the Joint Project Area, including improvements to the "Triangle" project at E. 14th St./Hesperian Blvd./150th St., as well as streetscape, utility undergrounding, pedestrian, and lighting improvements along north and south portions of East 14th Street.
BACKGROUND
On September 1, 2008, the Redevelopment Agency issued Tax Allocation Bonds, in the original principal amount of $27,530,000 (2008 Bonds) to finance redevelopment projects in the Alameda County-City of San Leandro Redevelopment Project Area (Joint Project Area). Such projects included the design and construction of a senior center, a downtown parking garage, and infrastructure improvements on East 14th Street.
On October 28, 2015, the Successor Agency to the Redevelo...
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