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<br />. .; .N~'f~;'3:~.LOANS RECEIVABLE (CONTr~UED)
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<br />E. Housii,g Rehabilitation Loans:
<br />.The c:ity and Agency have outstanding loans for housing rehabili.tation in the amount of $2.4901620.
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<br />F. CityAnorlU!}' Housing Assistance Loan
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<br />.. Ifl: 2003/04 :the.Citymade a housIng assistance .loan to the CitY Attorney. The o~tstandi~g loan balance at
<br />. June:301 2008 was $147.206. Additional details of this loan agreement'are outlined in Note 18.
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<br />Shores CllildcareLoQ.12 '
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<br />.. the City entered into ;an. aiP:cement with'" Shore? Chj)dcare~. LLC whereby .S3.200,QOP was loaned to .
<br />. Shores 'Chilocare. ,LLC for construction of a childcare facility on. City-owned land in: the Redwood
<br />'Shores area. The term of the": loan is 20 years maturing January 2023, with interest payable quarterly and.
<br />calculated based on: the;iquarterly tate of the State of California Local Agency Investment Fund. The
<br />outstanding balance of the loan at June 30, 2008 was $2.525,385. .
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<br />H. .Parking FimdLoQI,
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<br />The capitaJ;~ outia.y fund. :has .B loan receivable in the amol,lnt .cf $1,300,000. trqm the parking. fund.
<br />Additional! details .of this loan agreement are outlined in Note 7.. .
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<br />.,L. .:: First COl1lnlu""it)lHo:~.'ting Loa;,:
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<br />The City. entered i~to a~iagTeement with .First Community. Ho~ing whe~eby'$2,627,OOO .($200,000 from
<br />Community .Devel'opment fJlock ,Gra~t, Sl,927~OOO:; from Redevelopment Agency low and: . moderate
<br />h.ousing. fund,::$500,OOO::pass..-thr01igh'.from County: of San Mateo).was.loaned. t.o First C.ommunity
<br />Housing far constructi.on of the. Villa Montgomery housing developmen~af EI Camille and Vera A venue.
<br />:.. The loan bears interest :at 3% for 40: years. . Th.e loan will be ~epaid annually from 70% of the pr.oject's
<br />.: net cash flow. ..
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<br />: J. ::. Police Activities League Loan
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<br />. IJ,') March 2006. the: City paid. . off a construction ]oan.:in the' amount of $"1,500,000 that the Police.
<br />,... Activities L~gue (PAL). a. Separate;, private, noh-profit agency, e~tered into with Bay Area. Bank to
<br />:partiaJly finance the construction.. of the new PAL cQrnmtinity center at Taft SchooL 1}1e City Council
<br />. . and ~ AL agreed that one-half of the. amOllllt, or :$750:,000, Wi)) be paid back to the City by P A~ over a
<br />.. period'?f 1 ~ years. The .outstanditlg balance of the Joan at June 30, 200~ was $385;.71-4. .
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<br />Kainos. HOlne: lllld:Traill.ilig Ce"t~r. Lllan
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<br />. .. In 1997/98~,the City:.entere.dinto an agreement with KainosHQme and training .Center whereby $57,500
<br />. from CommunitY ;Development Blpck Grant was loaned to: acquire property. for Kuinas Home and
<br />Training Center. r!be loan is del~en~ed: and payable upop. the sal~ of the property, at which. time the City.
<br />wouJd reccivercpayinellt .of the 16~n plus any acc~e~ e~l.fit)' based on the prorated City share.
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<br />St. . Clai~e Aparlmellts LOQII .
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<br />In 1996/97, the City entered into. an agreen1cnt with St. Francis Center. to loao..$83,4 I 7- in Conununity
<br />Development Block Grant funds to acquire a 24~unit apartment building to be o\\l1.ed and oper~ted by.St.
<br />Claire Apartments, an .affiliate !lon-profit corporation. The loan bears. inte,re~t .at 3% .and m~tures June
<br />. ,. 201.L The outstanding ba!ance:at.Ju~e 30,2008 was $27,720~.:..., .:,
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