Title
RESOLUTION of the Successor Agency to the Redevelopment Agency of the City of San Leandro Authorizing the Execution of a Reinstated Loan Agreement between the City And The Successor Agency and Authorizing Execution of an Amended and Restated Promissory Note for the Plaza Project Loan
Body
WHEREAS, pursuant to Resolution 2012-001, adopted by the City Council of the City of San Leandro (the "City Council") on January 9, 2012, the City Council agreed to serve as the governing board to the Successor Agency to the Redevelopment Agency of the City of San Leandro (the "Successor Agency") commencing upon dissolution of the Redevelopment Agency of the City of San Leandro (the "Former Agency") on February 1, 2012, pursuant to Assembly Bill x1 26 (as further amended by AB 1484 and SB 107, the "Dissolution Law"); and
WHEREAS, prior to the dissolution of redevelopment agencies, city loans to redevelopment agencies with insufficient financing capacity were commonplace, and were not only expressly authorized but encouraged by Health and Safety Code Sections 33220, 33600, 33601 and 33610 and Government Code Section 53600 et seq.; and
WHEREAS, on December 5, 2002 the City of San Leandro (the "City") made a loan from its general fund in the amount of $2,887,617.44 (the "Plaza Project Loan") to the Former Agency to support redevelopment activities undertaken by the Former Agency in the Plaza Redevelopment Project Area, adopted pursuant to Ordinance No. 1295 - N.S., adopted December 28, 1960, (as amended, the "Plaza Project Area"); and
WHEREAS, by Resolution No. 2004-011 adopted June 21, 2004, the City ratified the Plaza Project Loan at which time the outstanding balance was $2,596,400.00; and
WHEREAS, to evidence its obligation to repay the Plaza Project Loan, the Redevelopment Agency executed and delivered to City a promissory note dated as of December 5, 2002 in the amount of the Plaza Project Loan (the...
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