Title
ADOPT: Resolution of the City Council of the City of San Leandro Acting in Its Capacity as the Successor Agency to the Redevelopment Agency of the City of San Leandro Confirming the Obligation to Repay a Loan from the City of San Leandro, Agreeing to a Modification of Loan Terms, and Authorizing Execution of an Amended and Restated Promissory Note (reaffirms validity of a $2 million debt owed by the former Redevelopment Agency to the City)
Body
WHEREAS, pursuant to Resolution 2012-001, adopted by the City Council of the City of San Leandro on January 9, 2012, the City of San Leandro agreed to serve as the Successor Agency to the Redevelopment Agency of the City of San Leandro (“Redevelopment Agency”) commencing upon dissolution of the Redevelopment Agency on February 1, 2012 pursuant to Assembly Bill x1 26 (“AB 26”);
WHEREAS, Health and Safety Code Section 33220 authorized any public body to enter into an agreement with a redevelopment agency for the purpose of aiding and cooperating in the planning, undertaking, construction, or operation of redevelopment projects located within the jurisdiction in which such public body is authorized to act, upon the terms and with or without consideration as such public body determines; and
WHEREAS, by Resolution No. 2004-11 adopted June 21, 2004, the City of San Leandro (“City”) confirmed its agreement to advance City general funds in the amount of $4,372,774 (the “Joint City/County Project Area Loan”) to the Redevelopment Agency to support redevelopment activities undertaken by the Redevelopment Agency in the City of San Leandro/Alameda County Joint Redevelopment Project Area adopted pursuant to Ordinance Nos. 1295 N.S., 67-62, 75-39, 2000-009 and 2000-010 (the “Joint City/County Project Area”);
WHEREAS, to evidence its obligation to repay the Joint City/County Project Area Loan, the Redevelopment Agency executed and delivered to City a promissory note dated as of April 8, 2004 in the amount of the Joint City...
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