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RESOLUTION Appropriating $2,437,273 from the General Fund Economic Uncertainty Reserve Fund for the Purpose of Making a Required Payment to the Alameda County Auditor-Controller Related to the Dissolution of the San Leandro Redevelopment Agency
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WHEREAS, in a June 23, 2015 “Other Funds and Accounts Due Diligence Review Determination” letter, the California Department of Finance Determined that the Successor Agency to the Redevelopment Agency of the City of San Leandro owes a payment of $2,437,273 to satisfy the Due Diligence process pursuant to Health and Safety Code Section 34179.6(c); and
WHEREAS, the amount owed constitutes a reversal of debt service payments made by the Redevelopment Agency of the City of San Leandro to the City of San Leandro in January and March of 2011 on a loan made to the Plaza Redevelopment Project Area; and
WHEREAS, said loan was subsequently denied by the Department of Finance as an enforceable obligation; and
WHEREAS, remittance of this payment will make the Successor Agency eligible to receive a Finding of Completion pursuant to Health and Safety Code Section 34191.4.
NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as follows:
That an appropriation of funds be made in the amount of $2,437,273 from the General Fund Economic Uncertainty Reserve Fund for the purpose of making the aforementioned required payment.