8I Consent 2010 1206 - Laserfiche WebLink

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• and WHEREAS, Health and Safety Code Section 33334.14(a)(4) permits subordination of redevelopment agency affordability restrictions provided that: (i) the agency makes a finding that alternative financing is not reasonably available on economically feasible terms without subordination, and (ii) the agency obtains written commitments to protect its investment in the event of a default; and WHEREAS, the 'proposed Subordination Agreement provides the Agency with rights to receive notice and to cure defaults arising under the Senior Mortgage. NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of San Leandro hereby: . 1. Finds that without subordination of the Amended Regulatory Agreement an economically feasible altemative for financing the Project is not reasonably available and that the temis •of the proposed Subordination Agreement provide the Agency with reasonable means of protecting the Agency's prior investment in the Project in the event of default. •. Authorizes the Executive Director to execute and deliver such other instruments and to take such other actions as necessary to carry out the intent of this Resolution. Introduced by Agency Board Member and passed and adopted by the Board of Directors of the Redevelopment Agency of the City of San Leandro at a meeting duly held on the day of December, 2010, by the following vote: Members of the Agency Board of Directors: AYES: NOES: ABSTAIN: • ABSENT: ATTEST: • Agency Secretary • 1557209.1 •