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City of San Leandro <br />Meeting Date: May 7, 2012 <br />Resolution - Council <br />File Number: 12 -218 Agenda Section: CONSENT CALENDAR <br />Agenda Number: <br />TO: City Council <br />FROM: Chris Zapata <br />City Manager <br />BY: Luke Sims <br />Community Development Director <br />FINANCE REVIEW: Not Applicable <br />TITLE: ADOPT: Resolution of the City Council of the City of San Leandro Agreeing <br />to a Modification to a Loan Payable by the Redevelopment Agency of the City <br />of San Leandro and Authorizing Execution of an Amended and Restated <br />Promissory Note (reaffirms validity of a $2 million debt owed by the former <br />Redevelopment Agency to the City) <br />WHEREAS, pursuant to Resolution 2012 -001, adopted by the City Council of the City of <br />San Leandro on January 9, 2012, the City of San Leandro agreed to serve as the Successor <br />Agency to the Redevelopment Agency of the City of San Leandro ( "Redevelopment <br />Agency ") commencing upon dissolution of the Redevelopment Agency on February 1, 2012 <br />pursuant to Assembly Bill x1 26 ( "AB 26 "); <br />WHEREAS, Health and Safety Code Section 33220 authorized any public body to enter <br />into an agreement with a redevelopment agency for the purpose of aiding and cooperating in <br />the planning, undertaking, construction, or operation of redevelopment projects located within <br />the jurisdiction in which such public body is authorized to act, upon the terms and with or <br />without consideration as such public body determines; and <br />WHEREAS, by Resolution No. 2004 -11 adopted June 21, 2004, the City of San Leandro <br />( "City ") confirmed its agreement to advance City general funds in the amount of $4,372,774 <br />(the "Joint City /County Project Area Loan ") to the Redevelopment Agency to support <br />redevelopment activities undertaken by the Redevelopment Agency in the City of San <br />Leandro /Alameda County Joint Redevelopment Project Area adopted pursuant to Ordinance <br />Nos. 1295 N.S., 67 -62, 75 -39, 2000 -009 and 2000 -010 (the "Joint City /County Project <br />Area "); <br />WHEREAS, to evidence its obligation to repay the Joint City /County Project Area Loan, <br />the Redevelopment Agency executed and delivered to City a promissory note dated as of <br />April 8, 2004 in the amount of the Joint City /County Project Area Loan (the "Note "); <br />City of San Leandro Page 1 Printed on 51112012 <br />