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File Number: 12 -219 <br />WHEREAS, the Oversight Board approved the ROPS on April 6, 2012; <br />WHEREAS, the State Department of Finance reviewed the ROPS, but by letter dated <br />April 11, 2012, indicated that it objected to the Original Cooperative Agreement; <br />WHEREAS, Health and Safety Code Section 34178(a) provides that, with specified <br />exceptions, commencing upon February 1, 2012, agreements, contracts and arrangements <br />between a redevelopment agency and the city that formed the redevelopment agency are <br />invalid; provided however, a successor agency that wishes to reenter into agreements with the <br />city that formed the agency may do so upon obtaining approval of the oversight board; <br />WHEREAS, the City has made a significant investment in the Public Improvements, <br />including the purchase of right -of -way and completion of project design for the Eden Road <br />Improvements, and the establishment of procedures for the formation of an assessment <br />district to secure additional funds required for the Eden Road Improvements; <br />WHEREAS, the City's Transit Oriented Development Strategy identified the Town <br />Hall Square location as a key opportunity site for future development, and the City has <br />determined that development of this site would be severely hindered without the Hays Street <br />Improvements; <br />WHEREAS, completion of the Public Improvements will be of benefit to all taxing <br />entities that share in the property tax revenue generated by property located within the Project <br />Areas because such improvements will remove impediments to development, eliminate <br />adverse conditions in the Project Areas, improve vehicular circulation, provide safer routes for <br />pedestrians, and catalyze private development, thus resulting in an increase in assessed <br />valuation and property tax revenue; <br />WHEREAS, the City and the Successor Agency desire to enter into an Amended and <br />Restated Cooperative Agreement (the "Agreement ") to set forth the construction activities <br />and services that the City will undertake or make available in furtherance of the completion of <br />the Public Improvements, and to provide that the Successor Agency will pay for or reimburse <br />the City for actions undertaken and costs and expenses incurred in connection with such <br />work; <br />WHEREAS, the Parties intend the Agreement to amend and restate the Original <br />Cooperative Agreement; <br />WHEREAS, the execution of the Agreement was approved by the governing board of <br />the Successor Agency by resolution adopted on May _, 2012; and <br />WHEREAS, the Agreement will be presented to the Oversight Board for <br />consideration. <br />NOW THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of <br />San Leandro that it hereby: <br />Affirms and ratifies the findings set forth in the foregoing Recitals. <br />City of San Leandro Page 3 Printed on 51112012 <br />