Reso 2012-037 - Laserfiche WebLink

Home

IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2012-037 RESOLUTION AGREEING TO A MODIFICATION TO A LOAN PAYABLE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO AND AUTHORIZING EXECUTION OF AN AMENDED AND RESTATED PROMISSORY NOTE WHEREAS, pursuant to Resolution No. 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 xl 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 /County Project Area Loan (the "Note "); WHEREAS, the Note bears interest at the rate of six percent per annum; WHEREAS, the Note provides for interest -only payments, but permits prepayment of the principal balance at any time; WHEREAS, the current principal balance payable pursuant to the Note is $2,040,797.30; WHEREAS, in accordance with AB 26, the City, acting in its capacity as Successor Agency, prepared a Recognized Obligation Payment Schedule ( "ROPS ") setting forth the schedule of existing Redevelopment Agency obligations, including among others, repayment of the Note; WHEREAS, an oversight board for the Successor Agency was established pursuant to AB 26 (the "Oversight Board ");