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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 Note; <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 invalid; <br /> provided however, a successor agency that wishes to reenter into agreements with the city that <br /> formed the agency may do so upon obtaining approval of the oversight board; <br /> WHEREAS, the improvements undertaken by the Agency in the Joint City/County <br /> Project Area using the advance of City funds have resulted in significant revitalization of the <br /> Joint City /County Project Area, and have been of benefit to all taxing entities that share in the <br /> property tax revenue generated by property located within the Joint City /County Project Areas <br /> because such improvements have removed impediments to development, eliminated adverse <br /> conditions in the project area and catalyzed private development, thus resulting in an increase in <br /> assessed valuation and property tax revenue that accrues to the taxing entities; <br /> WHEREAS, the City and the Successor Agency desire to ratify the Successor Agency's <br /> obligation to repay the Note, and desire to enter into an Amended and Restated Promissory Note <br /> stating modified terms for repayment ( "Restated Note "); <br /> WHEREAS, the execution of the Restated Note was also approved by the governing <br /> board for the Successor Agency by resolution adopted on May 7, 2012; and <br /> WHEREAS, the Restated Note will be presented to the Oversight Board for <br /> consideration. <br /> NOW THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City <br /> of San Leandro that it hereby: <br /> 1. Subject to approval of the Oversight Board, authorizes the modification of terms <br /> as set forth in the Amended and Restated Promissory Note attached hereto and authorizes the <br /> City Manager to execute the Restated Note substantially in such form. <br /> 2. Authorizes the City Manager or designee to execute such other documents and to <br /> take such other actions as necessary to carry out the intent of this Resolution. <br /> RESOLUTION NO. 2012 -037 2 <br />