SA Reso 2012-009 - Laserfiche WebLink

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WHEREAS, an oversight board for the Successor Agency was established pursuant to AB 26 (the "Oversight Board "); WHEREAS, the Oversight Board approved the ROPS on April 6, 2012; WHEREAS, the State Department of Finance reviewed the ROPS, but by letter dated April 11, 2012, indicated that it objected to the Original Cooperative Agreement; WHEREAS, Health and Safety Code Section 34178(a) provides that, with specified exceptions, commencing upon February I, 2012, agreements. contracts and arrangements between a redevelopment agency and the city that formed the redevelopment agency are invalid; provided however, a successor agency that wishes to reenter into agreements with the city that formed the agency may do so upon obtaining approval of the oversight board; WHEREAS, the City has made a significant investment in the Public Improvements, including the purchase of right -of -way and completion of project design for the Eden Road Improvements, and the establishment of procedures for the formation of an assessment district to secure additional funds required for the Eden Road Improvements; WHEREAS, the City's Transit Oriented Development Strategy identified the Town Hall Square location as a key opportunity site for future development, and the City has determined that development of this site would be severely hindered without reconfiguration of Hays Street; WHEREAS, the planned Streetscape Improvements on MacArthur Boulevard represent the final phase of a two -stage project that was initiated in 2004, on which the Redevelopment Agency had already expended approximately $2,500,000 and made assurances to adjacent property owners that the project would be completed in its entirety; WHEREAS, the planned Streetscape Improvements on Doolittle Drive represent the final phase of a three -stage project that was initiated in 2004, on which the Redevelopment Agency had already expended approximately $2,000,000 and made assurances to adjacent property owners that the project would be completed in its entirety; WHEREAS, completion of the Public Improvements will be of benefit to all taxing entities that share in the property tax revenue generated by property located within the redevelopment project areas because such improvements will remove impediments to development, eliminate adverse conditions in the project areas, improve vehicular circulation, provide safer routes for pedestrians, and catalyze private development, thus resulting in an increase in assessed valuation and property tax revenue; WHEREAS, the City and the Successor Agency desire to enter into an Amended and Restated Cooperative Agreement (the "Agreement ") to set forth the construction activities and services that the City will undertake or make available in furtherance of the completion of the Public Improvements, and to provide that the Successor Agency will pay for or reimburse the City for actions undertaken and costs and expenses incurred in connection with such work; RESOLUTION NO. 2012-009 SA 2