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WHEREAS, in accordance with AB 26, the City, acting in its capacity as Successor <br /> Agency, prepared a Recognized Obligation Payment Schedule ( "ROPS ") setting forth the <br /> schedule of existing Redevelopment Agency obligations, including among others, the Original <br /> Cooperative Agreement; <br /> WHEREAS, an oversight board for the Successor Agency was established pursuant to <br /> AB 26 (the "Oversight Board "); <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 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 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 district to <br /> secure additional funds required for the Eden Road Improvements; <br /> WHEREAS, the City's Transit Oriented Development Strategy identified the Town Hall <br /> Square location as a key opportunity site for future development, and the City has determined <br /> that development of this site would be severely hindered without reconfiguration of Hays Street; <br /> WHEREAS, the planned Streetscape Improvements on MacArthur Boulevard represent <br /> the final phase of a two -stage project that was initiated in 2004, on which the Redevelopment <br /> Agency had already expended approximately $2,500,000 and made assurances to adjacent <br /> property owners that the project would be completed in its entirety; <br /> WHEREAS, the planned Streetscape Improvements on Doolittle Drive represent the final <br /> phase of a three -stage project that was initiated in 2004, on which the Redevelopment Agency <br /> had already expended approximately $2,000,000 and made assurances to adjacent property <br /> owners that the project would be completed in its entirety; <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 adverse <br /> 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 valuation <br /> 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 and <br /> services that the City will undertake or make available in furtherance of the completion of the <br /> RESOLUTION NO. 2012 -065 2 <br />