Agmt 2012 Successor Agency (2) - Laserfiche WebLink

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(3) No other reasonable means of financing the acquisition of the land or the installation or construction of the buildings, facilities, strictures, or other improvements that are publicly owned, is available to the community; (4) The payment of funds for the acquisition of land or the cost of buildings, facilities, structures, or other improvements that are publicly owned is consistent with the implementation plan adopted pursuant to CRL Section 33490; and (5) The acquisition of land and the installation of each building, facility, structure, or improvement that is publicly owned is provided for in the redevelopment plan. WHEREAS, the governing board of the Redevelopment Agency and the San Leandro City Council ( "City Council ") each adopted the findings described in the foregoing Recital with respect to the public improvements described in Exhibit A attached hereto, consisting of the Eden Road Improvements, the Hays Street Improvements, the MacArthur Boulevard Improvements and the Doolittle Drive Improvements (collectively, the "Public Improvements "), by resolutions adopted on January 17, 2011; WHEREAS, the City and the Agency entered into that certain Cooperative Agreement dated as of January 17, 2011 (the "Original Cooperative Agreement "), pursuant to which the City agreed to undertake the construction and installation of the Public Improvements, and the Agency agreed to provide funding for such work; WHEREAS, pursuant to Resolution 2012 -001, adopted by the City Council on January 9, 2012, the City agreed to serve as the Successor Agency commencing upon dissolution of the Redevelopment Agency on February 1, 2012 pursuant to Assembly Bill x 126 ( "AB 26 "); 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, the Original Cooperative Agreement; 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 1, 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; 1893085.1 2