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WHEREAS, this 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 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, eliminate 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 "); and <br />WHEREAS, the execution of the Restated Note was approved by the City Council and by <br />the governing board for the Successor Agency by resolutions adopted on May 7, 2012. <br />NOW THEREFORE, BE IT HEREBY RESOLVED by the Oversight Board of the <br />Successor Agency to the Redevelopment Agency of the City of San Leandro that it hereby: <br />1. Pursuant to Health and Safety Code Section 34178(a), authorizes the modification of <br />terms as set forth in the Restated Note attached hereto as Exhibit A, and authorizes the Successor <br />Agency to execute and deliver the Restated Note substantially in such form. <br />2. Authorizes the Restated Note to be listed on an updated ROPS for the Successor Agency. <br />PASSED AND ADOPTED AT A REGULAR MEETING OF THE OVERSIGHT <br />BOARD FOR THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF <br />THE CITY OF SAN LEANDRO ON MAY 10, 2012 BY THE FOLLOWING VOTE: <br />AYES:(6) Chan, Gin, Jermanis, Mack -Rose, Sims, Williams <br />1875667.1 <br />