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schedule of existing Redevelopment Agency obligations, including among others, the Original <br />Cooperative Agreement; <br />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 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, 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 <br />redevelopment project areas because such improvements will remove impediments to <br />development, eliminate adverse conditions in the project areas, improve vehicular circulation, <br />provide safer routes for pedestrians, and catalyze private development, thus resulting in an <br />increase in assessed valuation 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 />Public Improvements, and to provide that the Successor Agency will pay for or reimburse the <br />City for actions undertaken and costs and expenses incurred in connection with such work; <br />WHEREAS, the City and Successor Agency intend the Agreement to amend and restate <br />the Original Cooperative Agreement; and <br />WHEREAS, the execution of the Agreement was approved by the City Council and by <br />the governing board of the Successor Agency by resolutions adopted on May 7, 2012. <br />1875633.1 2 <br />