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(3) No other reasonable means of financing the acquisition of the land or the <br />installation or construction of the buildings, facilities, structures, or other improvements that are <br />publicly owned, is available to the community; <br />(4) The payment of funds for the acquisition of land or the cost of buildings, <br />facilities, structures, or other improvements that are publicly owned is consistent with the <br />implementation plan adopted pursuant to CRL Section 33490; and <br />(5) The acquisition of land and the installation of each building, facility, structure, or <br />improvement that is publicly owned is provided for in the redevelopment plan. <br />WHEREAS, the governing board of the Redevelopment Agency and the San Leandro <br />City Council ( "City Council ") each adopted the findings described in the foregoing Recital <br />with respect to the public improvements described in Exhibit A attached hereto, consisting of the <br />Eden Road Improvements and the Hays Street Improvements (collectively, the "Public <br />Improvements "), by resolutions adopted on January 17, 2011; <br />WHEREAS, the City and the Agency entered into that certain Cooperative Agreement <br />dated as of January 17, 2011 (the "Original Cooperative Agreement "), pursuant to which the <br />City agreed to undertake the construction and installation of the Public Improvements and certain <br />other public improvements, and the Agency agreed to provide funding for such work; <br />WHEREAS, pursuant to Resolution 2012 -001, adopted by the City Council on January 9, <br />2012, the City agreed to serve as the Successor Agency commencing upon dissolution of the <br />Redevelopment Agency on February 1, 2012 pursuant to Assembly Bill xl 26 ( "AB 26 "); <br />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 />1872998.2 2 <br />