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City of San Leandro <br />Meeting Date: September 21, 2015 <br />Resolution - SA <br />Agenda Section:File Number:15-510 CONSENT CALENDAR <br />Agenda Number: <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:RESOLUTION of the Successor Agency to the Redevelopment Agency of the <br />City of San Leandro Approving a Loan Agreement with the City of San <br />Leandro to Advance Funds to the Successor Agency for the Payment of <br />Enforceable Obligations <br />WHEREAS, pursuant to Resolution No. 2012-01, adopted by the City Council of the <br />City of San Leandro on January 9, 2012, the City of San Leandro (“City”) agreed to serve as <br />Successor Agency to the Redevelopment Agency of the City of San Leandro (“Successor <br />Agency”) commencing upon the dissolution of the Agency on February 1, 2012; and <br />WHEREAS, the Successor Agency is required to prepare a Recognized Obligation <br />Payment Schedule (“ROPS”) for each six-month period setting forth all enforceable <br />obligations of the Successor Agency; and <br />WHEREAS, an adjustment made to the Successor Agency ROPS for July-December <br />2015 by the State Department of Finance (“DOF”) resulted in a reduction in funding that was <br />remitted to the Successor Agency for the payment of enforceable obligations; and <br />WHEREAS, the DOF adjustment will result in the Successor Agency having insufficient <br />funds to pay its enforceable obligations for the July-December ROPS period, or result in a <br />negative fund balance at the beginning of the January 1 through June 30, 2015 ROPS period; <br />and <br />WHEREAS, a loan from the City will be needed to cover the funding shortfall during the <br />July-December 2015 ROPS period; and <br />WHEREAS, Section 34173 (h) of the California Health and Safety Code allows the City <br />to loan money to the Successor Agency to pay for enforceable obligations; and <br />WHEREAS, the loan will be repaid in full by the Successor Agency as soon as <br />sufficient funding is received from the Redevelopment Property Tax Trust Fund, anticipated to <br />Page 1 City of San Leandro Printed on 9/15/2015