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City of San Leandro <br />Meeting Date: January 19, 2016 <br />Resolution - Council <br />Agenda Section:File Number:15-725 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 City Council of the City of San Leandro Authorizing the <br />Execution of a Reinstated Loan Agreement Between the City and the <br />Successor Agency to the Redevelopment Agency of the City of San Leandro <br />and Authorizing Execution of an Amended and Restated Promissory Note for <br />the Plaza Project Loan <br />WHEREAS, pursuant to Resolution 2012-001, adopted by the City Council of the City <br />of San Leandro (the “City Council”) on January 9, 2012, the City Council agreed to serve as <br />the governing board to the Successor Agency to the Redevelopment Agency of the City of <br />San Leandro (the “Successor Agency”) commencing upon dissolution of the Redevelopment <br />Agency of the City of San Leandro (the “Former Agency”) on February 1, 2012, pursuant to <br />Assembly Bill x1 26 (as further amended by AB 1484 and SB 107, the “Dissolution Law”); <br />and <br />WHEREAS, prior to the dissolution of redevelopment agencies, city loans to <br />redevelopment agencies with insufficient financing capacity were commonplace, and were not <br />only expressly authorized but encouraged by Health and Safety Code Sections 33220, 33600, <br />33601 and 33610 and Government Code Section 53600 et seq.; and <br />WHEREAS, on December 5, 2002 the City of San Leandro (the “City”) made a loan <br />from its general fund in the amount of $2,887,617.44 (the “Plaza Project Loan”) to the <br />Former Agency to support redevelopment activities undertaken by the Former Agency in the <br />Plaza Redevelopment Project Area, adopted pursuant to Ordinance No. 1295 - N.S., adopted <br />December 28, 1960, (as amended, the “Plaza Project Area”); and <br />WHEREAS, by Resolution No. 2004-011 adopted June 21, 2004, the City ratified the <br />Plaza Project Loan at which time the outstanding balance was $2,596,400.00; and <br />WHEREAS, to evidence its obligation to repay the Plaza Project Loan, the <br />Redevelopment Agency executed and delivered to City a promissory note dated as of <br />Page 1 City of San Leandro Printed on 1/12/2016