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8D Consent 2016 0119
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8D Consent 2016 0119
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1/27/2016 2:46:21 PM
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1/14/2016 5:14:14 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
1/19/2016
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_CC Agenda 2016 0119 CS+RG
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Path:
\City Clerk\City Council\Agenda Packets\2016\Packet 2016 0119
Reso 2016-008
(Reference)
Path:
\City Clerk\City Council\Resolutions\2016
SA Reso 2016-001
(Reference)
Path:
\City Clerk\City Council\Resolutions\2016
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Exhibit A <br />REINSTATED LOAN AGREEMENT BETWEEN <br />THE CITY OF SAN LEANDRO AND THE SUCCESSOR AGENCY <br />TO THE REDEVELOPMENT AGENCY <br />OF THE CITY OF SAN LEANDRO <br />FOR THE PLAZA PROJECT LOAN <br /> <br />This Loan Agreement (this “Agreement”) is entered into as of January __, 2016 <br />(the “Effective date”), by and between the City of San Leandro, a California charter <br />city (“City”) and the Successor Agency to the Redevelopment Agency of the City of <br />San Leandro, a public agency (the “Successor Agency”). The City and the Successor <br />Agency are hereinafter collective referred to as the “Parties.” <br /> <br />RECITALS <br /> <br /> WHEREAS, the City Council of the City establish ed the Redevelopment Agency <br />of the City of San Leandro (the “Agency”) and approved the Redevelopment Plan for <br />the Agency pursuant to California Health and Safety Code Sections 33000 et seq. <br />(“Redevelopment Law”); and <br /> <br /> WHEREAS, the City and the Agency entered into that certain note dated <br />December 5, 2002 (the “Loan Agreement”) pursuant to which the City agreed to loan the <br />Agency Two Million Eight Hundred Eighty-Seven Thousand Six Hundred Seventeen and <br />44/100 Dollars ($2,887,617.44) from the general fund (the “Loan”), as permitted under the <br />Redevelopment Law, to fund redevelopment activities; and <br /> WHEREAS, pursuant to the Loan Agreement, the Loan accrued interest at a rate of <br />six percent (6%); and <br /> WHEREAS, the Loan was subsequently confirmed under Redevelopment Agency <br />Resolution 2004-011 RDA at which time the remaining balance was $2,596,400; and <br /> WHEREAS, the Redevelopment Agency prepared a repayment schedule with <br />payments scheduled to be completed in Fiscal Year 2020-21; and <br /> WHEREAS, the current principal balance due under the Loan Agreement is <br />$2,299,315 (“Outstanding Balance”); and <br /> WHEREAS, on June 29, 2011 the legislature of the State of California (the <br />“State”) adopted Assembly Bill x1 26 (“AB 26”), which amended provisions of the <br />Redevelopment Law and provided for the dissolution of redevelopment agencies; and <br /> WHEREAS, pursuant to AB 26 (together with AB 1484 and SB 107, the <br />“Dissolution Law”) and the California Supreme Court decision in California <br />Redevelopment Association, et al. v. Ana Matosantos, et al., which upheld AB 26, the <br />Agency was dissolved on February 1, 2012; and <br />
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