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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br /> RESOLUTION NO. 2016-008 <br /> RESOLUTION AUTHORIZING THE EXECUTION OF A REINSTATED <br /> LOAN AGREEMENT BETWEEN THE CITY AND THE SUCCESSOR AGENCY TO THE <br /> REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO AND <br /> AUTHORIZING EXECUTION OF AN AMENDED AND RESTATED PROMISSORY NOTE <br /> FOR THE PLAZA PROJECT LOAN <br /> WHEREAS, pursuant to Resolution 2012-001, adopted by the City Council of the City of <br /> San Leandro (the "City Council") on January 9, 2012,the City Council agreed to serve as the <br /> governing board to the Successor Agency to the Redevelopment Agency of the City of San <br /> Leandro (the "Successor Agency") commencing upon dissolution of the Redevelopment Agency <br /> of the City of San Leandro (the "Former Agency") on February 1, 2012,pursuant to Assembly <br /> Bill xl 26 (as further amended by AB 1484 and SB 107,the "Dissolution Law"); 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 Former <br /> Agency to support redevelopment activities undertaken by the Former Agency in the Plaza <br /> Redevelopment Project Area, adopted pursuant to Ordinance No. 1295 -N.S., adopted December <br /> 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 December <br /> 5, 2002 in the amount of the Plaza Project Loan(the "Original Note"); and <br /> WHEREAS, the Original Note bears interest at the rate of six percent per annum; and <br /> WHEREAS, the Original Note provides for interest-only payments,permits prepayment <br /> of the principal balance at any time, and matures on July 5,2038; and <br /> WHEREAS,the current principal balance due pursuant to the Original Note is <br /> $2,299,315 (the "Outstanding Balance"); and <br /> WHEREAS, an Oversight Board for the Successor Agency was established pursuant to <br /> the Dissolution Law(the "Oversight Board"); and <br />