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ATTY/RESO.3152/SA RESO AUTHORIZING LOAN MODIFICATION FOR MCA <br />REV: 10-29-15 VR <br />Page 1 of 4 <br /> <br /> <br /> <br />RESOLUTION NO. SA- <br /> <br />RESOLUTION OF THE SUCCESSOR AGENCY TO THE REDWOOD <br />CITY REDEVELOPMENT AGENCY APPROVING AND AUTHORIZING <br />AN OMNIBUS AMENDMENT TO LOAN MODIFICATION BY AND <br />AMONG THE CITY OF REDWOOD CITY AS HOUSING SUCCESSOR <br />AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY, THE <br />SUCCESSOR AGENCY, MEZES COURT ASSOCIATES AND A TO BE <br />FORMED LIMITED PARTNERSHIP <br /> <br />WHEREAS, under AB 1X 26, enacted by the California State Legislature and <br />signed by the Governor as part of the 2011-2012 State budget, a new Part 1.85 was <br />added to Division 24 of the California Health and Safety Code (Health and Safety Code <br />Section 34170 et seq., as may be amended, the “Dissolution Act”) and, in accordance <br />therewith, all redevelopment agencies in the State of California, including the Redwood <br />City Redevelopment Agency (“Redevelopment Agency”), were dissolved as of February <br />1, 2012; and <br />WHEREAS, in compliance with the Dissolution Act, the City of Redwood City <br />(“City”) determined it would serve as the Successor Agency to the Redwood City <br />Redevelopment Agency (”Successor Agency”) effective February 1, 2012; and <br />WHEREAS, the Oversight Board of the Successor Agency to the Redwood City <br />Redevelopment Agency (“Oversight Board”) has been established to oversee the <br />Successor Agency’s actions in winding down the affairs of the Redevelopment Agency <br />in accordance with the Dissolution Act; and <br />WHEREAS, Mezes Court Associates, a California Limited Partnership <br />(“Borrower”) has requested a modification to the loan by and between Borrower and the <br />City of Redwood City as Successor Agency to the Redwood City Redevelopment <br />Agency (“RDA”); and <br />6.3.B. - Page 5