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RESOLUTION NO. SA- <br /> <br />RESOLUTION OF THE SUCCESSOR AGENCY TO THE REDWOOD <br />CITY REDEVELOPMENT AGENCY APPROVING THE REMITTANCE <br />OF $10,272,916 (FUNDS SET ASIDE IN THE LEGAL AID SOCIETY <br />HOUSING FUND) TO THE COUNTY AUDITOR-CONTROLLER FOR <br />DISTRIBUTION TO THE TAXING ENTITIES, AS IS REQUIRED BY NEW <br />STATE LEGISLATION TO ENABLE THE SUCCESSOR AGENCY TO <br />PROCEED WITH A FINDING OF COMPLETION <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 Department of Finance (“DOF”) issued a determination letter <br />that, based on its review of the Due Diligence Review (“DDR”) of the former <br />Redevelopment Agency’s Low and Moderate-Income Housing Fund, the Successor <br />Agency had approximately $12.2 million available to distribute to taxing entities. <br />WHEREAS, the Successor Agency paid $1.9 million, but did not pay the <br />remaining $10.3 million (the “LAS Funds”) because it was money that had accumulated <br />and was required to be used for affordable housing under an agreement with the Legal <br />Aid Society of San Mateo County (“LAS”). <br />ATTY/RESO.3156/SA RESO AUTHORIZING REMITTANCE OF LAS FUNDS TO COUNTY AUDITOR <br />REV: 11-12-15 VR <br />Page 1 of 3 <br /> <br /> <br /> <br />6.3.B. - Page 6