AgdaPkt 2015-11-16 Closed and Special Joint SA and PFA

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WHEREAS, the Successor Agency filed a lawsuit, and LAS filed a companion lawsuit, against DOF, challenging DOF’s determination regarding the LAS Funds, which lawsuits are on appeal before the California Court of Appeals. WHEREAS, on September 22, 2015, SB 107 was enacted to amend the Dissolution Act, and, among other things, add an enforcement provision related to the payment of obligations that the DOF had established through the DDR determination process as being owed by former redevelopment agencies. WHEREAS, under SB 107, if a successor agency does not, by December 31, 2015, either pay a DDR obligation in full or enter into an installment payment agreement with the DOF, the successor agency shall never receive a finding of completion. WHEREAS, according to SB 107, if there is a subsequent court decision that reduces or eliminates the DDR obligation, the Successor Agency shall be able to recover the amount that was paid on its future Recognized Obligation Payment Schedule(s) (“ROPS”). WHEREAS, the Successor Agency held a public meeting on November 16, 2015 on the proposed remittance. NOW, THEREFORE, THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The recitals set forth above are true and correct and incorporated herein. Section 2. The Successor Agency hereby approves and authorizes the Agency Treasurer to remit $10,272,916 to the County Auditor-Controller for distribution to the taxing entities as specified in the December 19, 2012 State Department of Finance Due Diligence Review Determination Letter, as is required by new state legislation (SB 107) to enable the Successor Agency to proceed with a Finding of Completion while the pending litigation against the Department of Finance regarding these funds is pursued. ATTY/RESO.3156/SA RESO AUTHORIZING REMITTANCE OF LAS FUNDS TO COUNTY AUDITOR REV: 11-12-15 VR Page 2 of 3 6.3.B. - Page 7