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1 /28/2016 procedures and requirements for the wind-down of their activities; and WHEREAS, the Successor Agency to the Redwood City Redevelopment Agency ("Successor Agency") is the successor entity to the former Redevelopment Agency and, pursuant to the Dissolution Act, is responsible for the wind-down of the affairs of the former Redevelopment Agency, including without limitation the performance and repayment of all enforceable obligations of the former Redevelopment Agency; and WHEREAS, the City of Redwood City is the Housing Successor to the Redwood City Redevelopment Agency with regard to the Low and Moderate Income Housing Fund and any payments receivable to that Fund; and WHEREAS, Health and Safety Code Section 34171 (d)(2) provides, with a few exceptions, that "enforceable obligation" does not include any agreements, contracts, or arrangements between the city, county, or city and county that created the redevelopment agency and the former redevelopment agency; and WHEREAS, the Dissolution Act further provides that after a successor agency receives a finding of completion from the Department of Finance ("DOF") pursuant to Health and Safety Code Section 34179.7, loan agreements entered into between the redevelopment agency and the city, county or city and county that created the redevelopment agency may be deemed to be enforceable obligations under certain conditions; and WHEREAS, the Successor Agency has received a finding of completion from DOF, as evidenced by a letter from DOF, dated December 10, 2015; and WHEREAS, City and Successor Agency staff have prepared a Ratification and Amendment to Loan and Repayment Agreement Between the City of Redwood City and the Redwood City Redevelopment Agency for the SERAF Loan ("SERAF Loan Agreement") to ratify the existence and validity of the SERAF Loan and to establish the repayment terms of the SERAF Loan pursuant to the Dissolution Act; and WHEREAS, City and Successor Agency staff have prepared a Ratification and Amendment to Loan and Repayment Agreement Between the City of Redwood City and the Redwood City Redevelopment Agency for the City/RDA Loan ("City/RDA Loan Agreement") to ratify the existence and validity of the City/RDA Loan and to establish the repayment terms of the City/RDA Loan pursuant to the Dissolution Act. NOW, THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Section 1 . Recitals. The Recitals set forth above are true and correct and are incorporated into this Resolution by reference. Page 2 of 5 ATTY/RES0.0011/OB RESO SERAF LOAN AGREEMENT OB RESO 16-02 REV: 01-25-16 VR