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1 /28/2016 repay the money it received pursuant to a required repayment schedule set forth in the City/RDA Loan Agreement. 2. The Projects were specifically identified in the Redevelopment Plan, and in the five-year Implementation Plan adopted by the Redevelopment Agency pursuant to Health and Safety Code Section 33490, as a public improvement project to be undertaken by the Redevelopment Agency. 3 . At the time the City and Redevelopment Agency entered into the City/RDA Loan Agreement, they specifically found and determined that the Projects were of benefit to the Redevelopment Project Area, that no other reasonable means of financing the Projects was available to the community, that the payment of funds for the cost of the Projects would assist in the elimination of one or more blighting conditions inside the Redevelopment Project Area and was consistent with the Implementation Plan, and that the Projects primarily benefit the Redevelopment Project Area, all of which findings and determinations were required under Health and Safety Code Sections 33445 and 33678. 4. The CRL and the Redevelopment Plan authorize the Redevelopment Agency to finance its redevelopment activities with financial assistance from the City or other public agencies. The Redevelopment Plan also authorized the Redevelopment Agency to obtain advances, borrow funds and create indebtedness and other obligations in carrying out the Redevelopment Plan. b. Approval of Ratification and Amendment to City/RDA Loan Agreement. The Oversight Board hereby approves the Ratification and Amendment to City/RDA Loan and Repayment Agreement between the City and the Successor Agency, in substantially the form currently on file with the Secretary of the Oversight Board, including without limitation the repayment schedule set forth therein. Staff is hereby authorized and directed, in cooperation with City and Successor Agency staff, to provide all information about the adoption of this Resolution and the approvals provided for herein to the Department of Finance, in accordance with Health and Safety Code Section 34179(h). Section 4. Severability. If any provision of this Resolution or the application of any such provision to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution that can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The Oversight Board declares that the Oversight Board would have adopted this Resolution irrespective of the invalidity of any particular portion of this Resolution. Section 5. Effective Date. This Resolution shall become effective in accordance with Health and Safety Code Section 34179(h), which authorizes the Department of Finance to review all actions taken by the Oversight Board. APPROVED AND ADOPTED by the Oversight Board for the Successor Agency to the Redwood City Redevelopment Agency at a regular meeting held on the 28th day of January, 2016, by the following vote. Page 4 of 5 ATTY/RES0.0011/0B RESO SERAF LOAN AGREEMENT OB RESO 16-02 REV: 01-25-16 VR