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REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />To the Honorable Chair and Agency Board <br />From the Executive Director <br /> <br />February 8, 2016 <br />SUBJECT <br />Supplemental Educational Revenue Augmentation Fund and City/Former <br />Redevelopment Agency Loan Modification (City Council and Successor Agency) <br /> <br />RECOMMENDATION <br />By Motion of the City Council, approve and authorize the Mayor to execute on behalf of <br />the City: 1) Ratification and Amendment to the Supplemental Educational Revenue <br />Augmentation Fund (SERAF) Loan; and 2) Ratification and Amendment to the <br />City/Former Redevelopment Agency (RDA) Loan Agreement being that the loans of <br />funds for the SERAF Loan and the City/RDA Loan were for legitimate redevelopment <br />purposes. <br /> <br />By Motion of the Agency Board, approve and authorize the Executive Director to <br />execute on behalf of the Successor Agency: 1) Ratification and Amendment to the <br />Supplemental Educational Revenue Augmentation Fund (SERAF) Loan; and <br />2) Ratification and Amendment to the City/Former Redevelopment Agency (RDA) Loan <br />Agreement being that the loans of funds for the SERAF Loan and the City/RDA Loan <br />were for legitimate redevelopment purposes <br /> <br />BACKGROUND <br />Pursuant to the provisions of the California Community Redevelopment Law (Health <br />and Safety Code Section 33000 et seq.) (“CRL”), the City Council of the City of <br />Redwood City activated the Redevelopment Agency of the City of Redwood City (the <br />“Redevelopment Agency”) in 1971 and subsequently adopted the Redevelopment Plan <br />for the Redwood City Redevelopment Project No. 2 (the “Redevelopment Plan”) in <br />1982. <br /> <br />Health and Safety Code Section 33020 provides, in part, that “’Redevelopment’ means <br />the planning, development, replanning : reconstruction, or rehabilitation : of all or <br />part of a survey area, and the provision of : public or other structures as may be <br />appropriate or necessary in the interest of the general welfare.” The CRL and the <br />Redevelopment Plan authorize the Redevelopment Agency to finance its <br />redevelopment activities with financial assistance from the City or other public agencies. <br />The Redevelopment Plan also authorized the Redevelopment Agency to obtain <br />advances, borrow funds and create indebtedness and other obligations in carrying out <br />the Redevelopment Plan. The Redevelopment Plan specifically provided that <br />6.1.D. - Page 1