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RATIFICATION AND AMENDMENT TO LOAN AGREEMENT <br />BETWEEN THE CITY OF REDWOOD CITY AND THE <br />FORMER REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY <br />(CITY/RDA LOAN) <br />THIS RATIFICATION AND AMENDMENT TO LOAN AGREEMENT (this <br />“Amendment”) is entered into this _____ day of ______________, 2016, by and between the <br />CITY OF REDWOOD CITY, a charter city and municipal corporation (the “City”), and the <br />SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF <br />REDWOOD CITY, a public body (the “Successor Agency”). <br />RECITALS <br />The City and the Successor Agency (individually, a “Party” and collectively, the <br />“Parties”) enter into this Amendment with reference to the following facts and circumstances: <br />A. Pursuant to the provisions of the California Community Redevelopment Law <br />(Health and Safety Code Section 33000 et seq.) (“CRL”), the City Council of City activated the <br />Redevelopment Agency of the City of Redwood City (the “Redevelopment Agency”) and <br />subsequently adopted the Redevelopment Plan for the Redwood City Redevelopment Project <br />No. 2 in 1982, and amended from time to time (the “Redevelopment Plan”). <br />B. On September 8, 2003, the Redwood City City Council and Redevelopment <br />Agency Board conceptually approved a plan to finance various downtown improvements which <br />relied upon bonds being issued by the Redevelopment Agency and a $3 million loan from the <br />City to the Redevelopment Agency (“Loan”). The various downtown improvements included the <br />Courthouse Facade Restoration, the Jefferson Underground Parking Garage, the Block 2 Parking <br />Lot, and Block 2 Land Assembly (“Projects”). <br />C. The Redevelopment Agency, by Minute Order No. RD 05-01, and the City, by <br />Minute Order No. 05-13, both adopted on January 24, 2005, approved and authorized execution <br />of a Loan Agreement (“City/RDA Loan Agreement”) to evidence the loan of funds by the City to <br />the Redevelopment Agency for the Projects. <br />D. Assembly Bill 1X 26 (“AB 26”), enacted in June 2011, AB 1484 (“AB 1484”), <br />enacted in June 2012, and other subsequently adopted legislation (collectively, the “Dissolution <br />Act”) required the dissolution of redevelopment agencies and established certain procedures and <br />requirements for the wind-down of their activities. <br />E. The Successor Agency is the successor entity to the former Redevelopment <br />Agency and, pursuant to the Dissolution Act, is responsible for the wind-down of the affairs of <br />the former Redevelopment Agency, including without limitation the performance and repayment <br />of all enforceable obligations of the former Redevelopment Agency. <br />F. Health and Safety Code Section 34171(d)(2) provides, with a few exceptions, that <br />“enforceable obligation” does not include any agreements, contracts, or arrangements between <br />the city, county, or city and county that created the redevelopment agency and the former <br />6.1.D. - Page 8