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redevelopment agency. <br />G. The Dissolution Act further provides that after a successor agency receives a <br />finding of completion from the Department of Finance (“DOF”) pursuant to Health and Safety <br />Code Section 34179.7, loan agreements entered into between the redevelopment agency and the <br />city, county or city and county that created the redevelopment agency may be deemed to be <br />enforceable obligations under certain conditions. <br />H. The Successor Agency has received a finding of completion from DOF, as <br />evidenced by a letter from DOF, dated December 10, 2015. <br />I. The parties desire to enter into this Amendment in order to ratify the existence <br />and validity of the Loan, and to establish repayment terms for the repayment of the Loan <br />pursuant to the Dissolution Act. <br />AMENDMENT <br />NOW, THEREFORE, for good and valuable consideration, including the mutual <br />promises and covenants contained herein, the Parties mutually agree as follows: <br />1. Purpose. The purpose of this Amendment is (a) to ratify the existence and <br />validity of the Loan, and (b) to establish the repayment terms of the Loan pursuant to the <br />Dissolution Act. <br />2. Loan Amount. It is the understanding and agreement of the parties that the total <br />amount of the Loan owed to the City is $2,269,544.00, plus interest calculated at the rate <br />established under Health and Safety Code Section 34191.4(b)(3). <br />3. Loan was for Legitimate Redevelopment Purposes. The parties acknowledge and <br />agree that the Loan amounts due to the City reflect repayment to the City of amounts loaned to or <br />advanced on behalf of the Redevelopment Agency to further the Redevelopment Agency’s <br />redevelopment activities, and was for legitimate redevelopment purposes. <br />4. Conditions Precedent to Repayment. The Parties understand and agree that, <br />pursuant to the Dissolution Act, the Loan will be deemed to be an “enforceable obligation” only <br />after completion of the following actions: <br />a. The Successor Agency shall have been issued a finding of completion by <br />DOF pursuant to Health and Safety Code Section 34179.7. DOF issued a finding of completion <br />to the Successor Agency on December 10, 2015. <br />b. The Successor Agency shall have applied for and the Oversight Board <br />shall have approved the Loan, and made a finding that the Loan was for legitimate <br />redevelopment purposes. <br /> The Parties acknowledge and agree that DOF has issued a finding of completion <br />to the Successor Agency pursuant to Health and Safety Code Section 34179.7. The Successor <br />Agency and City shall cooperate in providing any documentation and evidence to the Oversight <br />6.1.D. - Page 9