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RATIFICATION AND AMENDMENT TO LOAN AND REPAYMENT AGREEMENT <br />BETWEEN THE CITY OF REDWOOD CITY AND THE <br />FORMER REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY <br />(2009-10 SERAF LOAN) <br />THIS RATIFICATION AND AMENDMENT TO LOAN AND REPAYMENT <br />AGREEMENT (this “Amendment”) is entered into this _____ day of ______________, 2016, <br />by and between the CITY OF REDWOOD CITY, a charter city and municipal corporation (the <br />“City”), and the SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE <br />CITY OF 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 No. <br />2 in 1982, and amended from time to time (the “Redevelopment Plan”). <br />B. Pursuant to Health and Safety Code Section 33690, the Redevelopment Agency <br />was required to make a payment to the Supplemental Educational Revenue Augmentation Fund <br />(“SERAF”) for fiscal year 2009-10. <br />C. Because the Redevelopment Agency did not have sufficient funds to make the <br />payment, it borrowed funds from the Redevelopment Agency’s Low and Moderate Income <br />Housing Fund for the payment of the 2009-10 SERAF (the “SERAF Loan”). <br />D. The Redevelopment Agency, by Resolution No. RD 10-03, adopted on April 26, <br />2010, approved and authorized the SERAF Loan from the Redevelopment Agency’s Low and <br />Moderate Income Housing Fund, which required the repayment of funds back into the Low and <br />Moderate Income Housing Fund pursuant to a schedule set forth in that resolution. <br />E. 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 />F. 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 />G. The City of Redwood City is the Housing Successor to the Redwood City <br />Redevelopment Agency with regard to the Low and Moderate Income Housing Fund and any <br />6.1.D. - Page 12