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05/12/2016 <br /> City an exclusive easement to construct and maintain the Courthouse Square solely for <br /> use as a public plaza that would be open and available for public use as a community <br /> gathering area for all residents of the County; and <br /> WHEREAS , the Cooperative Agreement permits the City to enter into licenses <br /> with vendors and activity sponsors to further the use of the Courthouse Square as a <br /> community gathering place; and <br /> WHEREAS , pursuant to a Partial Assignment and Assumption Agreement of <br /> Cooperative Agreement Between the County of San Mateo and the City of Redwood City <br /> (the " Partial Assignment Agreement") dated as of June 26 , 2007 , and executed by and <br /> between the City and the Redevelopment Agency, the City assigned to the <br /> Redevelopment Agency the City's easement interest in the Concession Spaces located <br /> within the Courthouse Square and described in Exhibit A attached hereto (the <br /> "Concession Areas") ; and <br /> WHEREAS, the Successor Agency's obligations associated with the Concession <br /> Areas exceed the revenue generated by the existing agreements pertaining to the <br /> Concession Areas; and <br /> WHEREAS, the City's assumption of responsibility for the Concession Areas is in <br /> the best interests of the taxing entities because it reduces the obligations of the Successor <br /> Agency; and <br /> WHEREAS , the rescission of the Partial Assignment Agreement enables the City <br /> to preserve the Courthouse Square for public use as required by the Cooperative <br /> Agreement; and <br /> WHEREAS, following publication of the notice required by law, the Oversight <br /> Board held a public meeting on May 12 , 2016 to consider the execution of a Rescission <br /> Agreement that formally acknowledges the termination of the Partial Assignment <br /> Agreement and affirms that the Successor Agency's interests in the Concession Areas <br /> will revert to the City. <br /> NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR <br /> AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY DOES HEREBY <br /> RESOLVE AS FOLLOWS : <br /> Section 1 . The recitals set forth above are true and correct and incorporated <br /> herein . <br /> ATTY/RES0.0040/OB RESO APPROVING RECISSION OF COURTHOUSE ASSIGNMENT OF EASEMENTS OB-16-06 <br /> REV: 05-05-16 VR <br /> Page 2 of 3 <br />