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05/12/2016 RESOLUTION NO. OB-16-04 RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY APPROVING THE CONVEYANCE OF THE LIBRARY PARKING LOT TO THE CITY OF REDWOOD CITY WHEREAS, under AB X1 26 , enacted by the California State Legislature and signed by the Governor as part of the 2011 -2012 State budget, a new Part 1 . 85 was added to Division 24 of the California Health and Safety Code (Health and Safety Code Section 34170 et seq . , as may be amended , the "Dissolution Act") and , in accordance therewith , all redevelopment agencies in the State of California, including the Redwood City Redevelopment Agency (" Redevelopment Agency") , were dissolved as of February 1 , 2012 ; and WHEREAS, in compliance with the Dissolution Act, the City of Redwood City ("City") determined it would serve as the Successor Agency to the Redwood City Redevelopment Agency ("Successor Agency") effective February 1 , 2012; and WHEREAS, the Oversight Board of the Successor Agency to the Redwood City Redevelopment Agency ("Oversight Board") has been established pursuant to Section 34179 of the Dissolution Act to oversee the Successor Agency's actions in winding down the affairs of the Redevelopment Agency in accordance with the Dissolution Act; and WHEREAS , pursuant to Health and Safety Code Section 34181 (a) and 34181 (f) , the Oversight Board is required to direct the Successor Agency to dispose of the property of the former redevelopment agency; provided however, the Oversight Board may direct the Successor Agency to transfer ownership of assets that were constructed and used for governmental purposes to the City; and WHEREAS , the property located in the City at 1012 Main Street, designated as San Mateo County Assessor's Parcel No. 054- 137-010 and more particularly described in Exhibit A attached hereto (the "Library Parking Lot") was acquired for, and has continuously been used as , a public parking lot serving the Redwood City Public Library; and WHEREAS , the revenue generated by the Library Parking Lot is less than the cost of its operation and maintenance, and therefore, the Library Parking Lot qualifies as a parking lot that is "dedicated solely to public parking" as defined in Health and Safety Code Section 34181 (a) (2) , and is eligible to be transferred to the City as a "governmental purpose" asset; and ATTY/RES0.0038/OSB RESO APPROVING CONVEYANCE OF LIBRARY PARKING LOTTO CITY OB-16-04 REV: 05-05-16 VR Page 1 of 2