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05/12/2016 WHEARAS, the lease from the U.S. Postal Service (the "Lease") permits the Pedestrian Paseo to be used only for purposes specified in the Lease, and requires the written consent of the Postal Service for any sublease or license; and WHEREAS, following publication of the notice required by law, the Oversight Board held a public meeting on May 12, 2016 to consider the assignment of the Lease to the City to enable the Pedestrian Paseo to continue in its present use. NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The recitals set forth above are true and correct and incorporated herein. Section 2. The Oversight Board hereby finds and determines that the leasehold interest in the Pedestrian Paseo qualifies as governmental purpose property eligible for transfer to the City pursuant to Health and Safety Code Section 34181(a). Section 3. The Oversight Board hereby approves the assignment of the Lease to the City pursuant to Health and Safety Code Section 34181(a). Section 4. The Oversight Board hereby approves the Assignment and Assumption of Rights and Obligations Under Outlease Agreement attached hereto as Exhibit A and incorporated herein by this reference (the "Assignment"). Section 5. The Oversight Board hereby authorizes and directs the Successor Agency to submit this Resolution to the Department of Finance for approval. Section 6. Upon approval of this Resolution by the Department of Finance, the Oversight Board hereby authorizes and directs the Successor Agency to undertake such actions and to execute such instruments as may be necessary to implement the intent of this Resolution, including without limitation, the execution and delivery of the Assignment, subject to the consent of the U.S. Postal Service. * * * ATTY/RE50.0041/OB RE50 APPROVING ASIGNMENT OF JEFFERSON AVE PASEO LEASE TO CITY OB-16-07 REV:05-05-16 VR Page 2 of 2