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s,� •ti rt .'S ! �8 wt m ha.%u a'�/"^�.� RATIFICATION AND AMENDMENT TO LOAN AND REPAYMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY (2009-10 SERAF LOAN) THIS RATIFICATION AND AMENDMENT TO LOAN AND REPAYMENT AGREEMENT (this "Amendment") is entered into this�_ day of .r , 2016, by and between the CITY OF REDWOOD CITY, a charter city and municipal c poration (the "City"), and the SUCCESSOR AGENCY TO THE REDEVELOPMENT AGE CY OF THE CITY OF REDWOOD CITY, a public body (the "Successor Agency"). RECITALS The City and the Successor Agency (individually, a "Party" and collectively, the "Parties") enter into this Amendment with reference to the following facts and circumstances: A. Pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.) ("CRL"), the City Council of City activated the Redevelopment Agency of the City of Redwood City (the "Redevelopment Agency") and subsequently adopted the Redevelopment Plan for the Redwood City Redevelopment Project No. 2 in 1982, and amended from time to time (the "Redevelopment Plan"). B. Pursuant to Health and Safety Code Section 33690, the Redevelopment Agency was required to make a payment to the Supplemental Educational Revenue Augmentation Fund ("SERAF") for fiscal year 2009-10. C. Because the Redevelopment Agency did not have sufficient funds to make the payment, it borrowed funds from the Redevelopment Agency's Low and Moderate Income Housing Fund for the payment of the 2009-10 SERAF (the "SERAF Loan"). D. The Redevelopment Agency, by Resolution No. RD 10-03, adopted on April 26, 2010, approved and authorized the SERAF Loan from the Redevelopment Agency's Low and Moderate Income Housing Fund, which required the repayment of funds back into the Low and Moderate Income Housing Fund pursuant to a schedule set forth in that resolution. E. Assembly Bill 1X 26 ("AB 26"), enacted in June 2011, AB 1484 ("AB 1484"), enacted in June 2012, and other subsequently adopted legislation (collectively, the "Dissolution Act") reauired the dissolution of redevelopment agencies and established certain procedures and requirements for the wind-down of their activities. F. The Successor Agency is the successor entity to the former Redevelopment Agency and, pursuant to the Dissolution Act, is responsible for the wind-down of the affairs of the former Redevelopment Agency, including without limitation the performance and repayment of all enforceable obligations of the former Redevelopment Agency. G. The City of Redwood City is the Housing Successor to the Redwood City Redevelopment Agency with regard to the Low and Moderate Income Housing Fund and any Page 1 of 4 ATTY/AGR/2016.014/RATIFICATION AND AMENDMENT TO LOAN AGREEMENT CITY_AGENCY SERAF REV:01-25-16