Agmt05 RWC Redevelopment Agency - Laserfiche WebLink

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payments receivable to that Fund. H. Health and Safety Code Section 34171(d)(2) provides, with a few exceptions, that "enforceable obligation" does not include any agreements, contracts, or arrangements between the city, county, or city and county that created the redevelopment agency and the former redevelopment agency. I. The Dissolution Act further provides that after a successor agency receives a finding of completion from the Department of Finance ("DOF") pursuant to Health and Safety Code Section 34179.7, loan agreements entered into between the redevelopment agency and the city, county or city and county that created the redevelopment agency may be deemed to be enforceable obligations under certain conditions. J. The Successor Agency has received a finding of completion from DOF, as evidenced by a letter from DOF, dated December 10, 2015. K. The parties desire to enter into this Amendment in order to ratify the existence and validity of the SERAF Loan, and to establish new repayment terms for the repayment of the Loan pursuant to the Dissolution Act. AMENDMENT NOW, THEREFORE, for good and valuable consideration, including the mutual promises and covenants contained herein, the Parties mutually agree as follows: 1. Purpose. The purpose of this Amendment is (a) to ratify the existence and validity of the SERAF Loan, and (b) to establish the repayment terms of the SERAF Loan pursuant to the Dissolution Act. 2. SERAF Loan Amount. It is the understanding and agreement of the parties that the total amount of the SERAF Loan owed to the City is $1,687,703.00, plus interest calculated at the rate established under Health and Safety Code Section 34191.4(b)(3). 3. SERAF Loan was for Legitimate Redevelopment Purposes. The parties acknowledge and agree that the SERAF Loan amounts due to the City reflect repayment to the City of amounts loaned to or advanced on behalf of the Redevelopment Agency to further the Redevelopment Agency's redevelopment activities, and was for legitimate redevelopment purposes. 4. Conditions Precedent to Repavment. The Parties understand and agree that, pursuant to the Dissolution Act, the SERAF Loan will be deemed to be an "enforceable obligation" only after completion of the following actions: a. The Successor Agency shall have been issued a finding of completion by DOF pursuant to Health and Safety Code Section 34179.7. DOF issued a finding of completion to the Successor Agency on December 10, 2015. Page 2 of 4 ATTY/AGR/2016.014/RATIFICATION AND AMENDMENT TO LOAN AGREEMENT CITY_AGENCY SERAF REV:O1-25-16