Agmt05 RWC Redevelopment Agency - Laserfiche WebLink

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redevelopment agency. G. 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. H. The Successor Agency has received a finding of completion from DOF, as evidenced by a letter from DOF, dated December 10, 2015. I. The parties desire to enter into this Amendment in order to ratify the existence and validity of the Loan, and to establish 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. Pur ose. The purpose of this Amendment is (a) to ratify the existence and validity of the Loan, and (b) to establish the repayment terms of the Loan pursuant to the Dissolution Act. 2. Loan Amount. It is the understanding and agreement of the parties that the total amount of the Loan owed to the City is $2,269,544.00, plus interest calculated at the rate established under Health and Safety Code Section 34191.4(b)(3). 3. Loan was for Leeitimate Redevelopment Purposes. The parties acknowledge and agree that the 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 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. b. The Successor Agency shall have applied for and the Oversight Board shall have approved the Loan, and made a finding that the Loan was for legitimate redevelopment purposes. The Parties acknowledge and agree that DOF has issued a finding of completion to the Successor Agency pursuant to Health and Safety Code Section 34179.7. The Successor Agency and City shall cooperate in providing any documentation and evidence to the Oversight Page 2 of 4 ATTY/A6R/2016.013/RATIFICATION AND AMENDMENTTO LOAN AGREEMENT REV:01-25-16 VR