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<br />04/27/2009 <br /> <br />ORIGINAL <br /> <br />RESOLUTION RD NO. 09-01 <br /> <br />RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br />REDWOOD CITY AMENDING THE ANNUAL BUDGET FOR FISCAL <br />YEAR 2008/09 FOR THE REDEVELOPMENT AGENCY OF THE CITY <br />OF REDWOOD CITY TO MAKE ERAF PAYMENT, AND APPROVING <br />AND AUTHORIZING EXECUTION OF A MEMORANDUM OF <br />UNDERSTANDING REGARDING GRANT FROM TARGET <br />CORPORATION TO FUND DOWNTOWN FAMILY CONCERTS <br /> <br />WHEREAS, pursuant to the California Community Redevelopment Law (Health <br />and Safety Code Section 33000 et seq.), the Redevelopment Agency of the City of <br />Redwood City (the "Agency") is required to adopt an annual budget; and <br /> <br />WHEREAS, the Agency and City Council previously approved a budget for Fiscal <br />Year 2008-09; and <br /> <br />WHEREAS, pursuant to AS 1389, redevelopment agencies are required to make <br />payments totaling $350 million statewide to their respective county Education Revenue <br />Augmentation Fund ("ERAF"); and <br /> <br />WHEREAS, the Agency is required to make an ERAF payment in the amount of <br />$736,291, which payment must be made to the San Mateo County auditor by May 10, <br />2009; and <br /> <br />WHEREAS, the legality of the ERAF payment provision in AS 1389 has been <br />challenged, but no decision has been issued; and <br /> <br />WHEREAS, Agency staff has proposed that the ERAF payment be made from a <br />combination of sources; and <br /> <br />WHEREAS, Target Corporation has notified Agency that it is willing to provide a <br />grant in the amount of $30,500 to sponsor three family concerts in and around <br />Courthouse Square for 2009 in exchange for the Agency being responsible for all <br />marketing and promotional activities for such events; <br /> <br />A TTY/RESO/RESO.1898 <br />0414091Y <br /> <br />1 <br /> <br />RD 09-01 <br />MUFF # 404 <br />