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6.3.A. - Page 1 <br />REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />September 12, 2011 <br />SUBJECT <br />Waive second reading and adopt Continuation Ordinance, and other actions necessary <br />to preserve the Redwood City Redevelopment Agency <br />RECOMMENDATION <br />That the City Council waive second reading and adopt the ordinance determining that <br />the City of Redwood City will comply with the Voluntary Alternative Redevelopment <br />Program to continue the existence and operation of the Redevelopment Agency of <br />Redwood City. (Attachment 1) <br />That the City Council, by motion, approve and authorize the City Manager to execute <br />the Community Remittance Agreement between the City of Redwood City and the <br />Redwood City Redevelopment Agency whereby the Agency will transfer a portion of its <br />tax increment to the City in an amount not to exceed the annual Community <br />Remittance. (Attachment 2) <br />That the Agency Board, by motion, approve and authorize the Executive Direction to <br />execute the Community Remittance Agreement between the City of Redwood City and <br />the Redwood City Redevelopment Agency whereby the Agency will transfer a portion of <br />its tax increment to the City in an amount not to exceed the annual Community <br />Remittance. (Attachment 2) <br />That the Agency Board adopt a resolution reducing its allocation to the Low and <br />Moderate Income Housing Fund for FY 2011 -12 to pay a portion of the remittance for <br />FY 2011/12. (Attachment 3) <br />BACKGROUND <br />As part of the 2011 -12 State budget bill, the California Legislature enacted and the <br />Governor signed, companion bills Assembly Bill 1X 26 ( "Dissolution Act ") and Assembly <br />Bill 1X 27 ( "Voluntary Program Act "), requiring that each redevelopment agency be <br />dissolved unless the city that created it enacts an ordinance committing it to making <br />certain payments. The Voluntary Program Act allows the community that created the <br />redevelopment agency to avoid dissolution by opting to pay a substantial community <br />remittance ( "Remittance ") beginning FY 2011/12 and each year thereafter. <br />1 <br />