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8. B. - Page 10 ATTACHMENT 2 WHEREAS, on July 18, 2011, the League of California Cities and the California Redevelopment Association and others filed a petition on behalf of cities, counties and redevelopment agencies asking the California Supreme Court to overturn AB 1 X 26 and AB 1X 27; and WHEREAS, on August 22, 2011, the City adopted Resolution No. 15141 electing to serve as the successor agency to the Agency; and WHEREAS, in a decision filed on December 29, 2011, the Supreme Court found the dissolution of redevelopment agencies affected by AB 1 X 26 to be a proper exercise of the legislative power vested in the Legislature and the provisions of AB 1 X 27 allowing communities to save their redevelopment agencies by making remittance payments to violate Proposition 22, thus upholding the constitutionality of AB 1X 26 but holding AB 1X 27 unconstitutional; and WHEREAS, the Supreme Court extended the time frames set forth in AB 1 X 26 for, among other things, the dissolution of redevelopment agencies until February 1, 2012; and WHEREAS, the City continues to desire to serve as the successor agency to the Agency upon its dissolution, and desires to confirm such desire for clarification purposes; and WHEREAS, Health and Safety Code Section 34176(a) gives the city that authorized creation of a redevelopment agency the option to retain the agency's housing assets and functions, excluding amounts on deposit in the Low and Moderate Income Housing Fund; and WHEREAS, as allowed under AB 1 X 26, the City desires to retain the Agency's housing assets and functions. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: ATTY/RES0.2194 /CC CONFIRMING SUCCESSOR AGENCY AND ELECTING HOUSING SUCCESSOR REV:01 /19/12 Page 2 of 3