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6.1.A. - Page 7 B. Update on state elimination of redevelopment agencies, and other actions necessary to comply with new state legislation Recommendation: That the City Council waive first reading and introduce an ordinance repealing Ordinance No. 2366, which determined the City would comply with the Voluntary Alternative Redevelopment Program. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY, CALIFORNIA, REPEALING ORDINANCE NO. 2366, WHICH DETERMINED THE CITY WOULD COMPLY WITH THE VOLUNTARY ALTERNATIVE REDEVELOPMENT PROGRAM PURSUANT TO PART 1.9 OF DIVISION 24 OF THE CALIFORNIA HEALTH AND SAFETY CODE IN ORDER TO PERMIT THE CONTINUED EXISTENCE AND OPERATION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY MINUTE ORDER 12-020 That the City Council adopt a resolution confirming Resolution No. 15141, which determined the City would serve as the Successor Agency to the Redevelopment Agency of Redwood City and elect to retain the housing assets and functions previously held and performed by the Redevelopment Agency of Redwood City. RESOLUTION No. 15164 OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY (1) CONFIRMING IT WILL SERVE AS SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF REDWOOD CITY, AND (2) ELECTING TO RETAIN THE HOUSING ASSETS AND FUNCTIONS PREVIOUSLY HELD AND PERFORMED BY THE AGENCY Dr. Robert Bell, provided the staff report with details on the demise of the Redevelopment Agency (RDA). He also delineated each of the consequences of the actions before Council tonight. He made mention of the Oversight Board and its composition as well as the financial implications of the abolishment of the RDA. Dr. Bell, sent out an inquiry to San Mateo County cities to find out how many decided to have a successor agency and six respondents noted that they will create a successor agency to their respective RDAs. Mr. Ekern, Community Development Director, provided details on the rules set by the State and the assets and obligations of the RDA. He noted that the list of assets that the RDA held in relationship to housing is long and still being uncovered. He mentioned that there is potentially $5.7 million of potential reimbursement that the Housing Agency could collect over time. One Council Member inquired about redevelopment loans and Mr. Ekern noted that we have a five-year obligation to dispose of these. The City Attorney, provided details on the issue of the deadline to take action by the City Council. One Council Member spoke about affordable housing and how Redwood City holds a large portion this in the County. She would prefer to use the term of "market rate housing" and find a way for the city to buy units and turn them into affordable housing. Mr. Ekern confirmed that this would be doable through the Successor Agency. She would like the other 19 communities in San Mateo County to step up to the plate and offer as much affordable housing as Redwood City offers. She noted that 25 percent of all affordable housing JOINT CITY COUNCIUREDEVELOPMENT AGENCY BOARD January 23, 2012 MEETING MINUTES PAGE 7