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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 units in San Mateo County are in Redwood City. Questions were asked about the Oversight Board and Ms. Thompson responded that it will have a fiduciary duty to the debt holders to be paid. Therefore, this body will look at the enforceable obligations which will be further reviewed by the State. Public Comment: Marc Manual, representing the Housing and Human Concerns Committee, said they support the Successor Agency and want to retain the ten million in enforceable obligations for housing. He commented that the city can best determine how the funds should be utilized with capable and knowledgeable staff and an involved City Council. He requested support for the Successor Agency. One Council Member inquired if the Council decides to be the Successor Agency could it revoke its decision. Ms. Thompson said she was unable to respond because there is no legal information on this issue. Another Council Member would like to have further discussion about developers providing all kinds of housing and include these as community benefits. She views these as additional tools for city negotiation. M/S Foust/Seybert to introduce the ordinance. Motion carried 6-0 by electronic vote with Council Member Bain absent. M/S Pierce/Seybert to adopt the resolution. Motion carried 6-0 by electronic vote with Council Member Bain absent. That the Agency Board adopt a resolution amending its Enforceable Obligation Payment Schedule pursuant to AB 1X 26. JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD January 23, 2012 MEETING MINUTES PAGE 8 MINUTE BOOK NO. 64 Page No. 20