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12/03/2012 the tax increments received by the agency after the amount required to be deposited in the Low and Moderate Income Housing Fund has been deducted (the "City Election"); and WHEREAS, as part of the 2011-2012 State budget bill, the California Legislature enacted, and the Governor signed, companion bills AB X1 26 and AB X1 27, requiring that each redevelopment agency be dissolved as of October 1, 2011, unless the community that created it enacts an ordinance committing it to making certain payments; and WHEREAS, a Petition for Writ of Mandate was filed in the Supreme Court of the State of California on July 18, 2011 (California Redevelopment Association, et al. v. Ana Matosantos, et al., Case No. 5194861), challenging the constitutionality of AB X1 26 and AB X1 27 on behalf of cities, counties and redevelopment agencies; and WHEREAS, on December 29, 2011, the Supreme Court issued its final decision in the aforesaid litigation, upholding AB X1 26, invalidating AB X1 27, which resulted in the dissolution of all redevelopment agencies throughout the State effective February 1, 2012; and WHEREAS, Health and Safety Code Section 34183(a) (1), added by AB X1 26, provides, in part, that following dissolution of redevelopment agencies, the county auditor-controller shall remit to each local agency an amount of property tax revenues in an amount equal to that which would have been received under Section 33607.5, as that section read on January 1, 2011; and WHEREAS, although the City Council did not make the City Election at the time of amendment of the Redevelopment Plans pursuant to Health and Safety Code Section 33333.6, the City retains the right to opt to receive the City Election in any fiscal year in which a payment shall be made based on Section 33607.5, and the City Council desires to now make the election authorized by Health and Safety Code Sections 33607.7 and 33607.5 for each of the amendment areas that comprise Project Area No. 2 and receive an amount equal to that which would have been received by the City under Section 33607.5, as that section read on January 1, 2011. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redwood City as follows: Section 1. Pursuant to Health and Safety Code Sections 33607.7 and 33607.5, the City Council hereby elects to receive an amount equal to that which would ATTY/DOCS-RESO/RES0.2808/RWC ELECTING TO RECEIVE RESO.#15234 A PORTION OF THE TAX INCREMENTS MUFF#454 REV: 11-27-12 VR Page 2 of 3