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1 /28/2016 RESOLUTION NO. OB 16-02 A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY APPROVING (1) A RATIFICATION AND AMENDMENT TO LOAN AND REPAYMENT OF THE REDWOOD CITY REDEVELOPMENT AGENCY LOW AND MODERATE INCOME HOUSING FUND FOR PAYMENT OF SUPPLEMENTAL EDUCATIONAL REVENUE AUGMENTATION FUND, AND MAKING FINDINGS RELATED THERETO (SERAF LOAN), AND (2) A RATIFICATION AND AMENDMENT TO LOAN AND REPAYMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND THE REDWOOD CITY REDEVELOPMENT AGENCY, AND MAKING FINDINGS RELATED THERETO (CITY/RDA LOAN) WHEREAS, pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.), the City Council of the City of Redwood City activated the Redwood City Redevelopment Agency (the "Redevelopment Agency"); and WHEREAS, pursuant to Health and Safety Code Section 33690, the Redevelopment Agency was required to make a payment to the Supplemental Educational Revenue Augmentation Fund ("SERAF") for fiscal year 2009- 10; and WHEREAS, because the Redevelopment Agency did not have sufficient funds to make the payment, it borrowed funds from the Redevelopment Agency' s Low and Moderate Income Housing Fund for the payment of the 2009- 10 SERAF (the "SERAF Loan"); and WHEREAS, the Redevelopment Agency, by Resolution No. RD 10-03, adopted on April 26, 2010, approved and authorized the SERAF Loan from the Redevelopment Agency's Low and Moderate Income Housing Fund which required the repayment of funds back into the Low and Moderate Income Housing Fund pursuant to a schedule set forth in that resolution; and WHEREAS, on September 8, 2003, the Redwood City City Council and Redevelopment Agency Board conceptually approved a plan to finance various downtown improvements which relied upon bonds being issued by the Redevelopment Agency and a $3 million loan from the City to the Redevelopment Agency ("City/RDA Loan"). The various downtown improvements included the Courthouse Facade Restoration, the Jefferson Underground Parking Garage, the Block 2 Parking Lot, and Block 2 Land Assembly ("Projects"); and WHEREAS, the Redevelopment Agency, by Minute Order No. RD 05-01 , and the City, by Minute Order No. 05-13, both adopted on January 24, 2005, approved and authorized execution of a Loan and Repayment Agreement ("City/RDA Loan Agreement") to evidence the loan of funds by the City to the Redevelopment Agency for the Projects; and WHEREAS, Assembly Bill 1X 26 ("AB 26"), enacted in June 2011 , AB 1484 ("AB 1484"), enacted in June 2012, and other subsequently adopted legislation (collectively, the "Dissolution Act") required the dissolution of redevelopment agencies and established certain Page 1of5 ATfY/RES0.0011/OB RESO SERAF LOAN AGREEMENT OB RESO 16-02 REV: 01-25-16 VR