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01/11/2018 RESOLUTION NO. OB -18-01 RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY APPROVING THE ADMINISTRATIVE BUDGET FOR THE PERIOD OF JULY 1, 2018 THROUGH JUNE 30, 2019 (18-19) WHEREAS, under AB X1 26, enacted by the California State Legislature and signed by the Governor as part of the 2011-2012 State budget, a new Part 1.85 was added to Division 24 of the California Health and Safety Code (Health and Safety Code Section 34170 et seq., as may be amended, the "Dissolution Act") and, in accordance therewith, all redevelopment agencies in the State of California, including the Redwood City Redevelopment Agency ("Redevelopment Agency"), were dissolved as of February 1, 2012; and WHEREAS, in compliance with the Dissolution Act, the City of Redwood City ("City") determined it would serve as the Successor Agency to the Redwood City Redevelopment Agency ("Successor Agency") effective February 1, 2012; and WHEREAS, the Oversight Board of the Successor Agency to the Redwood City Redevelopment Agency ("Oversight Board") has been established pursuant to Section 34179 of the Dissolution Act to oversee the Successor Agency's actions in winding down the affairs of the Redevelopment Agency in accordance with the Dissolution Act; and WHEREAS, Section 341770) requires the Successor Agency to prepare a proposed administrative budget for each six month ROPS period, and submit the administrative budget to the Oversight Board for approval; and WHEREAS, Section 34177(k) requires the Successor Agency to provide to the County Auditor -Controller the administrative cost estimated from its approved administrative budget for each ROPS period that are to be paid from property tax revenues deposited into the Redevelopment Property Tax Trust Fund established for the Successor Agency (RPTTF); and WHEREAS, under Section 34177(o), the Successor Agency shall prepare an annual ROPS commencing with the period of July 1, 2016 through June 30, 2017; and WHEREAS, the Successor Agency prepared and submitted the proposed administrative budget related to the proposed ROPS for the period of July 1, 2018 through June 30, 2019 ("Administrative Budget 18-19") to the Oversight Board for approval; and WHEREAS, the Oversight Board held a public meeting on January 11, 2018 and considered the Administrative Budget 18-19 following the notice required by law. ATTY/RESO.0002/OB RESO APPROVING ADMINISTRATIVE BUDGET 18-19 OB RESOLUTION NO. 18-01 REV: 01-08-18 VR Page 1 of 3