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01/23/2012 ORIGINAL RESOLUTION NO. 15164 A RESOLUTION 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 WHEREAS, the Redevelopment Agency of the City of Redwood City ("Agency") is a redevelopment agency organized and existing under the California Community Redevelopment Law (Health and Safety Code § 33000, et se�c .) ("CRL"); and WHEREAS, the City Council of the City of Redwood City ("City") approved and adopted the Redevelopment Plan for the Redevelopment Project No. 2 ("Redevelopment Plan") covering certain properties within the City (the "Project Area"); and WHEREAS, the Agency has been authorized to transact business and exercise the powers of a redevelopment agency, including engaging in activities to execute and implement the Redevelopment Plan pursuant to the CR�; and WHEREAS, since adoption of the Redevelopment Plan, the Agency has undertaken redevelopment projects in the Project Area to eliminate blight, to improve public facilities and infrastructure, to renovate and construct affordable housing, and to enter into partnerships with private industries to create jobs and expand the local economy; and WHEREAS, as part of the 2011-12 State budget bill, the California Legislature has recently enacted, and the Governor has signed, companion bills AB 1X 26 and AB 1X 27, requiring that each redevelopment agency be dissolved unless the community that created it enacts an ordinance committing it to making certain payments; and WHEREAS, AB 1X 26 also required each city to determine whether it wishes to serve as "Successor Agency" of its redevelopment agency by September 1, 2011 if the ATTY/RES02194 /CC CONFIRM. SUCCESSOR AGENCY AND ELECT. HOUSING SUCCESSOR RESO #75164 REV:OIN9/12 MUFF # 401 Page 1 of 3