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11/16/2015 ORIGINAL RESOLUTION NO. SA-15-03 RESOLUTION OF THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY APPROVING THE REMITTANCE OF $10,272,916 (FUNDS SET ASIDE IN THE LEGAL AID SOCIETY HOUSING FUND) TO THE COUNTY AUDITOR-CONTROLLER FOR DISTRIBUTION TO THE TAXING ENTITIES, AS IS REQUIRED BY NEW STATE LEGISLATION TO ENABLE THE SUCCESSOR AGENCY TO PROCEED WITH A FINDING OF COMPLETION WHEREAS, under AB 1X 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 Department of Finance ("DOF") issued � determination letter that, based on its review of the Due Diligence Review ("DDR") of the former Redevelopment Agency's Low and Moderate-Income Housing Fund, the Successor Agency had approximately $12.2 million available to distribute to taxing entities; and WHEREAS, the Successor Agency paid $1.9 million, but did not pay the remaining approximately $10.3 million (the "LAS Funds") because it was money that had accumulated and was required to be used for affordable housing under an agreement with the Legal Aid Society of San Mateo County ("LAS"); and ATTY/RES0.3156/SA RESO AUTHORIZING REMITTANCE OF RESO.SA#15-03 LAS FUNDS TO COUNTY AUDITOR MUFF#454 REV: 11-16-15 VR Page 1 of 3