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City Council & Successor <br /> Agency to the Redevelopment <br /> � <br /> City �,I'Arts F!] A enc of the City of Riverside novation <br /> 1111111 II IIIIIIIIIII II IIIIIIIIIIIII 111111 II IIIIIIIIIIIII II IIIIIIIIIII IIIIIIII II IIIIIIIIIII II II IIIIIIIIIIIIIII II IIIIIIIIIII II II IIIIIIIIIIIIIII II IIIIIIIIIII II IIIIIIIIIIIII II IIII II IIIIIIIIIIIII II IIIIIIIIIII III IIIIIIIIIII II II IIIIIIIIIII II IIIIIIIII II IIIIIIIIIII II II IIIIIIIIIIIIIIIIIIIIII II IIIIIIIIIII II II Ii <br /> TO: HONORABLE MAYOR AND CITY COUNCIL DATE: JUNE 12, 2012 <br /> FROM: DEVELOPMENT DEPARTMENT ITEM NO: 46 <br /> WARD: WARD 1 <br /> SUBJECT: ADOPTION AND APPROVAL OF RESOLUTIONS AUTHORIZING RE- <br /> ENTRY INTO REIMBURSEMENT AGREEMENTS FOR VARIOUS <br /> REDEVELOPMENT PROJECTS BETWEEN THE CITY OF RIVERSIDE <br /> AND THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY <br /> OF THE CITY OF RIVERSIDE <br /> ISSUE: <br /> The issue is whether to approve the authorization for the re-entry of Reimbursement <br /> Agreements between the City of Riverside and the City of Riverside as Successor Agency to the <br /> Redevelopment Agency of the City of Riverside (Successor Agency) to use former <br /> redevelopment funds for the payment of pre-existing loan and reimbursement agreements for <br /> various redevelopment projects, which include the Municipal Auditorium Renovation project, the <br /> Olivewood Property Assembly project, the 3615-3653 Main Street Acquisition project, the 3225 <br /> Market Street Acquisition project, the Reid Park project, and the Riverside Golf Course project <br /> (Redevelopment Projects) and adoption of resolutions. <br /> RECOMMENDATIONS: <br /> That the City Council: <br /> 1. Adopt the attached Resolution (Exhibit A) making specific need findings and approving <br /> and authorizing re-entry into a Reimbursement Agreement (Exhibit B) between the City <br /> and Successor Agency for the Municipal Auditorium Renovation project in the amount of <br /> $331,224, which includes the remaining principal balance and estimated interest; <br /> 2. Adopt the attached Resolution (Exhibit C) making specific need findings and approving <br /> and authorizing the re-entry into a Reimbursement Agreement (Exhibit D) between the <br /> City and Successor Agency for the Olivewood Property Assembly project in the amount <br /> of $4,329,898, which includes the original principal balance and estimated interest; <br /> 3. Adopt the attached Resolution (Exhibit E) making specific need findings and approving <br /> and authorizing the re-entry into a Reimbursement Agreement (Exhibit F) between the <br /> City and Successor Agency for the 3615-3653 Main Street Acquisition project in the <br /> amount of $4,961,608, which includes the principal balance and estimated interest; <br /> 4. Adopt the attached Resolution (Exhibit G) making specific need findings and approving <br /> and authorizing the re-entry into a Reimbursement Agreement (Exhibit H) between the <br /> 46-1 <br />