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FOR THE <br />CITY OF RIVERSIDE AS SUCCESSOR AGENCY <br />TO THE <br />REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE <br />TO: OVERSIGHT BOARD MEMBERS DATE: JUNE 14, 2012 <br />FROM: DEVELOPMENT DEPARTMENT ITEM NO: 18 <br />WARD: 1 <br />SUBJECT: ADOPTION OF RESOLUTIONS APPROVING AND AUTHORIZING RE -ENTRY <br />INTO AGREEMENTS FOR VARIOUS REDEVELOPMENT PROJECTS <br />BETWEEN THE CITY OF RIVERSIDE AND THE SUCCESSOR AGENCY TO <br />THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE <br />ISSUE <br />The issue for consideration is the adoption of the attached Resolutions approving and <br />authorizing entry into Reimbursement Agreements between the City of Riverside and the <br />Successor Agency to the Redevelopment Agency of the City of Riverside (Successor Agency) <br />to use redevelopment funds for the payment of pre- existing loan and reimbursement <br />agreements for various redevelopment projects, which include the Municipal Auditorium <br />Renovation project, the Olivewood Property Assembly project, the 3615 -3653 Main Street <br />Acquisition project, the 3225 Market Street Acquisition project, the Reid Park project, and the <br />Riverside Golf Course project (Redevelopment Projects). <br />RECOMMENDATIONS <br />That the Oversight Board: <br />Adopt the attached Resolution (Exhibit A) approving and authorizing re -entry into a <br />Reimbursement Agreement (Exhibit B) between the City and Successor Agency for the <br />Municipal Auditorium Renovation project in the amount of $331,224, which includes the <br />remaining principal balance and estimated interest; <br />2. Adopt the attached Resolution (Exhibit C) approving and authorizing the re -entry into a <br />Reimbursement Agreement (Exhibit D) between the City and Successor Agency for the <br />Olivewood Property Assembly project in the amount of $4,329,898, which includes the <br />original principal balance and estimated interest; <br />3. Adopt the attached Resolution (Exhibit E) approving and authorizing the re -entry into a <br />Reimbursement Agreement (Exhibit F) between the City and Successor Agency for the <br />3615 -3653 Main Street Acquisition project in the amount of $4,961,608, which includes <br />the principal balance and estimated interest; <br />18 -1 <br />