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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />?,R <br />CTry ATTORNEY'S 01. wE <br />3900 MAN STIW-1H r <br />RIVF'RSIDE CA 92522 <br />(95 1) 8�6-5567 <br />WHEREAS, the Project is consistent with the Amended and Restated Redevelopment Plan <br />for the Merged Downtown/Airport Industrial and Hunter Park/Northside Redevelopment Project <br />Area ("Project Area") dated August 25, 2009; and <br />WHEREAS, in accordance with AB 26, the Successor Agency prepared a Recognized <br />Obligation Payment Schedule for the time period of January 1, 2012 through June 30, 2012 <br />("ROPS") setting forth the schedule of existing Redevelopment Agency obligations, including <br />among others, the obligation to provide funding for the Project; and <br />WHEREAS, the Oversight Board approved the ROPE on March 30, 2012; and <br />WHEREAS, the State Department of Finance reviewed the ROPE, but by letter dated April <br />13, 2012, indicated that it objected to certain items set forth therein; and <br />WHEREAS, staff to the Successor Agency believe that the items to which the Department of <br />Finance objected qualify as enforceable obligations as defined in AB 26 and provided additional <br />information, including a written response dated April 24, 2012, to the Department of Finance with <br />respect to such items; and <br />WHEREAS, Health and Safety Code Section 34178(a) provides that, with specified <br />exceptions, commencing upon February 1, 2012, agreements, contracts and arrangements between a <br />redevelopment agency and the city that formed the redevelopment agency are invalid; provided <br />however, a successor agency that wishes to reenter into agreements with the city that formed the <br />agency may do so upon obtaining approval of the oversight board; and <br />WHEREAS, the City and the Redevelopment Agency have made a significant investment in <br />the Project in order to achieve the goals of the Redevelopment Plan; and <br />WHEREAS, all or part of the Project funding was provided by a City loan made by a City <br />Enterprise Fund as an investment of third party rate payer funds; and <br />WHEREAS, pursuant to Health and Safety Code Section 34179(1), the Oversight Board has a <br />fiduciary responsibility to the taxing entities that benefit from distributions of property tax and other <br />revenues, and <br />WHEREAS, the Project is consistent with the Oversight Board's fiduciary duty in that it will <br />be of benefit to all taxing entities that share in the property tax revenue generated <br />2 <br />