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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 />28 <br />CrFy ATTORN[Y's 01,11cu. <br />3900 NWN Smrmn <br />Ri FRSIDF, CA 92522 <br />(951) 9�6-5567 <br />RESOLUTION NO, 12 <br />A RESOLUTION OF THE OVERSIGHT BOARD FOR SUCCESSOR <br />AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF <br />RIVERSIDE, CALIFORNIA APPROVING A REIMBURSEMENT <br />AGREEMENT BETWEEN THE SUCCESSOR AGENCY AND THE CITY <br />OF RIVERSIDE RELATING TO THE MUNICIPAL AUDITORIUM <br />RENOVATION PROJECT <br />WHEREAS, pursuant to Resolution No. 22322, adopted by the City Council of the City of <br />Riverside ("City") on January 10, 2012, the City of Riverside agreed to serve as the Successor <br />Agency ("Successor Agency") to the Redevelopment Agency of the City of Riverside <br />("Redevelopment Agency") commencing upon dissolution of the Redevelopment Agency on <br />February 1, 201.2 pursuant to Assembly Bill x 126 ("AB 26"); and <br />WHEREAS, Health and Safety Code Section 33220 authorized any public body to enter into <br />an agreement with a <br />redevelopment <br />agency for <br />the purpose of aiding and <br />cooperating in <br />the <br />planning, undertaking, <br />construction, <br />or operation <br />of redevelopment projects <br />located within <br />the <br />jurisdiction in which such public body is authorized to act, upon the terms and with or without <br />consideration as such public body determines; and <br />WHEREAS, Health and Safety Code Section 33126(b) authorized redevelopment agencies to <br />enter into contracts with any other public agency pursuant to which the public agency would agree to <br />furnish necessary staff services associated with or required by redevelopment; and <br />WHEREAS, Health and Safety Code Section 33205 authorized redevelopment agencies to <br />delegate to the jurisdiction that formed the agency any of the powers or functions of the <br />redevelopment agency with respect to the undertaking of a redevelopment project, and authorized <br />such jurisdiction to carry out and perform such powers and functions; and <br />WHEREAS, on March 11, 2008, the governing board of the Redevelopment Agency and the <br />City Council of the City of Riverside approved a loan from the City to the Agency in the amount of <br />$727,818 plus interest for renovation of the Municipal Auditorium ("Project"); and <br />WHEREAS, the current balance due on the loan is Three Hundred Thirty-One Thousand, <br />Two Hundred Twenty-Four Dollars ($331,224) which includes principal and interest due through the <br />remaining term; and <br />