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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 />21 <br />Crry AmowNmy's OFFIM, <br />3900 MAN STREET <br />R_rvm9D67, CA 92522 <br />(951) 826-5567 <br />RESOLUTION NO. 13 <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 OLIVEWOOD PROPERTIES <br />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, 2012 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 redevelopment agency for the purpose of aiding and cooperating in the <br />planning, undertaking, construction, or operation of redevelopment projects located within 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 perforrn such powers and functions; and <br />WHEREAS, on May 1, 2007, 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 />$3,678,990.53, with a five-year term, with interest only payments for the first four years and <br />principal and interest due in full by the 5 anniversary date of the loan. <br />WHEREAS, the loan was provided to allow the Agency to acquire properties at 4586 <br />Olivewood Avenue and 4587 Mulberry Street, relocate several dilapidated historic homes, <br />