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6/15/2012 11:15:11 AM
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6/15/2012 11:14:57 AM
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Department
City Clerk
General - Type
Resolutions
General 2 - Date
6/14/2012
Number
OB-14
Description
Approving Reimbursement Agmt between SA & City of Riv, the Acquisition of 3615-3653 Main St Proj
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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />to <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 />RESOLUTION NO. 14 <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 ACQUISITION OF 3615-3653 MAIN <br />STREET 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 xI 26 ("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 perform such powers and functions; and <br />WHEREAS, on July 14, 2009, the governing board of the Redevelopment Agency and the <br />City Council of the City of Riverside approved a five-year loan from the City to the Agency in the <br />amount of $4,500,000, plus interest at the City's pooled investment rate, to facilitate the purchase <br />and repair of the commercial building at 3615-3653 Main Street and adjacent parking lot to facilitate <br />the renovation of the historic building and development of the Fox Plaza mixed use project on the <br />adjacent parking lot ("Project"); and <br />Cri'Y,10- ' DIINU�V'S 0MICL <br />3900 MAIN STREET <br />RIN FRSDE CA 92522 <br />(451) 8��6 .5567 <br />
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