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6/15/2012 11:17:53 AM
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Department
City Clerk
General - Type
Resolutions
General 2 - Date
6/14/2012
Number
OB-15
Description
Approv Reimbursement Agmt between SA & City of Riv, the Acquisition of 3225 Market St Proj
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RESOLUTION NO, 15 <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 3225 MARKET <br />STREET PROJECT <br />WHEREAS, pursuant to Resolution No. 22322, adopted by the City Council of the City of <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 />Crfy ATTORNEY'S OEI'PcE <br />3900 MAIN S FREE <br />RI', ERSDE, CA 92522 <br />(951) 826-5567 <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 x1 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 perforin such powers and functions; and <br />WHEREAS, on August 24, 2010, 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 $1,200,000 plus interest at the City's pooled investment rate to facilitate the acquisition of <br />the retail building at 3225 Market Street ("Project") and the parties executed into that certain Loan <br />Agreement on September 7, 2010; and <br />
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