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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 ?,R CTrY AT'TORNI.-Y's Oiricu 3900 MAIN STRErT RrvF.RS im CA 92522 (951) 926-SW RESOLUTION NO. 23 A RESOLUTION OF THE OVERSIGHT BOARD FOR THE CITY OF RIVERSIDE AS SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE TO APPROVE ENTERING INTO A LEASE FOR 3737 MAIN STREET SUITE 102 AND EXPENDITURE OF CALIFORNIA TOWER BOND FUNDS FOR TENANT IMPROVEMENTS WHEREAS, on January 10, 2012, the City Council adopted Resolution No. 22322 re- affirming the authorization of the City of Riverside to become the Successor Agency to the Redevelopment Agency of the City of Riverside ("Successor Agency") pursuant to ABx 126; and WHEREAS, subsequent legislation entitled "Assembly Bill 1484", signed into law on June 1 27, 2012, makes substantive amendments to ABxl 26 and specifically includes a requirement, set forth at Health & Safety Code section 34179(c), that all actions taken by the oversight board be adopted by resolution; and WHEREAS, Tejinder Pal doing business as Salad Buzz ("Lessee") desires to rent 3737 Main Street Suite 102, a Successor Agency property and first floor retail space of California Tower ("Premises"), for a salad bar concept; and WHEREAS, the Successor Agency desires to rent the Premises to the Lessee in an effort to maintain an asset of the Successor Agency and comply with its obligation to the State of California pursuant to bond covenants that require the Successor Agency to rent the first floor retail space of Premises which also benefits the taxing entities by having the retail space occupied thereby maintaining the property value and marketability of the Premises; and WHEREAS, pursuant to Health & Safety Code sections 34177 (f) and (i), the Successor Agency is enforcing the former redevelopment agency rights for the benefit of the taxing entities by renting the space at 3737 Main Street Suite 102 to Lessee and utilizing California Tower bond proceeds for the purposes for which the bonds were sold; and WHEREAS, the proposed terms of the lease with Lessee were reviewed and approved by the Oversight Board for the City of Riverside as Successor Agency to the Redevelopment Agency of the City of Riverside on August 30, 2012, NOW, THEREFORE, BE IT RESOLVED by the Oversight Board for the City of Riverside as the Successor Agency to the Redevelopment Agency of the City of Riverside, as follows: