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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 />1.2 <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 />RESOLUTION NO, 24 <br />A RESOLUTION OF THE OVERSIGHT BOARD FOR THE CITY OF <br />RIVERSIDE AS SUCCESSOR AGENCY TO THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE APPROVING THE <br />REIMBURSEMENT AGREEMENT BETWEEN THE SUCCESSOR <br />AGENCY AND THE CITY OF RIVERSIDE TO PAY FOR COSTS TO <br />MAINTAIN ASSETS PRIOR TO DISPOSITION <br />WHEREAS, on January 10, 2012, the City Council adopted Resolution No, 22322 re- <br />affirming the authorization of the City of Riverside to become Successor Agency to the <br />Redevelopment Agency of the City of Riverside ("Successor Agency") pursuant to ABx 126; and <br />WHEREAS, subsequent legislation entitled "Assembly Bill 1484", signed into law on June <br />27, 2012, makes substantive amendments to ABxI 26 and specifically includes a requirement, set <br />forth at Health & Safety Code section 34179(c), that all actions taken by the oversight board be <br />adopted by resolution; and <br />WHEREAS, pursuant to Health & Safety Code section 34171 (b), an "enforceable <br />obligation" of the Successor Agency shall include the costs of maintaining assets prior to <br />disposition; and <br />WHEREAS, pursuant to Health & Safety Code section 34173 (h), a city that authorized the <br />creation of a redevelopment agency may loan or grant funds to a successor agency for administrative <br />costs, enforceable obligations or project-related expenses at the city's discretion, but the receipt and <br />use of these funds shall be reflected on the Recognized Obligation Payment Schedule or the <br />administrative budget and are subject to approval of the oversight board; and <br />WHEREAS, pursuant to Health & Safety Code section 34177.3 (b), successor agencies may <br />create enforceable obligations to conduct the work of winding down the redevelopment agency, <br />including hiring staff, acquiring necessary professional administrative services and legal counsel, <br />and procuring insurance; and <br />WHEREAS, the City desires to enter into a Reimbursement Agreement with the Successor <br />Agency for those certain enforceable obligations and costs of maintaining assets prior to disposition <br />which will include providing a loan for project management staff, including, but not limited to, <br />management of projects, disposition and leasing of real property, property management and <br />C[TYATTORNEY'S ONICH' <br />3900 MAiN STREET <br />RIVERSIDE, CA 92522 <br />(951) 926-5567 <br />