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RESOLUTION NO. 28 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, AS SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AUTHORIZING THE OPTION TO EXTEND THE LEASEBACK AGREEMENT FOR THE CALIFORNIA TOWER BUILDING — GROUND FLOOR RETAIL, LOCATED AT 3737 MAIN STREET. WHEREAS, pursuant to Resolution No. 22322, adopted by the City Council of the City of Riverside ("City") on January 10, 2012, the City of Riverside agreed to serve as the Successor Agency ("Successor Agency") to the Redevelopment Agency of the City of Riverside ("Redevelopment Agency") commencing upon dissolution of the Redevelopment Agency on February 1, 2012 pursuant to Assembly Bill xl 26 ("AB 26"); and WHEREAS, Health and Safety Code Section 34177 (i) provides that a successor agency is required to continue to oversee development of properties until the contracted work has been completed or the contractual obligations of the former redevelopment agency can be transferred to other parties; and WHEREAS, on April 26, 1994, the former Redevelopment Agency entered into a lease agreement ("Lease Agreement") with the State of California — Department of General Services ("DGS)" for the 160,000 square foot office tower with 22,400 square feet of ground floor retail and office space ("Ground Floor") located at 3737 Main Street ("Property"), for the term of thirty (30) years; and WHEREAS, the former Redevelopment Agency and DGS also entered into a Leaseback Agreement in which the former Redevelopment Agency is exclusively responsible for the operation, ordinary and extraordinary maintenance and repairs, leasing and funding of tenant improvements associated with the Ground Floor; and WHEREAS, the term of the Leaseback Agreement runs concurrently with the Lease Agreement; and WHEREAS, pursuant to Section 2(B) of the Leaseback Agreement, the former Redevelopment Agency agreed to leaseback from DGS the Ground Floor of the Property until October 1, 2024; and