DATE: September 23, 2015
TO: Chair and Members of the Successor Agency Oversight Board
FROM: Assistant City Manager
SUBJECT
Title
Approval of Resolution Ratifying Re-Entry Agreement Approval
End
RECOMMENDATION
Recommendation
That the Oversight Board adopts the attached resolution (Attachment I) that ratifies the Oversight Board's previous approval of the Re-Entry Agreement pursuant to Health and Safety Code Section 34178(a) and 34180(h) and authorizes staff to take other administrative actions and execute contracts and such other documents as are appropriate to effectuate the intent of the resolution and all actions necessary to effectuate associated requirements of Assembly Bill x1 26 and AB 1484 (collectively, the "Dissolution Statutes").
Body
BACKGROUND
On September 23, 1975, the City of Hayward (the "City") and the Redevelopment Agency of the City of Hayward (the "Dissolved RDA"), entered into an agreement in which the City loaned funds to the Dissolved RDA (the "City Loan") to facilitate implementation of the legitimate redevelopment program for the Downtown Hayward Redevelopment Project Area. Over the following four decades, the loan and subsequent repayment agreement (the "Repayment Agreement") were amended from time to time, as the City made additional loans to the Dissolved RDA.
Under the Dissolution Statutes, all California redevelopment agencies were dissolved effective February 1, 2012, and various actions are now required by successor agencies to unwind the affairs of all former redevelopment agencies.
The Dissolution Act generally provides that (with exceptions) agreements between the Dissolved RDA and the City, like the Repayment Agreement, are not Enforceable Obligations. Between February 1, 2012 and June 28, 2012 however, Health and Safety Code Codes 34178(a) and 34180(h) authorized the Successor Agency and the City, with Oversight Board approval, to reenter into suc...
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