Oversight Board Resolution OB2012-06

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OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE FAIRFIELD REDEVELOPMENT AGENCY RESOLUTION NO. OB2012 C�� A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE FAIRFIELD REDEVELOPMENT AGENCY APPROVING THE FIRST AMENDMENT TO SUBLEASE FOR SOLANO LAND TRUST LOCATED AT 1001 TEXAS STREET, SUITE C WHEREAS, pursuant to AB X1 26, the Successor Agency to the Fairfield Redevelopment Agency has assumed the interest in the assets of the Fairfield Redevelopment Agency; and WHEREAS, the Fairfield Redevelopment Agency has a Master Lease through November 2014 on the property located at 1001 Texas Street, commonly known as APN 0030-235-040, and the Agency subleases space to the Solano Land Trust (the "Subtenant") under a Commercial Sublease and Deposit Receipt agreement (the "Lease") executed March 24, 2004; and Whereas, the Lease was amended on April 1, 2009 (the "Sublease"), and the current sublease to the Solano Land Trust expires on June 30, 2012, and the subtenant wishes to amend the Lease (the "First Amendment") to extend the term; and WHEREAS, the Successor Agency to the FairField Redevelopment Agency proposed a six (6) month lease extension for the Solano Land Trust located at 1001 Texas Street, Suite C in the form of a First Amendment to Sublease and the subtenant desires to accept the First Amendment. NOW, THEREFORE, THE OVERSIGHT BOARD HEREBY RESOLVES: Section 1. The Oversight Board approves the First Amendment to Sublease by and between the Successor Agency to the Fairfield Redevelopment Agency and Solano Land Trust for the six (6) month lease extension of property located at 1001 Texas Street, Suite C. Section 2. The Oversight Board authorizes the monthly rent of $2,470.27 for the extension period of July 1, 2012 through December 31, 2012. Oversight Board S:1Community Development FileslCC Oversight Board 2012106111211001 Texas StreetlRESO.docx