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OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE <br /> FAIRFIELD REDEVELOPMENT AGENCY <br /> RESOLUTION OB2014- d <br /> RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO <br /> THE FAIRFIELD REDEVELOPMENT AGENCY AUTHORIZING EXECUTION OF A <br /> NOTE TERMINATION AGREEMENT WITH GREEN VALLEY EXECUTIVE CENTER, <br /> L.P. FOR PROPERTY LOCATED AT 5030 BUSINESS CENTER DRIVE <br /> (APN 014 828 -0480) <br /> WHEREAS, pursuant to AB X1 26 (which became effective at the end of June 2011), as <br /> modified by the California Supreme Court's decision in California Redevelopment <br /> Association, et al. v. Ana Matosantos, et al. (53 Cal. 4th 231(2011)), the Fairfield <br /> Redevelopment Agency (the "Redevelopment Agency was dissolved as of February 1, <br /> 2012 and the Successor Agency to the Fairfield Redevelopment Agency (the <br /> "Successor Agency was constituted; and <br /> WHEREAS, AB 1484 (which became effective at the end of June 2012) amended and <br /> supplemented AB X1 26 (AB X1 26 and AB 1484, together, being referred to below as <br /> the "RDA Dissolution Act and <br /> WHEREAS, pursuant to the RDA Dissolution Act, all assets, properties, contracts, <br /> leases, commercial business loans, books and records, buildings, and equipment of the <br /> former Redevelopment Agency have been transferred to the control of the Successor <br /> Agency; and <br /> WHEREAS, the Successor Agency's commercial business loans contain terms that <br /> may over the course of time need to be amended by approval of the Successor Agency <br /> Board, Successor Agency Oversight Board (the "Oversight Board and the Department <br /> of Finance (the "DOF and <br /> WHEREAS, the Redevelopment Agency entered into a Disposition and Development <br /> Agreement (DDA) with Green Valley Executive Center, L.P. (in care of The Wiseman <br /> Company) dated April 22, 2005 and carried a Promissory Note (secured by a Deed of <br /> Trust) to assist in financing development of a Class A 45,000 square foot office building <br /> located at 5030 Business Center Drive, and the original principal amount of the <br /> Promissory Note (the "Note was $699,140.07 with an interest rate of 7 and the loan <br /> was to be repaid when the Green Valley Executive Center, L.P. (the "Borrower <br /> obtained permanent financing to remove their construction loan (or a maximum 2 -year <br /> loan term); and <br /> Economic Development Division <br /> S: \EconDev Files \Oversight Board \February 10 2014 \Note Termination Agreement_Agenda Reso_02- 10- 14.docx <br />