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OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE <br /> FAIRFIELD REDEVELPMENT AGENCY <br /> RESOLUTION NO. OB2014 -05 <br /> RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO <br /> THE FAIRFIELD REDEVELOPMENT AGENCY MAKING A FINDING THAT LOAN <br /> AGREEMENTS BETWEEN THE FORMER FAIRFIELD REDEVELOPMENT AGENCY <br /> AND THE CITY OF FAIRFIELD WERE FOR LEGITIMATE REDEVELOPMENT <br /> PURPOSES AND ARE ENFORCEABLE OBLIGATIONS, AND TAKING CERTAIN <br /> ACTIONS IN CONNECTION THEREWITH <br /> WHEREAS, the former Fairfield Redevelopment Agency (the "Former Agency was a <br /> duly constituted redevelopment agency pursuant to provisions of the Community <br /> Redevelopment Law (the "Redevelopment Law set forth in Sections 33000 et seq. of <br /> the California Health and Safety Code "HSC and <br /> WHEREAS, on August 5, 1986, the Former Agency and the City of Fairfield (the "City) <br /> entered into an agreement to assist the Former Agency with acquiring property for <br /> economic development and constructing public facilities necessary for full utilization of <br /> the land within a redevelopment project known as the Cordelia Area Redevelopment <br /> Project, and on August 4, 1992, the Former Agency and the City amended such <br /> agreement (the agreement as amended being the "Cordelia Loan Agreement and <br /> WHEREAS, on November 3, 1987, the Former Agency and the City entered into an <br /> agreement to assist the Former Agency with acquiring property for economic <br /> development and constructing public facilities necessary for full utilization of the land <br /> within a redevelopment project known as the City Center Redevelopment Project, and <br /> on November 1, 1988, the Former Agency and the City amended such agreement (the <br /> agreement as amended being the "City Center Loan Agreement and <br /> WHEREAS, the City advanced to the Former Agency the principal amount of: <br /> (i) $30,083,087 pursuant to the Cordelia Loan Agreement, and (ii) $4,838,000 pursuant <br /> to the City Center Loan Agreement (collectively, the "City Loans and <br /> WHEREAS, pursuant to AB X1 26 (which became effective at the end of June, 2011), <br /> and the California Supreme Court's decision in California Redevelopment Association, <br /> et al. v. Ana Matosantos, et al. (53 Ca1.4th 231(2011)), the Former Agency was <br /> dissolved as of February 1, 2012, a successor agency was constituted as the successor <br /> entity to the Former Agency (the "Successor Agency and an oversight board of the <br /> Successor Agency (the "Oversight Board was established; and <br /> WHEREAS, pursuant to AB X1 26, except for those provisions of the Redevelopment <br /> Law that are repealed, restricted, or revised pursuant to AB X1 26, all authority, rights, <br /> powers, duties, and obligations previously vested with the Former Agency under the <br /> Redevelopment Law are vested in the Successor Agency; and <br />