Oversight Board Resolution OB2014-11

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OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE FAIRFIELD REDEVELOPMENT AGENCY RESOLUTION NO. OB2014- 1 RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE FAIRFIELD REDEVELOPMENT AGENCY APPROVING THE SALE OF APPROXIMATELY 4.9 -ACRES (APN 0148 540 -040 AND A PORTION OF APN 0148- 540 -050) TO GREEN VALLEY LAND, LLC PURSUANT TO THE GREEN VALLEY CORPORATE PARK AMENDED AND RESTATED OPTION AGREEMENT AND THE DEVELOPMENT AND DISPOSITION AGREEMENT WHEREAS, pursuant to AB X1 26 (which became effective at the end of June 2011), as modified by the California Supreme Court's decision in California Redevelopment Association, et. al. v. Matosantos, et. al. (53 Cal. 4 231(2011)), the Fairfield Redevelopment Agency (the "Redevelopment Agency was dissolved as of February 1, 2012 and the Successor Agency to the Fairfield Redevelopment Agency (the "Successor Agency was constituted; and WHEREAS, AB 1484 (which became effective at the end of June 2012) amended and supplemented AB X1 26 (AB X1 26 and AB 1484, together, being referred to below as the "RDA Dissolution Act and WHEREAS, pursuant to the RDA Dissolution Act, all assets, properties, contracts, leases, books and records, buildings, and equipment of the former Redevelopment Agency have been transferred to the control of the Successor Agency; and WHEREAS, pursuant to the Section 34191.5(b) of the Dissolution Act, the Successor Agency prepared a long -range property management plan (the "Plan which addresses the disposition and use of the real properties of the former Redevelopment Agency; and the Plan was adopted by the Oversight Board on August 12, 2013, and was approved by the State Department of Finance on February 27, 2014; and WHEREAS, the former Redevelopment Agency of the City Fairfield, and H.J. Shein, Inc., entered into that certain Disposition and Development Agreement (the "DDA dated as of December 15, 1999, as amended by a First Amendment to DDA dated November 20, 2000, and further amended by a Second Amendment to DDA dated as of May 30, 2001, and further amended by that certain Third Amendment to DDA dated as of October 7, 2004, and further amended by a Fourth Amendment to DDA and an Amended and Restated Option Agreement dated as of March 2, 2011, providing for Mr. Shein, dba Green Valley Land, LLC in general to acquire, in phases, certain property from the Successor Agency and develop and construct an office complex referred to as Economic Development Division S: \EconDev Files \Oversight Board \May 12 2014 \Green Valley Land LLC OBReso 051214.docx