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RES-ORA-0530 Cooperation Agreement ApprovalRESOLUTION NO.ORA -0530 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF ORANGE APPROVING A COOPERATION AGREEMENT WITH THE CITY OF ORANGE AND MAKING CERTAIN DETERMINATIONS AND FINDINGS RELATED THERETO. WHEREAS, the City of Orange (the "City ") is a municipal corporation, which exercises governmental functions and powers and is organized and existing under the laws of the State of California; and WHEREAS, the Orange Redevelopment Agency, a public body, corporate and politic the "Agency "), has been duly created, established and authorized to transact business and exercise its powers under and pursuant to the Community Redevelopment Law (commencing with Section 33000 of the Health and Safety Code of the State of California and herein referred to as the "Redevelopment Law "); and WHEREAS, pursuant to the Redevelopment Law, the Amended and Restated Redevelopment Plan (the "Redevelopment Plan ") for the Orange Merged and Amended Redevelopment Project Area (the "Redevelopment Project Area ") was duly approved by the City Council on November 27, 2001 by Ordinance No. 21 -01, which results in the allocation of taxes from the Redevelopment Project Area to the Agency for purposes of redevelopment; and WHEREAS, pursuant to the Redevelopment Law, the Agency is engaged in activities necessary to carry out and implement the Redevelopment Plan for the Redevelopment Project Area; and WHEREAS, the intent of the Redevelopment Plan is, in part, to provide for the construction and installation of necessary public infrastructure and facilities and to facilitate the repair, restoration and/or replacement of existing public facilities and to perform specific actions necessary to promote the redevelopment and the economic revitalization of the Redevelopment Project Area; and to increase, improve and preserve the community's supply of low- and moderate - income housing, some of which may be located or implemented outside the Redevelopment Project Area; and to take all other necessary actions to implement the Redevelopment Plan for the Redevelopment Project Area and to expend tax increment revenue allocated from the Redevelopment Project Area to accomplish the goals and objectives of the Redevelopment Plan for the Redevelopment Project Area; and WHEREAS, the Agency has adopted its Five -Year Implementation Plan for the Redevelopment Project Area, as amended from time to time (the "Implementation Plan "), with established goals to support affordable housing, economic development, community revitalization, commercial revitalization, and institutional revitalization. To implement the programs and activities associated with each goal, the Agency has made redevelopment fund commitments based on estimated available tax increment revenue and debt financing structures; and WHEREAS, the Agency and the City wish to cooperate with one another to bring about the redevelopment of the Redevelopment Project Area and accomplish various tasks set forth in the Redevelopment Plan and the Implementation Plan; and WHEREAS, pursuant to Section 33220 of the Redevelopment Law, certain public bodies, including the City, may aid and cooperate in the planning, undertaking, construction, or operation of redevelopment projects; and WHEREAS, the Agency and the City have prepared a Cooperation Agreement, in the form presented at the meeting at which this Resolution is adopted (the "Agreement "), to provide for implementation of certain projects set forth in the Schedule of Projects attached thereto as Exhibit 1 (the "Projects "), and to make payments by the Agency to the City as necessary to reimburse the City for the cost to the City of performing its obligations thereunder, subject to all of the terms and conditions of the Agreement; and WHEREAS, the programs and activities associated with the Projects include, but are not limited to, acquisition and disposition of property, development of design criteria, design, planning, preparation of construction bid documents, financial analysis, financing and new construction or rehabilitation. To carry out the Projects in accordance with the objectives and purposes of the Redevelopment Plan for the Redevelopment Project Area and the Implementation Plan, the Agency desires assistance and cooperation in the implementation and completion of the Projects. The City wishes to enter into the Agreement with the Agency to aid the Agency and cooperate with the Agency to expeditiously implement the Projects in accordance with the Redevelopment Plan for the Redevelopment Project Area and the Implementation Plan and undertake and complete all actions necessary or appropriate to ensure that the objectives of the Redevelopment Plan for the Redevelopment Project Area and the Implementation Plan are fulfilled within the time effectiveness of the Redevelopment Project Area; and WHEREAS, in considering the Agency's desire to ensure timely implementation and completion of the Projects, the Agency wishes to enter into the Agreement with the City for the pledge of net available tax increment to finance the Projects. The purpose of the Agreement is to facilitate the implementation of the Projects and to provide funding necessary to effectuate the completion of the Projects with net available tax increment in this current fiscal year; and 0i] WHEREAS, "net available tax increment" is defined as any unencumbered tax increment or unreserved fund balances of the Agency as of the Effective Date of the Agreement. The pledge of net available tax increment will constitute obligations to make payments authorized and incurred pursuant to Sections 33445 and 33445.1 of the Redevelopment Law and other applicable statutes. The obligations set forth in the Agreement will be contractual obligations that, if breached, will subject the Agency to damages and other liabilities or remedies; and WHEREAS, by approving and entering into the Agreement, the Agency will approve the pledge of net available tax increment from the Redevelopment Project Area to pay for the Projects; and WHEREAS, the obligations of the Agency under the Agreement shall constitute an indebtedness of the Agency for the purpose of carrying out the Redevelopment Plan for the Redevelopment Project Area; and WHEREAS, it is in the best interests of the City and for the common benefit of residents, employees, business tenants and property owners within the Redevelopment Project Area and the City as a whole for the Projects to be developed and constructed; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW, THEREFORE, the Board of Directors of the Orange Redevelopment Agency (the "Agency Board ") resolves, finds and determines, on the basis of the facts set forth in the agenda report presented to it and any testimony received at the meeting at which this matter was considered, as follows: Section 1 . The foregoing recitals are true and correct. Section 2 . The Agency Board has received and heard all oral and written objections (if any) to the proposed payments by the Agency to the City for the Projects as described in the Agreement, and to other matters pertaining to this transaction, and all such oral and written objections are hereby overruled. Section 3 . Based on the evidence in the record, the Agency Board hereby finds and determines, with respect to the Projects that are located inside or contiguous to the Redevelopment Project Area, as identified in Exhibit 1 attached to the Agreement, that: a) Said Projects are of benefit to the Redevelopment Project Area by helping to eliminate blight within the Redevelopment Project Area; and b) No other reasonable means of financing said Projects are available to the community; and 3 c) The payment of funds by the Agency for the costs related to said Projects is consistent with the Implementation Plan adopted pursuant to Section 33490 of the Redevelopment Law. Section 4 . Furthermore, and based on substantial evidence in the record, the Agency Board hereby finds and determines, with respect to the Projects that are located outside and not contiguous to the Redevelopment Project Area but are located within the community, that: a) Said Projects are of primary benefit to the Redevelopment Project Area; b) Said Projects benefit the Redevelopment Project Area by helping to eliminate blight within the Redevelopment Project Area; c) No other reasonable means of financing the Projects are available to the community, including, but not limited to, general obligation bonds, revenue bonds, special assessment bonds, or bonds issued pursuant to the Mello -Roos Community Facilities Act of 1982 [Chapter 2.5 (commencing with Section 53311 of Part 1 of Division 2 of title 5 of the California Government Code]; d) The payment of funds for said Projects is consistent with the Implementation Plan adopted pursuant to Section 33490 of the Redevelopment Law; and e) Said Projects are provided for in the Redevelopment Plan. Section 5 . The Agency Board hereby consents to the payments by the Agency to the City. Section 6 . The Agreement, in substantially the form presented to the Agency Board, a copy of which is on file with the Agency Clerk, is hereby approved. Section 7 . The Chairman of the Agency Board is authorized and directed to execute, and the Agency Clerk to attest, the Agreement on behalf of the Agency, together with such non - substantive changes and amendments as may be approved by the Agency's Executive Director and Assistant General Counsel. Section 8 . The Agency's Executive Director is hereby authorized, on behalf of the Agency, to sign all documents necessary and appropriate to carry out and implement the Agreement, and to administer the Agency's obligations, responsibilities and duties to be performed under the Agreement. Section 9 . This Resolution shall take effect immediately upon its adoption. 4 ADOPTED this 26" day of April, 2011. ATTEST: Mary E Agency I hereby certify that the foregoing Resolution was duly and regularly adopted by the Orange Redevelopment Agency at a regular meeting thereof held on the 26 day of April, 2011, by the following vote: AYES:DIRECTORS:Whitaker, Smith, Cavecche NOES:DIRECTORS:Dumitru, Bilodeau ABSENT:DIRECTORS:None ABSTAIN:DIRECTORS:None Mary E. rp , Agency Clerk