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The above recitals are true and correct and are a substantive part of this Resolution. Section 2. This Resolution is adopted pursuant to Health and Safety Code Sections 34177(j) and 34180(g). Section 3. The Board hereby approves the First Administrative Budget, the Second Administrative Budget and the Cooperative Agreement and hereby directs the staff of the Successor Agency to post the foregoing documents on the Successor Agency's Internet website (being a page on the City's Internet website) and to submit the foregoing documents to DOF. Unless DOF directs otherwise, such submittal may be by mail or electronic means, and a notification providing the Internet website location of the posted documents will suffice. Section 4. The officers of the Oversight Board and the staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable to effectuate this Resolution. PASSED AND ADOPTED by the Oversight Board at a special meeting held on the 11th day of April , 2012. AYES: Board Members: Dunn, Hoang, Ingram, Levitt, Shanks NOES: Board Members: None ABSENT: Board Members: Meyer ABSTAIN: Board Members: None CHAIR, OVERSI HT BOARD ATTEST: 4SE RETARY, • ERSIGHT BOARD STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS CITY OF SEAL BEACH ) I, Linda Devine, Secretary to the Oversight Board, hereby certify that the foregoing resolution was duly adopted at a meeting of the Oversight Board, held on the 11th day of April , 2012. SE RETARY, ERSIGHT BOARD Resolution Number 0812-03 Exhibit "A" SUCCESSOR AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY ADMINISTRATIVE BUDGET Fiscal Period January 1 -June 30,2012 PROPOSED ADMINISTRATIVE FUNDING DESCRIPTION BUDGET SOURCE Staffing for the Successor Agency City Manager 21,330 Administrative Allowance Assistant City Manager 11,867 Administrative Allowance City Clerk 2,020 Administrative Allowance Senior Accountant 10,236 Administrative Allowance Finance Director 8,420 Administrative Allowance Community Development Director 8,420 Administrative Allowance Staffing for the Oversight Board Assistant City Manager 8,307 Administrative Allowance City Clerk 1,346 Administrative Allowance Finance Director 5,894 Administrative Allowance Community Development Director 4,210 Administrative Allowance Consultant Annual audit 4,600 Administrative Allowance Financial Advisor Services 2,500 Administrative Allowance Fiscal services 4,500 Administrative Allowance Overhead Cost Services/Facilities 43,185 Administrative Allowance TOTAL PROPOSED ADMINISTRATIVE EXPENSE BUDGET 136,833 PLEASE NOTE: The above items include amounts to be reimbursed by the Successor Agency to the Seal Beach Redevelopment Agency, pursuant to a Cooperative Agreement for Advance and Reimbursement of Administrative,Overhead and other Expenses,by and between the City and the Successor Agency,in the form approved by the Successor Agency Board pursuant to Resolution No.SA12-10,on April 9,2012.The Agreement also requires the Successor Agency to reimburse the City for costs associated with legal counsel. The funding source of such costs is the Redevelopment Property Tax Trust Fund("RPTTF"). AB 26 provides that the successor agency include administrative costs estimates in its administrative budget that are to be paid from property tax revenues deposited in the RPTTF. It is estimated that the costs for legal services is $88,100. Exhibit "B" SUCCESSOR AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY ADMINISTRATIVE BUDGET Fiscal Period July 1 -December 31,2012 PROPOSED ADMINISTRATIVE FUNDING DESCRIPTION BUDGET SOURCE Staffing for the Successor Agency City Manager 15% 25,596 Administrative Allowance Assistant City Manager 10% 14,240 Administrative Allowance City Clerk 3% 2,424 Administrative Allowance Senior Accountant 15% 12,283 Administrative Allowance Finance Director 10% 10,104 Administrative Allowance Community Development Director 10% 10,104 Administrative Allowance Staffing for the Oversight Board Assistant City Manager 7% 9,968 Administrative Allowance City Clerk 2% 1,616 Administrative Allowance Finance Director 7% 7,073 Administrative Allowance Community Development Director 5% 5,052 Administrative Allowance Consultant Annual audit 4,600 Administrative Allowance Financial Advisor Services 2,600 Administrative Allowance Fiscal services 5,000 Administrative Allowance Overhead Cost Services/Facilities 43,185 Administrative Allowance TOTAL PROPOSED ADMINISTRATIVE EXPENSE BUDGET 153,843 PLEASE NOTE: The above items include amounts to be reimbursed by the Successor Agency to the Seal Beach Redevelopment Agency, pursuant to a Cooperative Agreement for Advance and Reimbursement of Administrative,Overhead and other Expenses,by and between the City and the Successor Agency,in the form approved by the Successor Agency Board pursuant to Resolution No.SA12-10,on April 9, 2012.The Agreement also requires the Successor Agency to reimburse the City for costs associated with legal counsel. The funding source of such costs is the Redevelopment Property Tax Trust Fund("RPTTF"). AB 26 provides that the successor agency include administrative costs estimates in its administrative budget that are to be paid from property tax revenues deposited in the RPTTF. It is estimated that the costs for legal services is$72,000. Resolution Number 0812-03 Exhibit "C" COOPERATIVE AGREEMENT FOR ADVANCE AND REIMBURSEMENT OF ADMINISTRATIVE, OVERHEAD AND OTHER EXPENSES This COOPERATIVE AGREEMENT FOR ADVANCE AND REIMBURSEMENT OF ADMINISTRATIVE, OVERHEAD AND OTHER EXPENSES (this "Agreement") is entered into as of February 1, 2012, by and between the City of Seal Beach (the "City") and the Successor Agency to the Seal Beach Redevelopment Agency (the "Successor Agency"). RECITALS: A. The Successor Agency is required to undertake a number of actions pursuant to Part 1.85 of the Community Redevelopment Law (commencing with Health and Safety Code Section 34170) ("Part 1.85"), including winding down the affairs of the former Seal Beach Redevelopment Agency ("Agency") pursuant to Health and Safety Code Section 34177(h). B. Pursuant to Health and Safety Code Section 34171(d)(1)(F), contracts or agreements necessary for the administration or operation of the Successor Agency are enforceable obligations. C. Pursuant to Health and Safety Code Sections 34178(a) and 34180(h), with the approval of the oversight board, the Successor Agency may enter into agreements with the City. D. In connection with the administration and operations of the Successor Agency, the Successor Agency is and will be utilizing the staff, facilities, and other resources of the City. E. The City Manager of the City serves as Executive Director of the Successor Agency, the Director of Finance serves as Finance Officer of the Successor Agency, and the City Clerk serves as Secretary to the Successor Agency. Planning, finance, engineering, public works, and other city departments devote and are expected to devote substantial time with respect to the administration and operations of the Successor Agency, including gathering information relating to the Agency's enforceable obligations, conferring with public officials representing governmental agencies, and undertaking other activities in connection with winding down the affairs of the Agency. F. By providing and making available to the Successor Agency the staff, facilities, services, and other resources of the City, including, without limitation, consultants, legal counsel, office space, equipment, supplies, and insurance, necessary to the administration and operations of the Successor Agency, the City has advanced and will continue to advance the cost of the foregoing to the Successor Agency. G. The City and the Successor Agency desire to enter into this Agreement to acknowledge the foregoing recitals and to provide for an appropriate method of reimbursement of such advances by the Successor Agency to the City. NOW, THEREFORE, THE PARTIES DO HEREBY AGREE AS FOLLOWS: Section 1. The City shall make available to the Successor Agency its staff, facilities, services, and other resources, including, without limitation, consultants, legal counsel, office space, equipment, supplies, and insurance, necessary to the administration and operations of the Successor Agency. The Successor Agency shall have access to the foregoing staff, facilities, services, and other resources of the City. Section 2. The value of the City staff, including all employee retirement and other benefits, facilities, services, and other resources of the City, including, without limitation, office space, equipment, supplies, and insurance, necessary to the administration and operations of the Successor Agency made, and to be made, available to the Successor Agency for each six-month fiscal period beginning with the fiscal period commencing on January 1, 2012 and ending on June 30, 2012, determined in accordance with Section 3 hereof, shall constitute an advance to the Successor Resolution Number SA12-10 • Agency by the City for each six-month fiscal period, to be repaid in accordance with Section 4 of this Agreement. Section 3. Following the end of each six-month fiscal period, beginning with the fiscal period commencing on January 1, 2012 and ending on June 30, 2012, the City Manager shall prepare and present to the Successor Agency an invoice for (i) the value of City staff, including all employee retirement and other benefits, based on time records prepared by City staff, which shall describe the time devoted exclusively to matters directly related to the administration and operations of the Successor Agency; (ii) the value of consultants and legal counsel based on invoices for services devoted exclusively to matters directly related to the administration and operations of the Successor Agency; (iii) the fair rental value of office space and equipment made available to the Successor Agency; and (iv) the value of supplies, insurance and other services and facilities provided by the City to the Successor Agency. Section 4. Within a reasonable time after the City submits an invoice to the Successor Agency pursuant to Section 3, the Successor Agency shall pay to the City the amount of the invoice from available funds of the Successor Agency. In the event that insufficient funds are available to the Successor Agency, any unpaid amounts shall be carried over to the next six-month fiscal period. Section 5. The parties hereto agree to take all appropriate steps and execute any documents which may reasonably be necessary or convenient to implement the intent of this Agreement. Section 6. Each party shall maintain books and records regarding its duties pursuant to this Agreement. Such books and records shall be available for inspection by the officers and agents of the other party at all reasonable times. Section 7. This Agreement is made in the State of California under the Constitution and laws of the State of California, and is to be so construed. Section 8. This Agreement will be become effective upon approval of the Oversight Board to the Successor Agency. Section 9. This Agreement may be amended at any time, and from time to time, by an agreement executed by both parties to this Agreement and approved by the Oversight Board to the Successor Agency. SUCCESSOR AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY By Michael P. Levitt ATTEST: Chair Linda Devine Secretary CITY OF SEAL BEACH By Michael P. Levitt ATTEST: Mayor Linda Devine City Clerk APPROVED AS TO FORM: Quinn M. Barrow April 9, 2012 (Res SA12-10) Agency Counsel Date Quinn M. Barrow April 9, 2012 (Res 6240) City Attorney Date APPROVED: Gordon A. Shanks April 11, 2012 Chair Date Oversight Board to the Successor Agency to the Seal Beach Redevelopment Agency