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RESOLUTION 2012 -001 <br />RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS TO <br />EXPRESS ITS INTENT TO SERVE AS THE SUCCESSOR AGENCY OF THE <br />REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS PURSUANT TO <br />HEALTH AND SAFETY CODE SECTION 341710) AND SECTION 34173, AND TO <br />ELECT TO RETAIN THE HOUSING ASSETS AND FUNCTIONS PREVIOUSLY <br />PERFORMED BY THE REDEVELOPMENT AGENCY OF THE TOWN OF LOS <br />GATOS PURSUANT TO HEALTH AND SAFETY CODE SECTION 34176 <br />WHEREAS, Assembly Bill 1X 26 (the "Dissolution Act") and Assembly Bill 1X 27 (the <br />"Alternative Redevelopment Program Act ") were enacted on June 28, 2011, to significantly <br />modify the Community Redevelopment Law (Health & Safety Code §33000, et seq .; the <br />"Redevelopment Law "); and <br />WHEREAS, on August 11, 2011, the California Supreme Court agreed to review the <br />California Redevelopment Association and League of California Cities' petition challenging the <br />constitutionality of the Redevelopment Restructuring Acts; and <br />WHEREAS, on December 29, 2011, the California Supreme Court ruled that the <br />Dissolution Act is largely constitutional and the Alternative Redevelopment Program Act is <br />unconstitutional; and <br />WHEREAS, the Court's decision means that all California redevelopment agencies will <br />dissolve on February 1, 2012 pursuant to the Dissolution Act; and <br />WHEREAS, the Dissolution Act provides that the community that authorized the creation <br />of the redevelopment agency shall be the "successor agency" to the dissolved redevelopment agency <br />unless the community elects not to serve as the successor agency under Section 34173(d)(1) of the <br />Redevelopment Law; and <br />WHEREAS, Section 34176(a) of the Redevelopment Law provides that the community <br />that authorized the creation of a redevelopment agency may elect to retain the housing assets and <br />functions previously performed by the former redevelopment agency; and <br />WHEREAS, the Town of Los Gatos (the "Town ") intends to, and shall serve as, the <br />successor agency for the Redevelopment Agency of the Town of Los Gatos (the "Agency ") in <br />accordance with Section 341710) and Section 34173 of the Redevelopment Law; and <br />WHEREAS, the Town desires to elect to retain the housing assets and functions previously <br />performed by the Agency in accordance with Section 34176 of the Redevelopment Law. <br />NOW, THEREFORE, BE IT RESOLVED, that the Town hereby accepts the <br />designation, and hereby declares its intent, to serve as the successor agency for the Agency in <br />accordance with Section 341710) and Section 34173 of the Redevelopment Law. <br />