REPORT TO COUNCIL AND TO THE SUCCESSOR AGENCY
SUBJECT
Title
Adopt a Resolution of the City Council of the City of Sunnyvale and a Resolution of the Successor Agency to the Redevelopment Agency of the City of Sunnyvale Approving, Authorizing, and Directing Execution of an Amended and Restated Joint Exercise of Powers Agreement Relating to the Sunnyvale Financing Authority
Report
BACKGROUND
In anticipation of the dissolution of the Successor Agency to the Redevelopment Agency of the City of Sunnyvale, which is expected to occur in 2026 after it has satisfied all of its enforceable obligations, the City Council has authorized the creation of a new Industrial Development Authority. This entity is necessary to serve as the second member of the Sunnyvale Financing Authority, which is a Joint Powers Authority that requires at least two legal entities to operate.
The Joint Exercise of Powers Agreement underlying the Sunnyvale Financing Authority needs to be amended to remove the Successor Agency and add the newly established Industrial Development Authority. Staff recommends that the City Council and the Successor Agency adopt separate resolutions to amend and restate the Joint Exercise of Powers Agreement related to the Sunnyvale Financing Authority.
ENVIRONMENTAL REVIEW
The action being considered is exempt from review under the California Environmental Quality Act ("CEQA") pursuant to CEQA Guidelines Section 15378(b)(4) because it involves the creation of a government funding mechanism that does not involve any commitment to any specific project that may result in a potentially significant physical impact on the environment.
DISCUSSION
The City wishes to ensure that it has access to the full range of public financing options when needed. Recognizing this need, the Council authorized the creation of an Industrial Development Authority on August 26, 2025 (RTC 25-0828). Establishing the Industrial Development Authority would provide the City with the services of a...
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