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2. PROPERTY TAX EXCHANGE <br />Upon annexation of the Annexation Area and assumption of services by the CITY <br />becoming final and complete, the COUNTY and CITY agree to an exchange of property <br />taxes generated within the Annexation Area as follows: <br />a. The COUNTY shall receive 41.4715 percent and the CITY shall receive <br />58.5285 percent of the COUNTY's share of the 1 percent basic levy of property tax from <br />the annexation, with the re -allocation taking effect after OCLAFCO approval of the <br />annexation. These proportional shares shall remain as the allocation of tax revenues <br />between the CITY and the COUNTY for the annexations for all future years unless the <br />CITY and COUNTY agree by written Resolution to adjust the allocation proportions. <br />b. The CITY shall receive a one-time compensation of $711,814 to construct <br />betterments in the Annexation Area, including Street Improvements ($397,314), Storm <br />Drain Improvements ($187,500), and General Construction Costs ($127,000). <br />C. As the CITY contracts with the Orange County Fire Authority, the Structural <br />Fire Fund shall remain unchanged. <br />3. PERFORMANCE OF DEVELOPMENT APPROVALS <br />For the Development Project alone, the CITY hereby conveys to the COUNTY <br />authority and responsibility for the Development Approvals, as defined above and <br />pursuant to Government Code section 51300, et seq. County shall have such authority <br />and responsibility for the Development Project through issuance of the Certificates of <br />Occupancy, The County shall exercise the Development Approvals in substantial <br />compliance with: (1) conditions imposed by any State or local agency; and (II) legally <br />enforceable restrictions and limitations on development of the Property. <br />4. DISSOLUTION OF ANNEXATION AREA <br />Except with respect to matters addressed in Sections 5 and 6 herein, the COUNTY <br />shall dissolve the Annexation Area, with the CITY to assume the services for the area, <br />and the CITY to receive a transfer of the one-time compensation amount specified in <br />paragraph 2.b herein at the time of dissolution, <br />Page 3 of 9 <br />