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"I he I lonoira!Ne lAigluel 11=:Pu.alliic o
<br />August 3, 2012
<br />Page 6 of IR
<br />Weaveo More lip vrtuall y ii m quentitathe rWk Ig the 1CRy for continuing with the
<br />CMID flor Lhe baLaincis of the ci�:)intiract, airiy action which coUld e biriru,ught by,,,.hie,
<br />miriioiity dissenters to dissolve the CNAE.) or recover taxes mmubd !be banned by
<br />aNWaWe stahAe of limil,aflons ni(,.,,� time in WhSh a piropertyawner ca�.,flid chaflange
<br />levVing of the ran !30 �days aHer the levy of trie assessimlaint. (M'Unhoai
<br />Code, Airtidle, XX, Sectkni 13TOOpSaa ado, Banatt Arnencian, n,�. D4� of Say � Diego
<br />(2004) 117 CAAth BDQ TAwatma, not only wm..Ad the rnsk, of II10siing be VirtUia�lly
<br />nonexistmV, the expense il hairidliriq tl,o hfigation smuld N? Wima!L Such a cmse
<br />would be thown OUt U�P1D1ndbJ1ezy:Uons to the j0eadiii gs in thir..%, hirEirt Mages of the case, AS
<br />a result, the C�ity WDLAM NOrtuaNy Ro firiaindail Irisik iiin confirruirig ffie assessii nent
<br />uridier the CM[)tor„ the bahnoe apt the Clys cointract, Wth [)iowintowirii lincpurl cur iatied,
<br />ne Is trueshoulid the Clity chocse to Beach the tenns W its contact With
<br />�Downtown lncor��,::�oiraled. F"lici coati �tiracl betweeirl 1)owntowin [ricurpoirated and tl'ie City
<br />deady amd une(.�[W%rocally sirats forth the; responsilWes the Gly in mandatory temns lri
<br />seaon 4 cl the contract. As quated aboya Section 5A of the c(.:)intrair.1then goes oirl to
<br />exp',)iressly otYligate the Cly to pay Downtown, Mca,wated anrujaFly, staUnqg�
<br />51. Gomrneincing ;01 fiscal year 200&20V) and callnuing
<br />[hrolugh Hscal year, 2013-2014, the (IRA" shall annwally remit
<br />ilo thie� ASSODA1 11ON [Dowrite wri,, zinc oq.::)oratee] 11'�ia
<br />DIS"ir"RIC 11 assesmrant revenues, doll ected by tl-ie Couirit( of
<br />Wange and paid to the CITY withk days of rece�lI:,A of
<br />sudhi ric.-weii ilues lby the ciry tihie, Goiuriity rat` Orange.
<br />[Ein'-iphasis,! added]
<br />11 thie clor'!ftractuai abligOons of the COty rare clear with recqiec't tir.) tl ne
<br />Dowritown hnicarploiriateld, Th(;N" City Iimii.ist cionfiii ilue to peii forim uir'nider the cor"Ariact tiuougl'l
<br />Decen--nbeir 31:, 201,C It rnii.x9t anii watly Ul-iie au;'�&essirnent uron e� tir') thie County fir
<br />bUlkng with Ip iropirm'My tax assessments and reirnil the reveirrus gaiinleid tron,'i that
<br />assessrneint to Dowi rtio1wri floT use under the CCMD 1:,-,alIain. As a re,.suf,
<br />qt,iWItiaflviafly the City its axpos,eid to Edgndicant Ask far moil: ic�(..)rrip[ying wltli'ii the telllTls... of the
<br />conhraO.
<br />Newhe tl-iie� City �sexposed to JOW Ask quWatively if it not conjAy
<br />sy0i Hie conhmet, Thir,;n anirivall Rssi(...!ssrneiril Is anywhie,,re beWeip.,n $E3010,10010 to ` 1 rnfl[uion
<br />ddliars apt; iroxk-natdly. Fhe, breact-ii of thie duty to cidlect til assias.,.;ii nent and florward iit
<br />�ci [)owntown linicorporated foir the,paposes of canyiing out thp [)Iain creates at WasUMat
<br />amount of expasure to the Gty. W ad=j it is er-atirie[y 11f eirie WIDLH(l 'be Wer
<br />daii nages re,,Lated to tt'ie Noss lo,f na&Ung InvesYnent firorn refiance t.,npon the iCitys
<br />re1Pre&(.-,,:n1atiloins Umt R wculd hounoir fits conliractdal dbl1i11gafions to [DokAn"i'town i n clo rpir..) rate d
<br />and tea carii y out the CUD pian.
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