1993-02 CRA - Laserfiche WebLink

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. . . 2) Beginning in the Fiscal Year in which the Agency receives a cumulative amount of tax increment of $1 09,675,00. the Agency will pay into the Special Fund an amount equal to the greater of a) an amount equal to 3.6% of the gross Tax Increment (40% of the District's Share of Tax Increment) received by the Agency in that Fiscal Year, or b) an amount equal to a certain portion of the District Share of the Tax Increment received by the Agency in that Fiscal Year, which said percentage shall be equal to the percentage of the Santa Ana Unified School District Share which is paid to the Santa Ana Unified School District during such Fiscal Year pursuant to agreement betWeen the Agency and the Santa Ana Unified School District. 3) The terms and conditions of the Agreement shall be no less favorable to the District than those contained in any agreement betWeen the Agency and the Santa Ana Unified District. 4) The Agency commits to provide $1,000.000 to the development of a fire training facility at Centennial Park. 5) The Agency will make a good faith effort to provide $6,000,000 towards the cost of site acquisition for a new education facility and parking facilities at the District's Santa Ana Campus. 6) Assuming conservative projections of growth in the project area and a conservative inflation rate. it is estimated that the financial arrangement represents a present value to the District of approximately $10.000,000-$11,000,000 or a real dollar value over 40 years of approximately $31,500,000-$34,400.000, plus the $9,000,000 value of specific facilities, if the Agency's good faith commitment is attained. 7) Although there are conditions. requirements. and limitations which must be applied prior to the District's use of the funds to be provided by the Agency, these conditions. requirements, or limitations either a) are required by the California Community Redevelopment Law or other applicable State and Federal statutes; or b) provide appropriate checks and balances betWeen the Agency and District to insure that the terms of the Agreement are fulfilled by each party. 6) The agreement provides that the obligation of the Agency to the District is deemed to be a first pledge of Tax Increment and shall not be subordinated to any other pledge of Tax Increment. 9) The Agreement provides that the District shall dismiss its pending litigation, shall not pursue additional litigation with regard to the validity or adequacy of the Plan, the Amendment to the Plan, any findings or determinations relating to the process of approval, and any documents relating thereto. A-2 Page 2 of 14