NS-2680 - Approving a Development Agreement Between City of Santa Ana, Coastal Rim Properties...

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supplement the mitigation measures and conditions of approval imposed by the City of their respective developments. Those improvements are set forth in Exhibit A, attached hereto and made a part hereof by this reference ( "Improvements "). F. The Agency is willing to assist in the funding of the improvements but only from a portion of the tax increment actually generated by the Nexus and Geneva Commons Projects and to fund specified improvements that would reduce blight and benefit the Project Area. G. The City's participation in this Agreement is limited to coordination of funding and/or construction of certain, herein specified publicly owned improvements. H. Nexus has agreed to construct some of the improvements, and pay for the construction of others, as more fully set forth below ("Nexus Improvements "). I. Geneva Commons has agreed to pay for a portion of the Nexus Improvements. NOW, THEREFORE, the parties hereto do mutually agree as follows: 1. SCOPE OF WORK A. Nexus shall construct and/or fund the improvements identified as "Nexus Improvements" in Exhibit A hereto according to the schedule set forth in Exhibit B to this Agreement, attached hereto and incorporated herein by this reference. Nexus shall be entitled to full use of the funds deposited in the Nexus Escrow to undertake the Nexus Improvements. B. In consideration for Nexus' agreement to construct and/or fund the Nexus Improvement, Geneva Commons agrees to contribute a sum equal to its pro -rata share of residential units between itself and Nexus (which is currently twenty -five percent (25 %) pursuant to those numbers set forth in sections A and B of the Recitals above) of the cost of the Nexus hnprovements, towards the cost thereof payable at the time called for below. Notwithstanding the foregoing, if Nexus has not executed this Agreement prior to the date this Agreement becomes binding on Geneva Commons (which the parties agree shall conclusively deemed to be the first day upon which this Agreement has been executed by Geneva Commons, the City, the Agency and Sandpointe), then Geneva Commons pro -rata share contribution to the Nexus Escrow shall be conclusively fixed at twenty-five (25 %) regardless of the actual number of residential units approved for it and Nexus. C. If the entire Nexus and Geneva Commons Projects are constructed, Agency shall cause the construction of the improvements identified as "Publicly -Owned Improvements" in Exhibit A hereto according to the schedule set forth in Exhibit C to this Agreement, attached hereto and incorporated herein by this reference. The parties acknowledge and agree that the total cost of the publicly owned improvements, including studies, design and overhead, shall not exceed Five Million Dollars ($5,000,000.00). EXHIBIT D 2 Ordinance No. NS -2680 Page 31 of 51