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GORDON & WILLIAMS, INC. 1A - 2005
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GORDON & WILLIAMS, INC. 1A - 2005
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Last modified
1/3/2012 2:54:09 PM
Creation date
9/23/2005 2:52:52 PM
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Contracts
Company Name
Gordon & Williams Inc
Contract #
A-2005-162
Agency
Public Works
Council Approval Date
6/20/2005
Expiration Date
11/1/2006
Insurance Exp Date
6/27/2008
Destruction Year
2012
Notes
A-2002-144A; 1ST AMENDMENT; TERM SLIP 08/22/07
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<br />"Tax Increment Revenues" means all taxes allocated to, and paid into a special fund of the <br />Agency for the Project Area pursuant to Article 6 of Chapter 6 of the Law and Section 16 of <br />Article XVI of the Constitution of the State of California, and as provided in the redevelopment <br />plan for the Project Area, including all payments and reimbursements, if any, to the Agency <br />specifically attributable to ad valorem taxes lost by reason of tax exemptions and tax rate <br />limitations, but excluding any amounts required to be paid to other taxing agencies pursuant to <br />section 33401 of the Law and any amounts required to be used to improve the communities <br />supply of low or moderate income housing pursuant to Section 33334.2 of the Law. <br /> <br />Section 2. Reimbursement; Other Payments. Subject to pledges of Tax Increment <br />Revenues heretofore or hereafter made by the Agency (this Agreement being subordinate to <br />any such pledge), the Agency and the City agree that, to the extent necessary but only to the <br />extent available, and not in excess of the amounts specified in Exhibit A attached hereto and <br />incorporated herein, in any Fiscal Year, Tax Increment Revenues shall be used and applied to <br />repay the City such portion of all current or previously unreimbursed Lease Payments made by <br />the City to the Authority under the Lease Agreement. In addition, the Agency may apply other <br />legally available moneys to make repayments hereunder. This Reimbursement Agreement may <br />be amended from time to time by the parties hereto for any purpose and with any effect <br />whatsoever. If, in any year, there are insufficient Tax Increment Revenues for the Agency to <br />fully reimburse the City for Lease Payments made in such year, such deficiency shall be carried <br />forward to each succeeding year until the Agency has sufficient Tax Increment Revenues to <br />make up all Carried over amounts. Available Tax Increment Revenues shall first be used to <br />reimburse the City for current year Lease Payments then for carried over amounts. <br /> <br />Section 3. Default by Agency. If the Agency has available Tax Increment and shall fail to <br />repay the City or shall fail to pay any other payment required to be paid hereunder at the time <br />specified herein, and such failure shall continue for a period of ten (10) days, then the City or, if <br />applicable, any assignee, shall be entitled to exercise any and all remedies available pursuant to <br />law. <br /> <br />Section 4. Remedies Not Exclusive. No remedy herein conferred upon the City shall be <br />exclusive of any other remedy and each and every remedy shall cumulative and shall be in <br />addition to every other remedy given hereunder or hereafter conferred on the City. <br /> <br />-3- <br />
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