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AGREEMENT <br /> 1. PURPOSE <br /> This Agreement establishes a multi jurisdictional memorandum of understanding for planning, <br /> developing, and eventual implementation of the Program. The purpose of this Agreement is to foster <br /> interjurisdictional alignment, streamline project activities, and ensure that the goals of economic <br /> equity, cultural preservation, workforce development, and sustainable infrastructure are met across <br /> each Party's designated Little Saigon area within their jurisdictional boundaries. Each Party affirms <br /> its support for the Program's goal of transforming designated areas into cultural destinations <br /> reflective of Vietnamese-American identity and heritage, and recognizes the opportunity to <br /> revitalize underinvested neighborhoods by creating new pathways for entrepreneurship, housing, <br /> and workforce mobility. <br /> 2. TERM <br /> 2.1. General Term. This Agreement shall be effective as of the date on which the last of <br /> the Parties has executed the same,which shall be inserted as the Effective Date in the first paragraph <br /> above, and shall remain in full force and effect through June 30, 2031. <br /> 2.2. Termination by a Party. <br /> a) Notice and Effective Date. Any Party may terminate its participation in this <br /> Agreement by providing one fiscal year's written notice to all other Parties on or before the last <br /> day of any fiscal year(June 30). As a way of example, a notice of termination issued on June 30, <br /> 2025,would be effective July 1, 2026,while a notice of termination issued on July 1,2025,would <br /> be effective July 1, 2027. <br /> b) Effect of Termination. Within ninety(90) days after the date of termination, the <br /> Program Treasurer shall return to the Terminating Party any funds not spent and unobligated that <br /> the Terminating Party contributed, in addition to business district assessments collected from <br /> businesses within the terminating Party's jurisdiction, if any, which must be used for the benefit of <br /> said businesses, or refunded to them upon disestablishment of the business district in the <br /> terminating Party's jurisdiction per Streets and Highways Code § 36551. The remaining Parties <br /> may keep and reallocate to the remaining Program areas any funding not returned pursuant to this <br /> section. <br /> c) Continuing Enforceability. Following the effective date of termination, the <br /> terminating Party shall have no further obligations or rights with respect to this Agreement, except <br /> as otherwise expressly provided herein. <br /> 3. PROGRAM ACTIVITIES <br /> 3.1. Lead Agency. GG will serve as lead agency to manage Program administration and serve <br /> as the primary point of contact with funding agencies, oversee budget compliance, <br /> reporting, and manage consultant contracts. <br /> 2 <br />