06 - JOINT 5-Year Implementation Plan-Reso-COOP

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Area and accomplish various projects and programs set forth in the Redevelopment Plan and the Implementation Plan. E. Pursuant to Section 33220 of the Community Redevelopment Law (Health and Safety Code section 33000, et seq.) (the "CRL") certain public bodies, including the City may aid and cooperate in the planning, undertaking, construction, or operation of redevelopment projects. F. The Agency and City have prepared a Cooperative Agreement (the "Agreement") to provide for the implementation of certain projects set forth in the Implementation Plan attached hereto as Exhibit 1 (the "Projects"), and to make payments by the Agency to the City to reimburse the City for the cost to the City for performing its obligations thereunder. The programs and activities associated with the Projects include, but are not limited to, acquisition and disposition of property, design, planning, preparation of construction bid documents, financial analysis, financing and new construction or rehabilitation. To carry out the Projects in accordance with the objectives and purposes of the Redevelopment Plan for the Project Area and the Implementation Plan, the Agency desires assistance and cooperation in the implementation and completion of the Projects. The City wishes to enter into the Agreement with the Agency to aid the Agency and cooperate with the Agency to expeditiously implement the Projects in accordance with the Redevelopment Plan for the Project Area and the Implementation Plan and undertake and complete all actions necessary or appropriate to ensure that the objectives of the Redevelopment Plan for the Project Area and the Implementation Plan is fulfilled within the time effectiveness of the Project Area. G. The Agency wishes to enter the Agreement with the City for the pledge of net available tax increment to finance the Projects. The purpose of the agreement is to facilitate the implementation of the Projects and to provide funding necessary to effectuate the completion of the Projects with net available tax increment in this current fiscal year and forthcoming fiscal years. "Net tax increment" is defined as gross tax increment, less County Administrative Fees, statutory pass-throughs and debt service. By approving and entering into the Agreement, the Agency will approve the pledge of net available increment from the Project Area to pay for the Projects. G. Section 33445 of the Health & Safety Code, part of the California Redevelopment Law, provides that the Agency may pay for all or part of the 2