2011-002 CRA - Laserfiche WebLink

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completion of the Projects, the Agency wishes to enter this Agreement with the City for the pledge of net available tax increment to finance the Projects. The purpose of this 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. F. The City and Agency by resolution have each found that the use of Agency redevelopment funding for the Publicly Owned Improvements included herein is in accordance with Section 33445 and 33445.1 of the CRL and other applicable law. Such Council and Agency resolutions are each based on the authority, with the consent of the Council, to pay all or part of the cost of the installation and construction of any building, facility, structure, or other improvement which is publicly owned, either within or outside a Project Area, if the City Council makes certain determinations. G. By approving and entering into this Agreement, the Agency has approved the pledge of net available tax increment from the Project Areas to pay for the Projects and Programs. H. The obligations of the Agency under this Agreement shall constitute an indebtedness of the Agency for the purpose of carrying out the Redevelopment Plan for the Merged Project Area. I. The Recitals are an integral part of this Agreement and set forth the intentions of the parties and the conditions on which the parties have decided to enter into this Agreement. NOW, THEREFORE, the parties hereto do mutually agree as follows: 1. AGENCY OBLIGATIONS A. The Projects are those projects, programs and activities which are listed in the attached Implementation Plan. The Agency wishes to pay to the City an amount equal to the cost to the City to carry out the Projects. The Agency's obligations under this agreement, including without limitation the Agency's obligation to make the payments to the City required by this Agreement, shall constitute an indebtedness of the Agency for the purpose of carrying out the redevelopment of the Merged Project Area and are obligations to make payments authorized and incurred pursuant to redevelopment law. The obligations of the Agency set forth in this Agreement are contractual obligations that, if breached, could subject the Agency to damages and other liabilities or remedies. B. The obligations of Agency under this Agreement shall be payable out of net available tax increment, as defined in above Recitals and/or as defined or provided for in any applicable constitutional provision, statute or other provision of law now existing or adopted in the future, levied by or for the benefit of taxing agencies in the Merged Project Area, and allocated to the Agency and/or any lawful successor entity of the Agency and/or any entity established by law to CRA Resolution No. 2011-002 Page 7 of 10