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COMMUNITY REDEVELOPMENT AGENCY (31)-2011
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COMMUNITY REDEVELOPMENT AGENCY (31)-2011
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Last modified
1/3/2012 3:11:29 PM
Creation date
6/28/2011 9:46:03 AM
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Contracts
Company Name
COMMUNITY REDEVELOPMENT AGENCY
Contract #
A-2011-062
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/7/2011
Destruction Year
0
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completion of the Projects, the Agency wishes to enter this Agreement with the City for the <br />pledge of net available tax increment to finance the Projects. The purpose of this Agreement is <br />to facilitate the implementation of the Projects and to provide funding necessary to effectuate the <br />completion of the Projects with net available tax increment in this current fiscal year and <br />forthcoming fiscal years. "Net tax increment" is defined as gross tax increment, less County <br />Administrative Fees, statutory pass-throughs and debt service. By approving and entering into <br />the Agreement, the Agency will approve the pledge of net available increment from the Project <br />Area to pay for the Projects. <br />F. The City and Agency by resolution have each found that the use of Agency <br />redevelopment funding for the Publicly Owned Improvements included herein is in accordance with <br />Section 33445 and 33445.1 of the CRL and other applicable law. Such Council and Agency <br />resolutions are each based on the authority, with the consent of the Council, to pay all or part of the <br />cost of the installation and construction of any building, facility, structure, or other improvement <br />which is publicly owned, either within or outside a Project Area, if the City Council makes certain <br />determinations. <br />G. By approving and entering into this Agreement, the Agency has approved the pledge <br />of net available tax increment from the Project Areas to pay for the Projects and Programs. <br />H. The obligations of the Agency under this Agreement shall constitute an indebtedness <br />of the Agency for the purpose of carrying out the Redevelopment Plan for the Merged Project Area. <br />I. The Recitals are an integral part of this Agreement and set forth the intentions of the <br />parties and the conditions on which the parties have decided to enter into this Agreement. <br />NOW, THEREFORE, the parties hereto do mutually agree as follows: <br />AGENCY OBLIGATIONS <br />A. The Projects are those projects, programs and activities which are listed in the attached <br />Implementation Plan. The Agency wishes to pay to the City an amount equal to the cost to the City <br />to cant' out the Projects. The Agency's obligations under this agreement, including without <br />limitation the Agency's obligation to make the payments to the City required by this Agreement, <br />shall constitute an indebtedness of the Agency for the purpose of carrying out the redevelopment of <br />the Merged Project Area and are obligations to make payments authorized and incurred pursuant to <br />redevelopment law. The obligations of the Agency set forth in this Agreement are contractual <br />obligations that, if breached, could subject the Agency to damages and other liabilities or remedies. <br />B. The obligations of Agency under this Agreement shall be payable out of net available tax <br />increment, as defined in above Recitals and/or as defined or provided for in any applicable <br />constitutional provision, statute or other provision of law now existing or adopted in the future, <br />levied by or for the benefit of taxing agencies in the Merged Project Area, and allocated to the <br />Agency and/or any lawful successor entity of the Agency and/or any entity established by law to
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