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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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carry out any of the redevelopment plans for the Merged Project Area and/or expend tax increment <br />or pay indebtedness of the Agency to be repaid with tax increment, pursuant to Section 33670 of the <br />CRL or any applicable constitutional provision, statute or other provision of law now existing or <br />adopted in the future. In the event that additional funds are required in order to make the Agency <br />payments to the City required by this Agreement, the Agency shall make such other payments from <br />income received by the Agency from its projects and programs or any other additional funds <br />available to it. <br />C. The indebtedness of Agency under this Agreement shall be subordinate to the rights of <br />the holder(s) of any existing bonds, notes or other instruments of indebtedness (all referred to herein <br />as "indebtedness") of the Agency incurred or issued to finance the Merged Project Area, including <br />without limitation any pledge of tax increment revenues from the Merged Project Area to pay any <br />portion of the principal (and otherwise comply with the obligations and covenants) of any bond(s) <br />issued or sold with respect to the Merged Project Area. <br />2. CITY OBLIGATIONS <br />A. The City shall accept any funds offered by the Agency pursuant to this Agreement and <br />shall devote those funds to completion of the projects, programs and activities by (i) reimbursing the <br />City of using such funds to make City expenditures to perform the work required to carry out and <br />complete the Projects; (ii) utilizing such funds to pay debt service on bonds or other indebtedness or <br />obligations that the City has or will incur for such purposes; and/or paying such funds into a special <br />fund of the City to be held and expended only for the purpose of satisfying the obligations of the <br />City hereunder. <br />B. It is the responsibility of the City to pay all development and construction costs in <br />connection with the Projects from funds paid to the City by the Agency under this Agreement. <br />C. The City shall perform its obligations hereunder in accordance with all applicable <br />provisions of federal, state and local laws, including its obligation to comply with environmental <br />laws such as CEQA, and shall timely complete the work required for each of the Projects set forth in <br />the Plan. <br />COMPENSATION AND METHOD OF PAYMENT <br />The Agency shall contribute to the projects, programs and activities set forth in the <br />Implementation Plan in an amount not to exceed Two Hundred Ten Million Dollars <br />($210,000,000.00), with the breakdown of Project costs as shown in Exhibit A attached hereto and <br />incorporated herein. The Agency shall reimburse the City for the cost to the City of performing its <br />obligations hereunder. The amount to be paid by the Agency hereunder shall be paid in the same <br />fiscal year as the year in which the debts are incurred by the City.
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