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8/9/11 LES <br />I-. I IIC UIJJVIUIIVII VI 611C /"~I~.CI1G~/ VVVUIV VC UC611111CIILQI lV LIIC IICQI611, JQICt~/, <br />and economic well-being of the residents of the City and cause irreparable harm to the <br />community, because, among other reasons, the redevelopment activities and projects <br />made possible, implemented, and funded by the Agency are highly significant and of <br />enduring benefit to the community and the City, and are a critical component of its <br />future. <br />G. Part 1.9 of the CRL ("Part 1.9") provides that a redevelopment agency <br />may continue in operation if a city or county that includes a redevelopment agency <br />adopts an ordinance agreeing to comply with and participate in the Alternative Voluntary <br />Redevelopment Program established in Part 1.9 ("Program"). <br />H. As a condition of the Agency's continued existence and operation of its <br />redevelopment agency, the City is required to make certain annual remittances to the <br />county auditor-controller pursuant to Chapter 3 of Part 1.9, beginning with a larger <br />upfront remittance for the 2011-2012 fiscal year ("First Remittance"), to be paid in two <br />equal installments on January 15, 2012 and May 15, 2012. <br />I. The City and Agency expect that there will be sufficient moneys and <br />revenues to fund an amount equal to the City's payment of the First Remittance and <br />further expect to have sufficient moneys and revenues to fund the subsequent <br />annual remittances required by Part 1.9. <br />J. The City's needs are such that it can commit to spend the funds received <br />from the Agency pursuant to the Agreement to Transfer Tax Increment (defined below) <br />to finance activities within the Redevelopment Project that are related to accomplishing <br />the goals of the Redevelopment Project. <br />K. The City intends to adopt the ordinance required by Part 1.9, in order to <br />allow the Agency to continue in operation and performing its functions ("Ordinance"). <br />L. The City intends to adopt the Ordinance and desires to forestall the <br />dissolution of the Agency until November 1, 2011 to allow the City sufficient time to <br />enact the Ordinance. <br />M. The City and Agency desire to enter into an agreement pursuant to CRi_ <br />Section 34194.2 whereby the Agency shall make an initial transfer of a portion of its tax <br />increment to the City in an amount equal the First Remittance, and thereafter to transfer <br />amounts of tax increment equal to any subsequent remittance which the City is required <br />to make to the county auditor-controller pursuant to the City's participation in the <br />Program ("Agreement to Transfer Tax Increment"). <br />2 3-6 <br />EXHIBIT 1 <br />