25D - AGMT - BID ASSESSMENT FUNDS

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. Whereas the Santa Ana Business Council has emerged as the new merchants' nonprofit group that has expressed an interest in obtaining the other 50% of BID funds to be spent in furtherance of the overall economic stability of the downtown area consistent with the requirements of NS-1715; and 1. Whereas the City Council has "reactivated" the BID by its approval of an assessment report for calendar year 2013 outlining the proposed budget and activities to be conducted in the downtown area; and J. Whereas a public hearing was held, and there being no majority protest against the approval of the assessment report and levy of the assessment; and K. Whereas the City and SABC under this Operating Agreement propose to (1) confirm that SABC will receive 50% of the assessments collected each calendar year for which an assessment is levied, (2) to provide that SABC's use of the assessment funds will be consistent with the requirements of NS-1715, generally, and the approved calendar year's assessment report specifically, (3) to provide for auditing of SABC BID Funds, and (4) ensure that SABC meetings are compliant with the Ralph M. Brown Act [Government Code Sections 54950, et seq]. WHEREFORE, and in consideration of their mutual and respective covenants and promises hereinafter set forth, and subject to the terms and conditions of this Agreement, the parties hereto do hereby agree as follows: ARTICLE 1 PRELIMINARY MATTERS § 1.01 Definitions As used in this Agreement, the following terms shall have the following meanings: (a) "City" means the City of Santa Ana, California. (b) "City Council" means the City Council of the City. (c) "City Manager" means the City Manager of the City or his/her designated representative. (d) "SABC" means Santa Ana Business Council, Inc., a California nonprofit corporation. (e) "Board" means the Board of SABC. (f) "Term" means three (3) years commencing on September 17, 2013 and 2 25D-16