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HomeMy WebLinkAboutSA 2016-002SUCCESSOR AGENCY RESOLUTION NO. 2016 -002 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA (1) APPROVING A PLAN FOR SPENDING EXCESS TAX ALLOCATION BOND PROCEEDS (TAX ALLOCATION BONDS, SERIES 2003A), (2) AUTHORIZING A BOND EXPENDITURE AGREEMENT WITH THE CITY OF SANTA ANA TO TRANSFER SUCH FUNDS TO THE CITY FOR BOND - ELIGIBLE PURPOSES, (3) DIRECTING THE TRANSFER OF SUCH FUNDS TO THE CITY, AND (4) MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH WHEREAS, the City of Santa Ana is a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California; and WHEREAS, the Successor Agency is a public body, corporate and politic, organized and operating under Part 1.85 of Division 24 of the Dissolution Law (defined below); and WHEREAS, the Community Redevelopment Agency of the City of Santa Ana ( "former Agency ") previously was a California public body, corporate and politic, duly formed by the City Council of the City ( "City Council ") and was organized, existed and exercised the powers of a community redevelopment agency under the California Community Redevelopment Law, Health & Safety Code Section 33000, et seq.; and WHEREAS, Assembly Bill x1 26 ( "AB x1 26 "), effective on June 28, 2011, added Parts 1.8 and 1.85 to Division 24 of the California Health & Safety Code and which laws were modified, in part, and determined constitutional by the California Supreme Court in the petition California Redevelopment Association, et al. v. Ana Matosantos, et al., Case No. S194861 ( "Matosantos Decision "), which laws and court opinion caused the dissolution of all redevelopment agencies and winding down of the affairs of former redevelopment agencies; thereafter, such laws were amended further by Assembly Bill 1484 ( "AB 1484 ") that was effective on June 27, 2012 and thereafter further amended by subsequent legislation (together AB x1 26, the Matosantos Decision, AB 1484 and such subsequent legislation are referred to as the "Dissolution Law "); and WHEREAS, as of February 1, 2012, the former Agency became a dissolved community redevelopment agency pursuant to the Dissolution Law; and WHEREAS, as of and on and after February 1, 2012, the Successor Agency is performing its functions as the successor agency under the Dissolution Law to administer the enforceable obligations of the former Agency and is engaged in activities necessary and appropriate to wind down the affairs of the former Agency, all subject to the review and approval by a seven - member Oversight Board formed thereunder; and Resolution 2016 -002 Page 1 of 13 WHEREAS, Section 34191.4(c) of the Dissolution Law allows a successor agency that has received a finding of completion to use bond proceeds from bonds issued prior to 2011 for the purposes for which the bonds were sold, provides that such proceeds in excess of amounts needed to satisfy approved enforceable obligations shall be expended in a manner consistent with the original bond covenants, and further provides that such expenditures shall constitute "excess bond proceeds obligations" that shall be listed separately on the successor agency's Recognized Obligation Payment Schedule; and WHEREAS, the Successor Agency received its Finding of Completion under Health and Safety Code Section 34179.7 from the California Department of Finance on November 26, 2014; and WHEREAS, the California Community Redevelopment Law (Health and Safety Code Section 33000, et seq.) provides for a cooperative relationship between cities and their redevelopment agencies, as well as their successor agencies who have assumed the duties and obligations of the former redevelopment agencies; and WHEREAS, under Health and Safety Code Section 33220, a city may aid and cooperate in the planning, undertaking, construction, or operation of redevelopment projects; and WHEREAS, Health and Safety Code Section 33220(e) specifically authorizes a city to enter into an agreement with its redevelopment agency or any other public entity to further redevelopment purposes; and WHEREAS, Health and Safety Code Section 34178(a) allows a successor agency and its sponsoring city to enter into agreements, subject to Oversight Board approval pursuant to Health and Safety Code Section 34180(h); and WHEREAS, the Successor Agency has and will have proceeds of its Community Redevelopment Agency of the City of Santa Ana, South Main Street Redevelopment Project, Tax Allocation Bonds, Series 2003A (the "2003A Bonds ") that are not otherwise obligated for a project or other enforceable obligation as more fully described below; and WHEREAS, the Successor Agency desires to transfer such Excess Bond Proceeds (defined in the 2003 Agreement as described below) to the City to enable the City to expend such Excess Bond Proceeds for redevelopment purposes consistent with all applicable bond covenants; and WHEREAS, the Successor Agency desires to transfer its Excess Bond Proceeds to the City to enable the City to use such Excess Bond Proceeds in a manner consistent with the original bond covenants and to undertake projects and programs that were not previously funded and obligated by the Successor Agency or the City; and Resolution 2016 -002 Page 2 of 13 WHEREAS, City and Successor Agency staff have prepared a spending plan for using such Excess Bond Proceeds ("2003 Bond Spending Plan ") to advance the City's community development goals while maximizing fiscal and social benefits flowing to the taxing entities from successful development; and WHEREAS, in order to facilitate the use of Excess Bond Proceeds consistent with all applicable bond covenants, the Successor Agency and the City have negotiated the terms of that certain Bond Proceeds Expenditure Agreement ( "2003 Agreement ") requiring the transfer of current and future Excess Bond Proceeds by the Successor Agency to the City, and the City's use of such proceeds consistent with all applicable bond covenants; and WHEREAS, the Successor Agency, upon receiving Oversight Board approval, will transfer the Excess Bond Proceeds referenced in the 2003 Agreement to the City; and WHEREAS, the Successor Agency desires to approve the 2003 Agreement and the 2003 Bond Spending Plan in substantially the form attached hereto as Exhibits A and B, respectively. NOW, THEREFORE, BE IT RESOLVED BY THE SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA: Section 1. Each of the foregoing recitals is true and correct. Section 2. The Successor Agency hereby finds and determines, based on all evidence and testimony contained in the record before it, that the use of Excess Bond Proceeds will be accomplished in accordance with the Bond Spending Plan to fund projects referenced therein. Section 3. The Successor Agency hereby finds and determines, based on all evidence and testimony contained in the record before it, as follows: A. That the acquisition of land and the installation or construction of the projects will be of benefit to the Successor Agency's redevelopment project area by helping to eliminate one or more blight conditions within the project area; B. That due to fiscal constraints on the City's general fund and various capital projects competing for limited City funds, the City's capital improvement budget is unable to provide funding for the projects, and therefore no other reasonable means of financing the projects are available to the City other than Successor Agency funding; and C. Approval of this Resolution and the transfer of the Excess Bond Proceeds, as more fully described in the 2003 Agreement substantially in the form submitted herewith will facilitate the expenditure of the Excess Bond Proceeds. Resolution 2016 -002 Page 3 of 13 Section 4. The Successor Agency hereby approves the 2003 Agreement in substantially the form attached hereto as Exhibit A and incorporated herein. Section 5. The Successor Agency hereby approves the 2003 Bond Spending Plan in substantially the form attached hereto as Exhibit B and incorporated herein. The Successor Agency acknowledges that, pursuant to the terms of the 2003 Agreement, the City may amend the 2003 Bond Spending Plan, subject to compliance with all applicable bond covenants. Section 6. The City Manager and Clerk of the Council are hereby authorized and directed as follows: A. Execute the 2003 Agreement substantially in the form presented herewith with such changes, insertions and omissions as may be approved by the City Manager and City Attorney, said execution being conclusive evidence of such approval; B. Transfer all Excess Bond Proceeds to the City for use by the City in accordance with the 2003 Agreement and the 2003 Bond Spending Plan. Section 7. This Resolution shall take effect immediately upon its adoption by the Successor Agency, and the Clerk of the Council shall attest to and certify the vote adopting this Resolution. ADOPTED this 4th day of October, 2016. APPROVED AS TO FORM: Sonia R. Carvalho Cit M Resolution 2016 -002 Page 4 of 13 AYES: Councilmembers: Amezcua, Benavides, Martinez, Pulido, Reyna, Sarmiento (6) NOES: Councilmembers: ABSTAIN: Councilmembers: None (0) NOT PRESENT: Councilmembers: Tinaiero (1) CERTIFICATE OF ATTESTATION AND ORIGINALITY I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached Resolution No. 2016 -002 to be the original resolution adopted by the Successor Agency on October 4, 2016. Date: /v� zaaim i1/1 A+R- �•l�i�'!Z- Maria D. Huizar Clerk of the Council City of Santa Ana Resolution 2016 -002 Page 5 of 13 BOND PROCEEDS EXPENDITURE AGREEMENT BOND PROCEEDS EXPENDITURE AGREEMENT (2003A BONDS This BOND PROCEEDS EXPENDITURE AGREI MENT (2003A BONDS) ( "Agreoment ") is entered into as of Ootobor 4, 2016, by and between the CITY OF BANTA ANA, s charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California ( "City'), and the SUCCESSOR AGENCY TO THE FORMER COMMUNITY RLDEVELOPNIENT AGENCY OF 711E CITY OF SANTA ANA, apublic body corporate rand politic pursuant to Parts 1,8 and 1.85 of Division 24 of the California Health Se Safety Code ( "Successor Agoncy" ). A, The City is a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California. B. The Successor Agency is a public body, corporate and politic, organized and, operating under Part 1.85 of.DivWon 24 of the Digsolution Law (am defined in Reoital D below). C. The Community Redevelopment Agency of the City of Santa Ana ( °former Agency ") previously was a California public body, corporate and politic, duly formed by the City Council of the City ( "City Council") tmd was organized, existed and oxorofsed the powers of a community redevelopment agency under the Callfornia Community Redevelopment Law,11catth and Safety Code Section 33000, et seq ( "CRL"), D, Assembly Bill xl 26 ( "AB xl 26 "), effective on .lute 28, 201L added Parts 1.8 and 1.85 to Division 24 orthe California Health and Safety Code and which laws were modified, in part, anti dotomdned conadhitionai by the California Supreme Court In the petition Galg/bmia Redevelopmant Association, at a1. v. Arta Atalnmanlac, et al„ Care No. 5194861 (" tblatnsantos Decision "), which law% and court opinion caused the dissolution of all redevelopment agencies and winding down of the Waits of former redevelopment agencies. Thereafter, such laws were amended further by Amcrrrbly Bill 1484 ( "AB 1484 ") that was cfrective on June 27, 2012, and thereafler further amended by subsequent legislation (togel7.xor AS x1 26, the Hatosamos Decision, AS 1484, and subsequent legislation thereto ar-e referred to ns the "Dissolution Low"), All statutory references herein are to the Dissolution lame unless otherwiso stated. S, As of February 1, 2012, the Forme' Agency became; a dissolved community redevelopment agotnoypatsunna to the Dissolution Law. F, As of and on and after February 1, 2012, the Saecossor Agency is performing its flfrmetions as the successor agency under the Dissolution Low to administer the enforceable obligations of the former Agency and is engaged in activities necessary and appropriate to wind down the affairs of the former Agency, all subject to the review and approval by a seven - member "Oversight Boar(r" formed thereunder, G. Section 34191,4•(c) of the Diw elution .Law allows a successor agency that has received a Finding of Completion (`"Finding ") to use bond proceeds from bonds issuod prior to 2011 for the purposes 'Pier which The bonds were sold, provides that such proceeds in excess of amounts necdod to satisfy approved onfomcable obligations shall be expanded in a tnannor consistent with the original bond covenants, and fiuther provides that such expenditures shall constihta "excess bond proceeds Resolution 2016 -002 Page 6 of 13 obligations" that shall be llowd sepaatcly on the successor agency's Recognized Obligation Payment Schedule H, The Successor Agency received doe Fladling from the State of California Department of Finance dated ns of November 26, 201 A•. T. The t RL pre- dissolutiou provide([ for, and the Dissolution Law post - dissolution continuos to provide for, a conporative relationship between sponsoring cities anal their redevelopment agencies, as well. aS tilnrr SnUCeSSUr A,ettClea Wbo h2tve a93Utned the dntte5 and Uhltgatlotra {).hide former m(hivelopdnent agonies, Under CRL Section 33220, a city may aid and cooperate in the planning, undertaking, construction, or operation of redevelopmentprojects. CRT, Section 33220(0) specifically authorizes a city to enter into an agreement vadtb Its redevelopment agency or any other public entity tafurtirerrcdovatnpmontporposee. Section..i 4i7&( a) oflheDissolution Law allows asucaesaozag0nuy sad its sponsoring city to enter into agreements, subject to Oversight Board approval tinder Section 34180(b) of the Dissolution Law. J. Thu Successor Agency has and will have proceeds of its Community Redevchrpmcat Agency o'tho City of Santa Ana, South Main Street Ecdevelopmcnt Project, Tax Allocation Bonds, Series 2003A C2003A Bon(ls ")(together with other funds described in Section It below, "Bond Pnoceods ") that m-o not otherwise obligated for a project or other enforceable obligation. The Suocessor Agency desires to transfer such Excess Bond Proceeds (defined below) to the City to enable the City to expend such Excess Bond Precouds rot redevelopment and other public purposes consistent with all applicable covenants of the 2003A Bonds. K. The Successor Agency desires to transfer its Excess Bond Proceeds to the City to enable die City to use such ,Vxcess Bond Proceeds in a manner acnslstent with the covenants of the 2003A. Bonds and to uoderfal(e projects and programs that were riot previously' funded and obligated by the former Agency pre-dissolution, nr by the Successor Agencypost- dissolution, or bythe City pre - orpost- dissolution. 'The City has adopted a spending plan for using such Excess Bond Preeeeds ( "Road Spending Plan ") to advance the City's carimunity dovelopment goals while maximizing fiscal and social benzlitro flowing to the affected taxing onti.ties from sueceanthl development. The City Council and Successor Agency Board have iburat that the use of Excess Bond Proceeds are in accordance with the Bond Spending Plant to fund various capital innprovomcnts within and outside the former Santa, Ana South. Main Street Redevelopment Project Area (Par which a benefit resolution shall have been adopted by the Successor Agency) and are in accordance with CPI. Sections 33445, 33445, 1, and 33679 aiul other applicable law, L. In order to facilitate the use of Excess Bond Proceeds consistent with 0,11 applicable bond covenants, the Successor Agency and the City have negotiated this Agreement requiring the transfer ofcurrent and futtue excosalinn�edsmy the Suoe©se61 Agency t fie Ci @y, a, Ecc i C'i. agreement to use such proceeds consistent with all applicable eovelrants, conditions, restrictions and obligations under the 2003A Bonds. 'The patties intend that this Agreement shall constitute an excess bond proceeds obligation within the meaning of the Dissolution Law to be paid from Excess Bond Proceeds, With Oversight Board approval, the 5ucoessor Agettey has lister[ this Agreement, and the rmInhement to transfer excess bond proceeds herein, on its RODS 2016 -17 its an obligation Lobe funded with Excess Bond Proceeds, and as and if applicable, will list on successive ROPE if required by the Dissolution Law. NOW, THERE FORE, the parties hereto do mutually agree as follows: Resolution 2016 -002 Page 7 of 13 L RECL ILLS The racitals above; are an integral part of this AgToement and set forth the intentions of the parties and the premises on which the parties have decided to enter Into this Agrcemont. 2, DEFIN1 "1 ONS For purposes of this Agreement, the following terms shall have the indicated moaning, 2.1 "Dissolution Lawn' is defined in Recital D. 12 "Bond Proceeds" is defined in Recital J and also includes (1) proceeds from tax allocation bonds issued on or before December 31, 2010 and interesl eanaed thereon, (2) rents, sale proceeds and other revenues generated by properties acquired and/or improved with proceeds from tax allocation bonds issued on or beforo December 31, 2010,(3) interest and principal paid on loans aCundod by pr aceeds from tax allocation bonds Issued on or before December 31, 2010, (4) moneys held by the trustee in connection with tho issuance of the 2003A Bonds, and (5) other income or revenues generated from assets acquired or fundod with ,proceeds froin tax allocation bonds issued on or before Decein'acr 31, 2010. 2.3 "Excess Bond Proceeds" moans Bond Proceeds that are not needed to satisfy Enforceable Obligations listed on an approved ROPS. 2,4 "Enforceable (Obligations" wean enforceable obligations, other than Excess Bond Proceeds obligations, as defined under t'he Dissolution Lases. 2.5 "Bond Spending Plan" is defined in Recital K, 3, SUCCESSO1.1 GENCY OBLIGATIONS fho Successor Agency shall have the following obligations tinder this Agraumetrt: 3.1 Current Excess Bond Procceds. The Successor Agency sball transfer to the City, as soon as practicable and no later dffinn January 1, 2017, Excess Bond Proceeds currently held by the Successor Agency in an amount not to exceed (i) $2,515,560.32 (the "Base Amount "), together with any interest accrued thereon and (ii) such nmarmts as are hold by trustee for the 2003A Boads)(the "Trustee Amount "). 12 Future Excess Bond Proceeds. The Successor Agency shall transfer to the City all future Exwss Bond Proceeds held or received by the Successor Agency. Shah. futarre Excess Bond Proceeds shall include, without limitation, (1) ;Bond Proceeds previously obligated to a project or other Pnforceable Obligation that baeoine trnobligated for any reason, and interest eaoaed thereon, (2) Bond Proceeds that become available in the forth of rents, sale proceeds, loan repayments, other inoome, or other revenues the.t are generated by properties or other assets acquired and/or improved with Bond Proceeds and that are not otherwise obligated to a prajoet, program, or other Enforceable Obligation, and (3) any other funds held by the Successor Agency that qualify as Excess Bond Proceeds under this Agreement, The panics intend that payments of future Excess Bond Procoods be auade to the City as soon as possible after such Excess Bond Proceeds become available. 1.lie transfer of future Excess Bond Resolution 2016 -002 Page 8 of 13 Proceeds to the City shall be madepursuatit to an approved RODS within 30 clays of the connnoncotncttt or the relevant ROTES period, The Successor Agency shall be responsible far unstring that payments of future Excess Bond Procoods to the City, as such brads become available, arc included on the next possible, BOPS. 3,3 Projects, Funded By Excess Bond Proceeds, The Successor Agency assigns to the City all responsibilities in relation to the adtnudatrat.ion and implementation of any projects or profrrrun,s funded by Excess Bond Proceeds, The Successor Agency assigns to the City all contracts entered into by the Successor Agency past - dissolution or the former Agency pre - dissolution rebated to the expenditure of P=ss Bond Proceeds and anyr activitiesc to be funded by Excess Bond Proceeds, with the exception of those contracts relating to Enforceable Obligations, including the bond documents far the 2003A Bonds, which shall be retained by the Successor Agency, The traastbr of moneys held by the trustee for the 2003A Boo cis shall remain salaject to the terms of the indenture of trust prepared in connection with the Issuance of the 2003A Bonds (the "2003A Indenture ") to the extent the 2003A indenture remains in eff`vat. 4, CITY OBLIGATIONS ,1'hc City shall have the following obligations under this Agreement: 4.1 Excess Bond Proceeds. lit-, City shall accept, hold, ttisburse and administer Excess Bond Proceeds transfiered to the City by the Successor Agency under this Agreement, including current Excess Bond Proceeds and future :Excess Bond Proceeds. The City shall retain any Excess Band Proceeds that it receives, such as revenue generated from properties acquired or improved with Excr"as 'Bond Proceeds or payments on loans funded from Excess Bond Proceeds, without any obligation, to rc tarn such lirnds to the Succesaor Agency, an([ shall use such Rinds for uses consistent with appliaanble covenant; of the 2003ABonds. The City may spend Excess Bond Proceeds received or retained wider this Agreement on any proj cot, program, or activity authorized under the Bond Spending P1aan. Notwithstanding any thing to the contrary in this Agreemca, or the Bond Spending Plan, the City shall spend Excess Band Proceeds consistent with all covenants of the 2003A Bonds applicable to the particular Excess Bond Proceeds. The City shall be solely responsible for ensuring that Excess Bond Proceeds are maintained and spent in aocordance with all covenants of the 2003A Bonds and other applicable laws. The City may transfer hods between approved projects, progtarns and activities. The Trustee Amount remains subject to the terms of'the 2003A Indenture, to the extent the 2003A Indenture remains in effect. The City hereby assumes all contracts entered into or assumed by the Successor Agency post dissolution or enterer( into by the former Agency pre - dissolution related to the expenditure of _ ""11�cess73irrid Prou�zls° �ttc��aty�tcdvrtlz�to -he- tundrd- byi✓n�se i3usncl-Proveer3s; with- flue- exueptirm- of those contracts relating to Enforceable obligations, which shall be retained by the successor Agency. The City shall perform its obligations hereunder, and under such assumed contracts, in accordance with the applicable provisions of federal, state and local laws, including the obligation to comply with environmental lawns such as CBQA and/or NEPA, and shall timely complete the work required for each project eomanenced by the City pursuant to this Agreement and the Bond Spending Plan, 4.2 BONI) SPENDING PLAN, 'The City shall be solely responsible for maintaining, administering, and implementing the Bond Spending Plain, The City may attend the Bond Spending Resolution 2016 -002 Page 9 of 13 Plan as the City deems reasonably necessary in its sole discretion. Any amendments to the adopted Bond Spending Plan will consider uses that advance the City's community development goats while maximizing fiscal and social benefits flowing to the affected taxing entities from successful. development, Notwithstanding any contrary provision hereof, uailesa date City expressly agrees otherwise, the City shall not be obligated to provide funding for any program or project in an amount exceeding dic Excess Bond'Procceds provided to the City pursuant to this A reeinent. 5, ENT17.2E ALGR i EIMENT; WAIVERS; AND AMENDMENTS 5.1 This Agreement constitutes the entire naderstamling and agreement of the parties with respect to the tratisfer and rise of Excess Bond Proceeds. This Agreement integrates all of the tcrnts and conditions mentioned herein or incidental hereto, and supersedes all negotiations or previous aereolnents between the parties with respect to the subject matter of this t4grecincr , 5,2 Tlus Agreement is intended solely for the benefit of the City and the Successor Agency. Notwithstanding any reference in this Agreement to persons oe entities other than the City and the Successor Agency, there skull bo no third patty beneficiaries under this Agreement. 5.3 All waivers of the provisions of this Agreement and all amendments to this Agreement nnust be in writing and signed by the authorized roprosorna.tives of the parties. 6, SEVERABILITY If any term, provision, covenant or condition of this Agreement is hold by a court of competent jutisdictiou to be invalid, void or unenforeeablo, thercmaindcr of file provisions shall continue in full force and offcct unless the rights and obligations aftheparties lravo been niawrially altered or abridged by such invalic9ation, voi.tling or raiwaforooability. In addition, the parties shall cooperate in good faith in an of£ort to arricad or tnodify this Agroeinout in a manner such that the purpose of any in6atlidatud or voided provision, covenant, or condition can be accomplished to the maxinntm extent legally permissible. if cittier party tails to aduguately perform an obligation required by this Agreement within thirty (30) calendar days of receiving written notice fiom the non- defroldug party, the party failing to porl'oran shall be in dcfiudi bcraundcr. In the event of default, the non - defaulting party will have till the rights and remedies available to it at law or in equity to enforce the provisions of this contract, including without limitation the tight to site for daruages for breach of contract or to seek specific performance. The rights unit remedies of the non - defaulting pasty entunerated in this pivagmph are cumulative and shall not limit the non - defaulting party's rights under any other provision of this Agreement, or otherwise waive or deny any right or remedy, at Inw or in equity, existing as of the date of the Agveemen t or hercinar£leir enacted or established, that may be available to the non- defaulting party against the defaulting party. R. BINDING ON.SUCCIFSSOUS This Agreement shall be binding on and shall inure to the benefit of all suoecssors and assigas of the parties, whether by agreement or operation of law. Resolution 2016 -002 Page 10 of 13 9. NON - LIABILITY OF ME:NTRER5, OFFICIALS, EMPLOYEES AND AGENTS; NON. RECOURSE 0.13LIGATfON No membar, officer, official, employee, agent or Mpr sentaflvo Of the StIccessor Agency or the City shall tn; personally liable for perfortnance by the Successor Agency or Cary hereunder, for breach or default by the City or Successor Agency herounder, for any amounts which mlay be payable or becotrtc duo hereunder, or for arty judgmont or execution thereon entered in any action. 10. FURTHER ASSURANCES Each party agrees to execute, aclwowledge and deliver all additional documents and instrurnents, and to take such other actions as may be reasonably necessary to carry out the intent of this Agrccavnt. [SI GNAT OR.ES ON NEXT PACE, I Resolution 2016 -002 Page 11 of 13 In whatess whereof, the undersigncd parties have executer) this Dond Proceeds E7q)eaditwe Agreement as of the date first abovewrittcn. ATTEST. MARIA D. IIIAZA12 Clerk of the Council APPROVED AS TO FORM., SOt City By: ATTEST: Clerk orthc Council APPROVED AS TO FORM< SObITA y44 VAt+140 City At n7Ay �fJ By" Resolution 2016 -002 Page 12 of 13 "CITY" Ci1'Y OF SANTA ANA 57 ,Tl CAVA%65 City Manager "SUCCESSOR AGENCY" SUCCESSOR ACr1!;NCY "1'O'1T11E FORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OIL SANTA ANA DAVID CAVAZOS City tManager EXHIBIT B BOND SPENDING PLAN Community Redevelopment Agency of the City of Santa Ana, South Main Street Redevelopment Project, Tax Allocation Bonds, Series 2003A Estimated Description Costs Capital improvements within the South Main Street Redevelopment Project Area, including but not limited to, $2,515,560.3 public facilities, streets, drains, sewers, parks, sidewalks, 2 streetscapes, landscaping and lighting located on public property or in public rights -of -way. Total $2,515,560.3 2 Resolution 2016 -002 Page 13 of 13