2A Public Hearing 2009 0209 - Laserfiche WebLink

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Agency, City, and School District have each determined that there is no feasible alternative means of fmancing the Project without Agency assistance, and have each followed all procedures required by the CRL, including without limitation the requirements of CRL Sections 33445 and 33679. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: ARTICLE I PROJECT FINANCING 1.1 Project Funding. Provided that the Joint Use Agreement has been executed and delivered by City and School District, Agency shall contribute funds for the Project in an amount equal to the sum of Two Million One Hundred Seventy Thousand Eight Hundred Dollars ($2,170,800) (the "Agency Financial Contribution") for the following purposes: $1,635,360 - Gymnasium construction $ 176,490 - Upgrades to exterior of Gymnasium $ 44,730 - Curb and gutter work at 138th Avenue and Bancroft Avenue (7101inear feet) $ 129,220 - Sidewalk on 138th Avenue and Bancroft Avenue (7,100 square feet) $ 185,000 - Asphalt improvements to drop off area (2,500 square feet) 1.2 In-Kind Contributions. Agency shall make the following in-kind contributions to the Project: Asphalt improvements for 138th Avenue widening (500 square feet) (valued at $37,000). Corner reconfiguration at 138th Avenue and East 14th Street, including 50 linear feet of curb and gutter work, handicap ramps and signal modifications (valued at $49,550; completed in 2008). 1.3 Schedule for Payments. Agency shall pay the Agency Financial Contribution to School District as follows: (i) Agency shall pay the sum of Five Hundred Thirty-Five Thousand Four Hundred Forty Dollars ($535,440) by June 30, 2009. (ii) Subject to paragraphs (iii) and (iv) below, Agency shall pay the sum of One Million Six Hundred Thirty-Five Thousand Three Hundred and Sixty ($1,635,360) (the "Aggregate Installment Payment") in annual installments as follows: for each of the five fiscal years commencing with FY 2009/10 through FY 2013/14, Agency shall pay by June 30 of each such fiscal year, the sum of Three Hundred Twenty-Seven Thousand and Seventy-Tow Dollars ($327,072) (each an "Annual Payment"). 2