RDA Agmt 2009 SLUSD - Laserfiche WebLink

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H. Agency and City have determined that development of the Project pursuant to this Agreement is consistent with the Redevelopment Plan and the Implementation Plan for the Project Area, will be of primary benefit to the Project Area, and will be consistent with and further the goals of the CRL and the Redevelopment Plan by assisting in the elimination of blight and by providing recreational amenities of benefit to the residents of the Project Area. The Agency, City, and School District have each determined that there is no feasible alternative means of financing 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") far the following purposes: $1,635,360 - Gymnasium construction $ 176,490 - Upgrades to exterior of Gymnasium $ 44,730 - Curb and gutter work at 138 Avenue and Bancroft Avenue (710 linear feet) $ 129,220 - Sidewalk on 138 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 138 Avenue widening (500 square feet) (valued at $37,000). Corner reconfiguration at 138 Avenue and East 14~ 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: 1 1 8721 6-1