RDA Agmt 2011 City (2) - Laserfiche WebLink

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NOW, THEREFORE, in consideration of the mutual covenants, conditions and promises herein contained the Parties hereby agree as follows. 1. Term. The term of this Agreement shall commence on the Effective Date, and shall continue in effect until the twentieth (20` anniversary of the Effective Date. 2. City to Construct Public Improvements. In support of the redevelopment of the Project Area the City agrees to undertake or otherwise cause to be performed the construction and installation of public improvements described in the attached Exhibit A. 3. Agency to Pay for Public Improvements. The Agency agrees to pay to the City the amounts set forth in Exhibit A for the cost of construction of the public improvements therein identified. Agency agrees to provide funds to City in the aggregate amount listed in Exhibit A promptly following the Effective Date of this Agreement. City agrees to deposit all such funds in a segregated "Public Improvement. Account" reserved for the purposes identified in Exhibit A. City agrees that it shall use all funds deposited into the Public Improvement Account solely for the construction and installation of the public improvements described in Exhibit A. Any balance remaining in the Public Improvement Account after completion of all improvements identified in Exhibit A shall be returned to Agency. 4. Indebtedness. The obligation of the Agency to make payment to City pursuant to this Agreement shall constitute an indebtedness of the Agency within the meaning of Article XVI, Section 16 of the California Constitution and CRL Section 33670, and shall be payable from tax increment paid to the Agency pursuant to Article XVI, Section 16 of the Califomia Constitution and CRL Section 33670 or from any other source legally available to the Agency for such payment, and shall constitute an indebtedness of the Agency until paid in full. The Agency shall include its obligations to the City under this Agreement as an indebtedness on the Agency's statement of indebtedness filed with the County Auditor pursuant to CRL Section 33675. 5. Subordination. The obligation of the Agency to make payments to City pursuant to this Agreement shall be subordinate to any obligation of the Agency to pay debt service on bonds heretofore or hereafter issued by the Agency and to pay any other contractual indebtedness of the Agency incurred prior to the date of this Agreement. 6. Project Approvals: Environmental Review. This Agreement is not intended to limit in any manner the discretion of City or Agency, as applicable, in connection with the issuance of approvals and entitlements for any of the projects identified herein, including, without limitation, the undertaking and completion of any required environmental review pursuant to the California Environmental Quality Act ( "CEQA ") and the National Environmental Policy Act ( "NEPA "), as applicable, and the review and approval of plans and specifications relating to such projects. Prior to approval of any project for the Property, City, acting as lead agency or co -lead agency, shall complete any environmental review required under CEQA or NEPA. 7. Defaults and Remedies. 1605038.2 3