8F Consent 2012 0507 - Laserfiche WebLink

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WHEREAS, the City has made a significant investment in the Public Improvements, including the purchase of right -of -way and completion of project design for the Eden Road Improvements, and the establishment of procedures for the formation of an assessment district to secure additional funds required for the Eden Road Improvements; WHEREAS, the City's Transit Oriented Development Strategy identified the Town Hall Square location as a key opportunity site for future development, and the City has determined that development of this site would be severely hindered without reconfiguration of Hays Street; WHEREAS, completion of the Public Improvements will be of benefit to all taxing entities that share in the property tax revenue generated by property located within the Project Areas because such improvements will remove impediments to development, eliminate adverse conditions in the Project Areas, improve vehicular circulation, provide safer routes for pedestrians, and catalyze private development, thus resulting in an increase in assessed valuation and property tax revenue; WHEREAS, the Parties desire to enter into this Agreement to set forth the construction activities and services that the City will undertake or make available in furtherance of the completion of the Public Improvements, and to provide that the Successor Agency will pay for or reimburse the City for actions undertaken and costs and expenses incurred in connection with such work; WHEREAS, the Parties intend this Agreement to amend and restate the Original Cooperative Agreement; WHEREAS, the execution of this Agreement was approved by the City Council and by the governing board of the Successor Agency by resolutions adopted on May _, 2012; and WHEREAS, the execution of this Agreement was approved by the Oversight Board on May , 2012. 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 earlier of the date that the Public Improvements are completed, or the date that the City has received all property tax revenue payable to City pursuant to this Agreement. 2. City to Construct Public Improvements. The City agrees to undertake or otherwise cause to be performed the construction and installation of the Public Improvements described in the attached Exhibit A. 3. Agency to Pay for Public Improvements. The Successor Agency agrees to provide to the City the amounts set forth in Exhibit A to pay for the cost of construction of the public 1872998.2 3