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WHEREAS, the City has made a significant investment in the Public Improvements, <br />including the purchase of right -of -way and completion of project design for the Eden Road <br />Improvements, and the establishment of procedures for the formation of an assessment district to <br />secure additional funds required for the Eden Road Improvements; <br />WHEREAS, the City's Transit Oriented Development Strategy identified the Town Hall <br />Square location as a key opportunity site for future development, and the City has determined <br />that development of this site would be severely hindered without reconfiguration of Hays Street; <br />WHEREAS, the planned Streetscape Improvements on MacArthur Boulevard represent <br />the final phase of a two -stage project that was initiated in 2004, on which the Redevelopment <br />Agency had already expended approximately $2,500,000 and made assurances to adjacent <br />property owners that the project would be completed in its entirety; <br />WHEREAS, the planned Streetscape Improvements on Doolittle Drive represent the final <br />phase of a three -stage project that was initiated in 2004, on which the Redevelopment Agency <br />had already expended approximately $2,000,000 and made assurances to adjacent property <br />owners that the project would be completed in its entirety; <br />WHEREAS, completion of the Public Improvements will be of benefit to all taxing <br />entities that share in the property tax revenue generated by property located within the Project <br />Areas because such improvements will remove impediments to development, eliminate adverse <br />conditions in the Project Areas, improve vehicular circulation, provide safer routes for <br />pedestrians, and catalyze private development, thus resulting in an increase in assessed valuation <br />and property tax revenue; <br />WHEREAS, the Parties desire to enter into this Agreement to set forth the construction <br />activities and services that the City will undertake or make available in furtherance of the <br />completion of the Public Improvements, and to provide that the Successor Agency will pay for or <br />reimburse the City for actions undertaken and costs and expenses incurred in connection with <br />such work; <br />WHEREAS, the Parties intend this Agreement to evidence the Parties desire to re -enter <br />into the Original Cooperative Agreement as approved by the Oversight Board; <br />WHEREAS, the execution of this Agreement was approved by the City Council and by <br />the governing board of the Successor Agency by resolutions adopted on May 7, 2012 and June 4, <br />2012; and <br />WHEREAS, the execution of this Agreement was approved by the Oversight Board by <br />resolutions adopted on May 10, 2012 and on June 6, 2012. <br />NOW, THEREFORE, in consideration of the mutual covenants, conditions and <br />promises herein contained, the Parties hereby agree as follows. <br />1893085.1 3 <br />