Agmt 2012 Successor Agency (2) - Laserfiche WebLink

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WI- IEREAS, 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, the planned Streetscape Improvements on MacArthur Boulevard represent the final phase of a two -stage project that was initiated in 2004, on which the Redevelopment Agency had already expended approximately $2,500,000 and made assurances to adjacent property owners that the project would be completed in its entirety; WHEREAS, the planned Streetscape Improvements on Doolittle Drive represent the final phase of a three -stage project that was initiated in 2004, on which the Redevelopment Agency had already expended approximately $2,000,000 and made assurances to adjacent property owners that the project would be completed in its entirety; 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 evidence the Parties desire to re -enter into the Original Cooperative Agreement as approved by the Oversight Board; 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 7, 2012 and June 4, 2012; and WHEREAS, the execution of this Agreement was approved by the Oversight Board by resolutions adopted on May 10, 2012 and on June 6, 2012. NOW, THEREFORE, in consideration of the mutual covenants, conditions and promises herein contained, the Parties hereby agree as follows. 1893085.1 3