Agmt 2012 Successor Agency (2) - Laserfiche WebLink

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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 improvements therein identified and in accordance with the schedule set forth therein. The Successor Agency agrees to take all actions reasonably necessary to make such funds available to City, including without limitation, the listing of this Agreement on the Successor Agency's Recognized Obligation Payment Schedule. • 4. Source of Funds. The Parties acknowledge that the sole source of funds available to the Successor Agency to make the payments to City required pursuant to this Agreement is the allocation of property tax revenue by the County Auditor - Controller to the Successor Agency • from the Redevelopment Property Tax Trust Fund established by the County Auditor - Controller for the Successor Agency pursuant to Health and Safety Code Section 34170.5. 5. Subordination. The obligation of the Successor Agency to make payments to City pursuant to this Agreement shall be subordinate to any obligation of the Successor Agency to pay debt service on bonds heretofore or hereafter issued by the Redevelopment Agency. 6. Project Approvals: Environmental Review. This Agreement is not intended to limit in any manner the discretion of City in connection with the issuance of approvals and entitlements for the projects described in this Agreement, including without limitation, the undertaking and completion of any required environmental review pursuant to CEQA and NEPA, as applicable, and the review and approval of plans and specifications. 7. Severability. If any tetra, provision, covenant, or condition set forth in this Agreement is held by the final judgment of a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions, covenants, and conditions shall continue in full force and effect to the extent that the basic intent of the Parties as expressed herein can be accomplished. In addition, the Parties shall cooperate in good faith in an effort to. amend or modify this Agreement in a manner such that the purpose of any invalidated or voided provision, covenant, or condition can be accomplished to the maximum extent legally permissible. 8. No Third -Party Beneficiaries; Assignments. Nothing in this Agreement is intended to create any third -party beneficiaries to this Agreement, and no person or entity other than the Successor 1893085.1 4