Laserfiche WebLink
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, 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 amend and restate the Original <br />Cooperative Agreement; <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 _, 2012; and <br />WHEREAS, the execution of this Agreement was approved by the Oversight Board on <br />May , 2012. <br />NOW, THEREFORE, in consideration of the mutual covenants, conditions and <br />promises herein contained, the Parties hereby agree as follows. <br />1. Term. The term of this Agreement shall commence on the Effective Date, and shall <br />continue in effect until the earlier of the date that the Public Improvements are completed, or the <br />date that the City has received all property tax revenue payable to City pursuant to this <br />Agreement. <br />2. City to Construct Public Improvements. The City agrees to undertake or otherwise cause to <br />be performed the construction and installation of the Public Improvements described in the <br />attached Exhibit A. <br />3. Agency to o Pay for Public Improvements. The Successor Agency agrees to provide to the <br />City the amounts set forth in Exhibit A to pay for the cost of construction of the public <br />1872998.2 3 <br />