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<br />JAH:djm 12/ ,189 (RD-001/#42) <br />JAH:djm 12/vl/89R <br /> <br />is required to place in its low and moderate income housing fund <br /> <br />by <br /> <br />Section <br /> <br />33334.2 <br /> <br />of <br /> <br />the <br /> <br />Health <br /> <br />& <br /> <br />Safety <br /> <br />Code, <br /> <br />shall <br /> <br />be <br /> <br />allocated <br /> <br />and <br /> <br />paid <br /> <br />each <br /> <br />tax <br /> <br />year <br /> <br />during <br /> <br />the <br /> <br />life <br /> <br />of <br /> <br />this <br /> <br />Agreement, fifty percent (50%) to the District and fifty percent <br /> <br />(50%) to the Agency. <br /> <br />The Agency and the District intend that such District Share <br /> <br />shall mean and include any amount that the District, but for this <br /> <br />Agreement, might have claimed under Section 33676 of the Health & <br /> <br />Safety <br /> <br />Code, <br /> <br />and <br /> <br />accordingly <br /> <br />the <br /> <br />District <br /> <br />shall <br /> <br />rescind <br /> <br />its <br /> <br />Resolution No. M-48-89 effective as of the date of its adoption. <br /> <br />This Agreement shall not become operative until the adoption of <br /> <br />the rescinding resolution. <br /> <br />5. <br /> <br />Payment of District Share From Existing Project Area. <br /> <br />The Agency shall continue to pay the District Share from the <br /> <br />Existing Project Area directly to the District pursuant to the <br /> <br />1983 Agreement, as hereby amended. <br /> <br />The parties hereto agree that <br /> <br />the 1983 Agreement is hereby amended as follows: <br /> <br />a. <br /> <br />Commencing <br /> <br />with <br /> <br />the <br /> <br />tax <br /> <br />year <br /> <br />in <br /> <br />which <br /> <br />this <br /> <br />Agreement is executed and for each tax year thereafter, <br /> <br />there <br /> <br />shall be a conclusive presumption that the District has suffered <br /> <br />fiscal detriment from the tax increment financing of Project No. <br /> <br />2 with respect to the Existing Project Area. <br /> <br />b. <br /> <br />In the event that the determination ever is made <br /> <br />that the District Share of the Tax Increment from the Existing <br /> <br />Project Area is subject to Section 33334.2 of the Health & Safety <br /> <br />Code, <br /> <br />the <br /> <br />District <br /> <br />understands <br /> <br />and <br /> <br />agrees <br /> <br />that <br /> <br />any <br /> <br />amount <br /> <br />required to be set aside by the Agency pursuant to the provisions <br /> <br />5 <br />