Res11 15096 - Laserfiche WebLink

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ATTACHMENT 3 F. For purposes of this Agreement, "Net Available Tax Increment" means any all Tax Increment revenues, including (1) any and all Tax Increment funds currently held by the Agency, which are not budgeted or appropriated for payment of other indebtedness or obligations of the Agency; (2) any and all net proceeds of bonded indebtedness currently or hereafter held by the Agency or any lawful successor of Agency (except to the extent otherwise determined by the City Manager on behalf of the City and the Agency Executive Director on behalf of the Agency); and (3) all future Tax Increment revenues allocable to the Agency, or any lawful successor of Agency, pursuant to the Redevelopment Plan and the CRL or other applicable law, to pay indebtedness of the Agency after the Agency or its successor has made all necessary annual payments with respect to other outstanding debt obligations of the Agency, including without limitation bonded indebtedness, pass- through payments owed to affected taxing entities under written agreement or Sections 33607.5 or 33607.7 of the CRL, written agreements with other persons or entities, and any other statutorily required payment obligations of the Agency, but excluding those Tax Increment revenues which Agency is required to deposit into the Agency's Low and Moderate Income Housing Fund established pursuant to Section 33334.3 of the CRL. G. The City Council ( "Council ") and the Agency Board by resolution have each found that the use of Agency's Net Available Tax Increment for the publicly -owned improvements described in Exhibit 1 is in accordance with Section 33445 of the CRL and other applicable law. Said Council and Agency resolutions are each based on the authority of the Agency, with the consent of the Council, to pay all or part of the cost of the land for and the installation and construction of any facility, structure, or other improvements which are publicly owned either inside or contiguous to a project area, if the Council makes certain determinations. H. By approving and entering into this Agreement, the Agency has approved the pledge of Net Available Tax Increment from the Project Area to pay for the Projects. The obligations of the Agency under this Agreement shall constitute an indebtedness of the Agency for the purpose of carrying out the Redevelopment Plan for the Project Area and a pledge of Net Available Tax Increment received by the Agency from the Project Area to pay such indebtedness under the provisions of Article XVI, Section 16 of the Constitution of the State of California, the CRL and the Redevelopment Plan. I. This Agreement is in addition to, and does not supersede any other cooperative, repayment or reimbursement agreements entered into between the Agency and the City. NOW, THEREFORE, the parties hereto do mutually agree as follows: 1. INTRODUCTORY PROVISIONS 1.1 The recitals above are an integral part of this Agreement and set forth the intentions of the parties and the premises on which the parties have decided to enter into this Agreement and are incorporated into the terms and conditions of this Agreement. 2 ATTY /AGR/2011.022/ RWC PUBLIC IMPROVEMENTS REUMBURSEMENT AGREEMENT 030711 REVISED