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<br />on behalf of the Agency during such Fiscal Year. Following approval of an Annual <br />Budget, the Agency's Executive Director and City Manager shall have the authority to <br />make tninor adjustments or modifications to the Annual Budget to account for additional <br />or different administrative services detennined to be required by the Agency, an increase <br />or decrease iri the proportion of any staff position time allocated to the Agency, and <br />increases in inflation, personnel compensation and benefits Inade in the ordinary course <br />of business during such Fiscal Year. <br /> <br />"The City will keep records of activities and services undertaken pursuant <br />to this Agreenlent and the costs thereof so that an accurate determination of the Agency's <br />liability to the City can be made. The City shall periodically, but not less than monthly, <br />subtnit to the Agency a statenlent of the costs incurred by the City in rendering the <br />Services to the Agency pursuant to this Agreement. Such statement of costs will identify <br />the costs (or proportionate share of the costs, as the case may be) of the City's <br />administrative and salary expenses attributable to those Services (induding the staff <br />positions) provided by the City pursuant to this Agreement. The Agency agrees to <br />reimburse the City for all costs incurred for the Services provided by the City pursuant to <br />this Agreelnent from and to the extent that Tax Revenues are available to the Agency for <br />such purpose; provided, however, that the Agency shall have the sole and exclusive right <br />to pledge any such Tax Revenues to the repayment of other indebtedness incurred by the <br />Agency in carrying out the redevelopIllent project. The obligations of the Agency under <br />this Agreement shall constitute an indebtedness of the Agency within the meaning of <br />Section 33670 et seq. of the Community Redevelopment Law, to be repaid to the City by <br />the Agency. <br /> <br />3. Force and Effect. Except as specifically amended and 1110dificd herein, the terms <br />of the Agreement shall remain in full force and effect. <br /> <br />IN WITNESS WHEREOF, the Parties hereto have caused this Anlendment to be <br />executed and attested by their proper officers thereunto duly authorized, and their official seals to <br />be hereto affixed, all as of the day and year first above written. <br /> <br />A <br /> <br /> <br />CITY OF REDWOOD CITY, <br />a charter city and municipal corporation of <br />, the State of Cali fonlia <br /> <br />BY:~ <br /> <br />P er Ingram, City Manager <br /> <br />By: <br /> <br />2 <br /> <br />1I09332v3 33786/000 1 <br />