Res11 15096 - Laserfiche WebLink

Browse Search

ATTACHMENT 3 2. AGENCY'S OBLIGATIONS 2.1 The Agency agrees to pay to the City the amounts set forth in Exhibit 1, or such lesser amounts to the extent the costs incurred by City to carry out the Projects are less than the budgeted amounts set forth in Exhibit 1, to fund in advance or reimburse City for all costs incurred or to be incurred by the City in connection with the Projects, including without limitation all costs of planning, land acquisition, financing, development, permitting, design, site testing, environmental remediation, bidding, project administration, construction and construction management. The Agency's obligations under this Agreement, including without limitation the Agency's obligation to make the payments to the City required hereunder, shall constitute an indebtedness of the Agency for the purpose of carrying out the redevelopment of the Project Area and are obligations to make payments authorized and incurred pursuant to Section 33445 and other applicable statutes. The obligations of the Agency set forth in this Agreement are contractual obligations that, if breached, will subject the Agency to damages and other liabilities or remedies. 2.2 The obligations of Agency under this Agreement shall be payable out of Net Available Tax Increment, as defined in Recital F above allocated to the Agency or any lawful successor entity of the Agency to carry out the Redevelopment Plan and /or pay indebtedness of the Agency pursuant to Section 33670 et seq. of the CRL, Article XVI, Section 16 of the Constitution of the State of California, and any other applicable constitutional provision, statute or other provision of law now existing or adopted in the future. 2.3 The indebtedness of Agency under this Agreement shall be subordinate to the rights of the holder or holders of any outstanding bonds, notes or other instruments of indebtedness (all referred to herein as "indebtedness ") of the Agency incurred or issued to finance redevelopment of the Project Area, including without limitation any pledge of Net Available Tax Increment revenues from the Project Area to pay any portion of the principal and interest (and otherwise comply with the obligations and covenants) of any bond or bonds heretofore issued or sold or issued or sold in the future by the Agency with respect to the Project Area. 2.4 All payments due to be made by the Agency to the City under this Agreement shall be made by the Agency as soon as possible and in any event no later than the times set forth in Exhibit 1 and as otherwise necessary to fund in advance and /or reimburse the City for the costs incurred by City in performing its obligations hereunder. City shall provide Agency with a report from time to time as requested by Agency accompanied by evidence reasonably satisfactory to the Agency's Executive Director that City's progress in the development and construction of the Project is commensurate with the amount of the payments made or to be made by Agency and that City will incur or has incurred costs or obligations equal to or greater than the amount requested. 3 ATTY /AGR/2011.022/ RWC PUBLIC IMPROVEMENTS REUMBURSEMENT AGREEMENT 030711 REVISED