Agmt11 Redevelopment Agency of the City of Redwood City

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H. The California Director of Finance has notified the City that its Community Remittance for Fiscal Yeaz 2011-2012 is Four Million Nine Hundred Twelve Thousand Six Hundred Forty-Six Dollars ($4,912,646); and I. California Health and Safety Code Section 34194.2, enacted by AB 1X 27, provides that the City may enter into an agreement with the Agency, whereby the Agency will transfer a portion of the taxes allocated to it pursuant to Health and Safety Code Section 33670 ("Tax Increment") to the City in a particulaz fiscal year, in an amount not to exceed the amount of the Community Remittance for such fiscal year, for the purpose of financing activities within the Project Area related to the Agency's goals; and J. The Agency desires to transfer an annual amount of Tax Increment to the City and the City desires to accept such transfer of Tax Increment from the Agency, in an amount not to exceed the amount of the Community Remittance required under AB 1 X 27, beginning in Fiscal Yeaz 2011-2012 and in each subsequent fiscal yeaz, for as long as the City is paying a Community Remittance, all in accordance with the terms and condiuons of this Agreement; and K. A Petition for Writ of Mandate was filed in the Supreme Court of the State of California on July 18, 2011 (California Redevelopment Association, et al. v. Ana Matosantos, et al., Case No. 5194861), challenging the constitutionality of AB I X 26 and AB 1 X 27 on behalf of cities, counties and redevelopment agencies and requesting a stay of enforcement; and L. On August 11, 2011, the California Supreme Court agreed to heaz the petition and issued a partial stay of enforcement of AB 1X 26 and AB I X 27 and on August 17, 2011 issued a modified partial stay of enforcement of AB 1 X 26 and AB 1 X 27; and M. While the City currently intends to make these Community Remittances, they shall be made under protest and without prejudice to the City's right to recover such amounts and interest thereon, to the extent there is a final determination that AB 1X 26 and AB 1X 27 aze unconstitutional; and N. The City reserves the right, regardless of any community remittance made pursuant to this Ordinance, to challenge the legality of AB 1 X 26 and AB 1 X 27; and O. To the e3ctent the California Supreme Court stay of the Alternative Voluntary Redevelopment Program's payment obligation of AB 1X 26 and AB 1X 27 remains effective, the City is not be obligated to make any community remittance for the duration of such injunction, restraint, or stay. AGREEMENT NOW, THEREFORE, in consideration of the promises of the City and the Agency contained in this Agreement and other good and valuable consideration, the City and the Agency agree as follows: 1. Incorooration of Recitals. The Recitals of fact set forth preceding this Agreement aze true and correct and are incorporated into this Agreement in their entirety by this reference. , ATTY/AGR/2011.076/CITY-AGENCY COMMUNITY REMI'ITANCE AGREEMHNT 082611 2