Agmt11 Redevelopment Agency of the City of Redwood City

Browse Search

2. Condition Precedent to Effectiveness of Agreement. This Agreement shall become effective and binding on the Parties only upon the Califomia Supreme Court lifting the stay of enforcement of AB 1 X 26 and AB 1 X 27 and/or a court of competent j urisdiction determines that AB 1X 26 and AB 1X 27 aze constitution and valid. 3. Transfer of Tax Increment to Ciri. Throughout the term of this Agreement, Agency hereby agrees to transfer to City, out of Tax Increment or any other available funds, an amount equal to the amount of the Community Remittance for each fiscal yeaz, as determined under Health and Safety Code Section 34194. No later than January 10 and May 10 of each fiscal yeaz, Agency shall transfer to City one-half of the Community Remittance payment specified for such fiscal yeaz, as determined pursuant to Health and Safety Code Section 34194 in order that City may timely make the Community Remittance payments. The City and Agency agree that if Agency does not have sufficient Tax Increment available to make the full Community Remittance payment in any fiscal yeaz, City shall have no obligation to use City funds for such purpose, in which case the Agency may be deemed to be dissolved under Health and Safety Code Section 34195. Notwithstanding the foregoing, so long as the partial stay of enforcement of AB 1X 26 and AB 1X 27 is in effect, Agency shall have no obligation to transfer any monies under this Section 3 for the duration of the stay. 4. Ciri Pavment of Community Remittance Each Fiscal Year. Subject to the timely receipt of Tax Increment or other funds from the Agency in an amount equal to the amount of the Community Remittance, the City shall pay to the San Mateo County Auditor-Controller, no later than January 15 and May 15 of each yeaz, one-half of the Community Remittance amount due for such fiscal year while this Agreement is in effect. The City's obligation to make such Community Remittance payments shall be a special limited fund obligation of the City payable solely from Tax Increment or other funds paid to the City by the Agency pursuant to this Agreement. Nothing contained in Uus Ageement is intended to nor shall be deemed to be a pledge of the City's general fund revenues or other City assets to pay the Community Remittance for any fiscal year. Notwithstanding the foregoing, so long as the partial stay of enforcement of AB 1X 26 and AB 1X 27 is in effect, City shall have no obligation to make the Community Remittance payment for the duration of the stay. 5. Termination. This Agreement shall be deemed null and void if AB 1X 26 and AB IX 27 aze determined by a court of competent jurisdiction to be unconstitutional, illegal, invalid or otherwise unenforceable or inapplicable, for any reason or in any manner. Notwithstanding the foregoing or any other provision of this Agreement, either the City or the Agency may terminate this Agreement at any time, for any reason or no reason. 6. General Provisions 6.1 Notices, Demands and Communications Between the Parties. Any and all notices submitted by either Party to the other Party pursuant to or as required by this Agreement shall be proper, if in writing and transmitted to the address of the City or the Agency, as applicable, set forth below in this Section 6.1, by one or more of the following methods: (1) messenger for immediate personal delivery; (2) a nationally recognized overnight (one business day) delivery service (i.e., Federal Express, United Parcel Service, etc.); or (3) registered or certified United States mail, postage prepaid, return receipt requested. Such notices may be sent in the same ATI'Y/AGRR01 L076/CITY-AGENCY COMMUNITY REMITTANCE AGREEMENT 082611 3