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ORIGINAL <br /> <br /> AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND THE <br /> REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY FOR PAYMENT <br /> OF DEVELOPER SUBSIDY BY AGENCY AND DISCHARGE OF AGENCY DEBT <br /> TO CITY <br /> <br /> THIS IS AN AGREEMENT entered into on the ~ day of <br />, 1996, between the CITY OF REDWOOD CITY, a municipal <br />corporation of the State of California ("City"), and THE <br /> <br />REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY, a public <br />entity created pursuant to the Community Redevelopment Law <br />("Agency") (hereinafter collectively referred to as the <br />"Parties"). <br /> <br /> WITNESSETH <br /> <br /> WHEREAS, the Community Redevelopment Law recognizes and <br />encourages cooperation with and mutual support of cities and <br />the redevelopment agencies established within their borders; <br />and <br /> <br /> WHEREAS, in 1991, in response to a state-wide fiscal <br />crisis and in an attempt to alleviate a budget shortfall , <br />the legislature adopted SB 884; and <br /> <br /> WHEREAS, SB 884 imposed a duty on cities, counties, <br />redevelopment agencies and other public agencies to <br />contribute funds to a County administered special fund <br />entitled the "Educational Reimbursement Augmentation Fund <br /> <br /> 1 <br /> AK/D~S:ver. 6:4/ll/~ <br /> <br /> <br />