Laserfiche WebLink
("ERAF") for re-distribution to school districts within the <br />County; and <br /> <br /> WHEREAS, the Agency was required under SB 884 to make a <br />contribution to the ERAF in the amount of $434,203.00; and <br /> <br /> WHEREAS, the Agency and City entered into an <br />arrangement, more particularly described in that <br />Redevelopment Agency staff report dated September 11, 1992, <br />to discharge this statutory obligation of the Agency in a <br />manner detezmined to be mutually beneficial to the Agency and <br />the City; <br /> <br /> WHEREAS, under this arrangement the City, through its <br />Parking Assessment District, made a payment of $434,203.00 to <br />the County to discharge the Agency's ERAF obligation and the <br />Agency funded an equal dollar amount of the City's obligation <br />to the City Center Parking Structure; and <br /> <br /> WHEREAS, in the annual audits of the Agency and the <br />Parking District funds performed in 1993-94 and 1994-95, the <br />auditor has characterized this $434,203.00 as a debt of the <br />Agency to the City (the "Debt"); and <br /> <br /> WHEREAS, the Parties desire to enter into an agreement <br />whereby the Agency discharges the Debt in a manner which will <br />further Agency and City objectives; and <br /> <br /> 2 <br /> AK/DES: ver. 6: 4/11/96 <br /> <br /> <br />