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WHEREAS, under the Disposition and Development Agreement <br />for Phase I of the Sequoia Station Project, as amended (" <br />DDA") between the City, the Agency and Developer, the Agency <br />agreed to pay annually for 15 years a cash subsidy to the <br />Developer of up to $300,000 from property tax generated by <br />the Project and the City agreed that, in the event that in <br />any given year during those 15 years the property tax did not <br />generate this amount, the City would contribute up to half of <br />the sales tax it received that was generated by the Project <br />toward meeting this $300,000 subsidy; and <br /> <br /> WHEREAS, for the 1994-1995 fiscal year the property tax <br />generated by the Project only resulted in the payment to the <br />Developer by the Agency of $164,572.40, obligating the City <br />to pay a balance of $135,427.60 to the Developer; and <br /> <br /> WHEREAS, the parties to this Agreement understand that <br />in future years similar "shortfalls" in the tax increment <br />received by the Agency may occur which will obligate the City <br />to pay to the Developer the balance of the subsidy due under <br />the DDA formula. <br /> <br />NOW, THEREFORE, the parties hereby agree as follows: <br /> <br /> 3 <br /> AK/DES: ver. 6: 4/11/96 <br /> <br /> <br />