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<br /> � 17is[rict Adrniryistrsation C7f3'ice + $15 r111e�r�an Str�et, Reclwr�c�d City, California �40E�3 '���s,., �
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<br /> E1CIARD OP F..DUCAYION ,J�,�T�7 � � �C��� St3pEftINTENOEMT tJi SCH60LS'1. �
<br /> MARGARET MAftSHAL4. PRESio€.NT �� • „.,�....
<br /> KEIVh1E7W G.HILI.
<br /> PATRlCIA EiR4WIV,vrc�w�esioEN7 ,
<br /> ` W1�K V�LC7Z, CLEftK Y��,1;�
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<br /> . AMAOC7R E3WSTC?S , . . � � . �� Fo ,.
<br /> . ' RC7BER7 PAFtSONS '•''��.�,,�:
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<br /> MEMORANDUM OF UI�DERST�NDING ,',';:'�
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<br /> `The R�development Ag�ncy af th� City c�f Redwac�d City
<br /> : (hereinafter referr�d to as '"Agency") and the R�riwc�od City � � , ,:
<br /> Schaal D�.strict (h�ceinaf��r ref�rreci to as "District"'; hercby 'Jn ��..
<br /> a;ree tc� the fallc�wing : .,.:',:,:��:'�.
<br /> Redwood City is prapc�sin� � r�dcv�lapmen� praj �ct entitled
<br /> ��Redwaoc� Ci�y Recievelopm�nt Pra,-j ect ��.rc�a No . 2 , " It is recog- �.� ,.
<br /> nized, however, tha� Red�aoaci Ci.ty h�s no desir� to divert r�-
<br /> sources a��ay from aLher 1.acal r;c�v�rnment �:ig�ncies ta �•7hich they
<br /> would oth�rwis� b� �ntitl�d, nar is ir Ch� ��sire a.� Redwood City
<br /> to have �ith�r �he City or its ����v�la�men� A�;ency act in such �
<br /> a mann�r as tc� cr��t� l�aarciship u�on anv c��h�r �avernmen�al ag�ncy.
<br /> Ye� i;� is also r�cc��ni;�eci that th� basic structuring af public
<br /> �'inance in Calif�rni� is potentially sut�j ect to unforeseen changes :.;;� �x :
<br /> of state law which may interfac� wi�h the then current activities 5 r'4� Yx;;�
<br /> ��,. � � af the redev�lopment �}�roj�c� in such a way as to work a severe " , ` � �•
<br /> financial hazc3ship on one or mc�re lc�cal �ov�rnrn�nt en�ities . .
<br /> . _
<br /> There�ore , in. ret�rn �or C��c� Di.:��:rict " s ��;r��in�; nat to conCest
<br /> the Ag�ncy ' � �sta}�l.is£-�n�ent of this rcdc�vEyl.opn�enG projec� , th�
<br /> Ag�ncy a�,r��s as �c�Ilows :
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<br /> . I.� schcsol financ� laws ch�.rY�� in a manner so �s to cause . . ,:
<br /> D�strict to lase r�vez�uc� b�causc� of th� �xistence of the red�velop- °_'
<br /> ment praject anci tax incrcme.nt f.inancin�;, such losses shall '
<br /> become d�bts of the ��,�ncy anci such d�bts shall be repaid by `
<br /> Agency as s�t fc7rth b�low. The A�,�r�c� ;�h��ll not incur any acidi- � " '
<br /> tional dc�b� until a mutually a�r�ed upon payment sch�dule for
<br /> reimbursin� th� c�istric�C is . d�veZo��d. The p�3ym�nt schedule wi11
<br /> take into consicir-�r<��ion the cie�;r�e o£ fi.nanci.al. impact �of the
<br /> payrnent schedul,e c�n bc�th the school ciistrict �nd the rest af th�
<br /> carnmuni�y. If �n ���;r.e�m�nt cannc�t b� r. e�chec� or� the repaymenC
<br /> - sch�dul� an arbi.tra�ic�n pE:n��. will be conv�ncci �e� reach a binding .`
<br /> a�reement re�ardin� the �ayments . The panel sh�all consist of a -
<br /> re�resentative selected by the ciistric� af£ected; � reprc�sentativ�
<br /> selc�cteci by t�he Recie.�v�l.c�prn�nt A;�ncy; K�nci a third panel nzember ,
<br /> s�Z�cted by the t�ac� r��r�sentatives . 'I'h�� de�t �to th� district
<br /> shall b� paici by thc� a�;c�ncy accr�rdin�; Co thc} payrnenC schedule, �
<br /> usin� tax incrc?mc�nka revenu� r�nc3/or a�7y oth�r revenue sauree 2�gally .
<br /> availabl� tca Ck�e c��;ency fc�r, this �ur�os� .
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