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I�MORANDUM OF IJNDEBSTANDING <br /> The Redevelopmeat Ageacq of Che Citq of Redwood Citq (hereinafter refened to as ' <br /> ' "Agency") and the San Flateo County Community College Diatrict (hereinafter • ' <br /> referred to as "Diatrict") herebq agree to the following: <br /> Redwood City is proposing a sedevelopment project eatitled "Hedwood City <br /> Redevelopment Project Area No. 2."` It is secogaized. however, that Redwood CiXy <br /> has no desYre to divert resources_ aw_ a�om othes local goverameat agencies to <br /> = which theid otherwise be eatitled, nor is it the desire of Redwood Citq to , <br /> ^have either the City or its RedevelopmeatLA�ency act in auch a manner as to <br /> create hardship upoa any other governmental agencq. Yet it is also secogaized <br /> that the basic structuring of public fiaance in California is potentially aubject <br /> to unforeseen changes of state law which maq interface with the thea cuneat <br /> activities of the redevelopment psoject in such a way as to work a severe <br /> finaacial hasdahip on one or more local government entities. Therefore, in � <br /> setura for the District'a agseeing not to ooatest the Agency's establishment of <br /> this sedevelopment project, the Ageacq agrees se follows: <br /> If school finance lawa change in a manaer so as to cause Diatrict to lose • <br /> revenue because of the existence of the redevelopmeat project aad tax increment <br /> financing, such losaea shall become debta of the Agency aad auch debts ahall be <br /> repaid by Agency as aet forth beloW. The Ageacq shall not incur any additional <br /> debt uatil a mutually agseed upon payment schedule for reimburaing the District <br /> ia developed. The payment schedule will take iato conaideration the degree of � <br /> financial impact of the payment schedule on both the Diatsict aad the rest of <br /> the community. If aa agreement cannot be reached on the repaymeat schedule, aa <br /> arbitration panel will be convened to seach a binding agreement regardin� the <br /> payments. The panel shall consiat of a sepsesentative selected by the Diatrict <br /> affected; a representative aelected bq the Redevelopment Agencq; aad a third <br /> panel member selected by the two representativea. The debt to the Distsict <br /> ehall be paid by the Agency according to the payment schedule, using tax <br /> increment revenue and/or any othes revenue source legallq available to the <br /> Agency fos this purpose. The parties agree to contiaue working on the laaguage <br /> regarding this Memorandum of Understanding, making it more specific. This <br /> original tiemorandum of Understanding, aigned by both partiea, semains in effect <br /> until anothes mutually agreed upoa document s completed. <br /> Made and entered into this !�� daq of , 1982. • <br /> Redevelop ent Agency of e <br /> City of dwood City <br /> . <br /> � <br /> c.. �Ye►nn l�n..nr�r Pnrn�w..wi►o fnllaoo ni�rrirr� <br />