HomeMy WebLinkAboutContracts & Agreements_24A-1975_CCv0001.pdf AGREEMENT BETWEEN THE CITY OF REDLANDS
AND THE REDEVELOPMENT AGENCY OF THE
CITY OF REDLANDS PROVIDING FOR THE
REIMBURSEMENT OF FUNDS EXPENDED AND
TO BE EXPENDED BY THE CITY OF
REDLANDS FOR THE BENEFIT OF THE
REDLANDS REDEVELOPMENT PROJECT
THIS AGREEMENT is made as of June 19, 1975, by and between
the City of Redlands ("City") , a municipal corporation duly
organized and existing under the laws of the State of California
and the Redevelopment Agency of the City of Redlands ("Agency") ,
a public body corporate and politic organized and existing under
the laws of the State of California.
WITNESSETH:
WHEREAS, Agency, in accordance with and pursuant to the
Community Redevelopment Law, Part 1 of Division 24 of the Health
and Safety Code of the State of California, "Redevelopment Law" ,
is undertaking a redevelopment project known as the "Redlands
Redevelopment Project" ("the Redevelopment Project") in accordance
with a redevelopment plan approved and adopted by the City Council
of City pursuant to Ordinance No. 1500, adopted September 26, 1972
("the Project Plan") as amended; and
WHEREAS, the Redevelopment Plan provides and contemplates that
certain parcels of land within the Redevelopment Project will be
utilized for public parking purposes; and
WHEREAS, City has leased from Agency and Agency has hired to
City certain lands to be used for public parking purposes by that
certain lease agreement by and between City and Agency dated as of
May 1, 1974, recorded as Instrument No. 669 in Book 8697 , Page 967
of Official Records of San Bernardino County on June 17, 1975 (the
"Lease Agreement") ; and
WHEREAS, Agency has issued $2,440, 000 principal amount of
Parking Lease Revenue Bonds, Series A ("the Series A Bonds") to
finance the sacquisition of lands being leased to City under said
Lease Agreement; and
WHEREAS, said Lease Agreement has been amended, by means
of a Lease Agreement Amendment to be dated May 15, 1975 (the
agreement, as amended, being referred to hereinafter as the
"Amended Lease Agreement") , so as to provide for City to lease
from Agency certain lands in addition to those covered by the
Lease Agreement, together with improvements to be constructed
by Agency '(the land and the improvements being referred to col-
lectively hereinafter as the "Parking Project") ; and
WHEREAS, Agency has issued $5,300, 000 principal amount of
Parking Lease Revenue Bonds, Series B (the "Series B Bonds") ,
to finance the balance of the Parking Project; and
WHEREAS, the Series B Bonds and the Series A Bonds will both
be secured by a pledge of rental revenues due from City under the
Amended Lease Agreement; and
WHEREAS, pursuant to Section 33455 of the Redevelopment Law,
reimbursement to City for certain costs of land and construction
within the Redevelopment Project may be made payable by Agency out
of taxes allocated to Agency pursuant to subsection (b) of Section
33670 of the Redevelopment Law ("Tax Allocation Revenues") ;
NOW, THEREFORE, IT IS AGREED as follows:
1. City and Agency hereby find and determine that the Parking
Project will be of benefit to the Redevelopment Project and that
without said Parking Project the redevelopment could not be expected
to take place within the scope .of the Redevelopment Plan.
2. Agency agrees to reimburse City the costs of the Parking
Project, including, but not limited to, payments of rentals, costs
of maintenance and operation due under the Amended Lease Agreement,
and any other costs incurred by City in the administration of the
Redevelopment Project out of any Tax Allocation Revenues available
for the purpose.
3. Any right of City to any portion of the Tax Allocation
Revenues derived from the Redlands Redevelopment Project under this
agreement and under any preceding agreements between City and Agency
shall be subordinate to the rights of holders of any tax allocation
bonds issued by Agency for said project, and so long as any of said
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bonds are oustanding and unpaid within the meaning of any
resolution of Agency providing for their issuance, City shall
have no right to any portion of said Tax Allocation Revenues
except as permitted by such resolution or resolutions.
REDEVELOPMENT AGENCY OF THE
CITY OF REDLANDS
BY
Chairman
ATTEST:
Secretary CITY OF REDLANDS
(SEAL)
By
Mayor
ATTEST:
City Clerk
(SEAL)
APPROVED FOR FORM:
City Attorney
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