HomeMy WebLinkAbout00148C - CV MOSQUITO ABATEMENT DISTRICT PASSTHRU PA8 • CV Mosquito Abatement Distr
passthru in Baristo-Farrell
redev prof area, PA#8
AGREEMENT FOR COOPERATION AGREEMENT #409 Resolution 409, 4_2-86
BETWEEN
THE COACHELLA VALLEY MOSQUITO ABATEMENT DISTRICT
AND
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS
THIS AGREEMENT is entered into on the 2nd day of April
1986, by and between the Coachella Valley Mosquito Abatement District the
"District") and the Community Redevelopment Agency of the City of Palm Springs
(the "Agency") .
RECITALS
WHEREAS the Agency proposes to undertake certain redevelopment activities
in the Baristo-Farrell Redevelopment Project Area pursuant to the Community
Redevelopment Law, in the interests of the health, safety, and general welfare
of the people of the City of Palm Springs.
WHEREAS the Community Redevelopment Law authorizes redevelopment agencies
to provide that any taxing agency with the territory located within a project
area, other than the community which has adopted the project, may receive
an amount of money which in the Agency's determination is appropriate to
alleviate any financial burden or detriment caused to any taxing agency
by a redevelopment project;
WHEREAS the parties wish to enter into a cooperative agreement to provide
mutual aid and assistance in the redevelopment of the Baristo-Farrell Redevel-
opment Project Area and to alleviate any financial burden or detriment caused
to the District by such redevelopment activities; and
WHEREAS in considering this Agreement, the Agency has found and determined
that it would be appropriate to alleviate any financial burden or detriment
caused to the District by the redevelopment activities by providing that
the District shall receive a portion of the tax revenues generated within
the Baristo-Farrell Redevelopment Project Area:
COVENANTS
NOW, THEREFORE, in consideration of the mutual promises and covenants set
forth herein, the parties agree as follows:
ARTICLE I. DEFINITIONS
Section 1.01. Definitions. The words and terms in this Agreement, unless
a different meaning clearly appears from the context, shall have the meanings
set forth as follows:
•
a. "Agency" shall mean the Community Redevelopment Agency of the City of
Palm Springs, a redevelopment agency.
b. "Base Year" shall mean the tax year in which the assessment roll of
the County was last equalized prior to the effective date of the Ordinance
adopting the Redevelopment Plan for the Baristo-Farrell Redevelopment
Project Area, as defined in Section 33670 of the Health and Safety Code.
C. "Bonds" shall mean any bonds, notes, interim certificates, debentures
or other obligations issued by the Agency, pursuant to Article V of
Part 1 of Division 24 of the Health and Safety Code (commencing with
Section 33640) .
d. "County" shall mean the County of Riverside, a political subdivision
of the State of California.
e. "District" shall mean the Coachella Valley Mosquito Abatement District,
a public agency.
f. "District Tax Revenues" shall mean the portion of total tax increment
revenues allocated to the District for general fund purposes which amount
is determined by multiplying the District's general tax levy which is
currently 1.2986% by the amount of total tax increment revenue.
g. "Community Redevelopment Law" shall mean Part 1 Division 24 of the Health
and Safety Code (commencing with Section 33000) .
h. "Fiscal year" shall mean the period from July 1 to and including the
following June 30.
i . "Indebtedness" shall mean any principal of the interest on loans, monies
advanced to, or other indebtedness (whether funded, refunded, assumed
or otherwise) incurred by the Agency to finance or refinance, in whole
or in part, any redevelopment projects identified in the Redevelopment
Plan.
j. "Ordinance" shall mean the Ordinance enacted by the City Council adopting
the Redevelopment Plan for the Baristo-Farrell Redevelopment Project
Area.
k. "Baristo-Farrell Redevelopment Project Area" shall mean an area within
the City which is a blighted area, the redevelopment of which is necessary
to effectuate the public purposes specified in the Redevelopment Plan,
as shown on a map on file in the office of the Assistant Secretary of
the Agency.
1 . "Redevelopment Plan" shall mean the plan entitled "Redevelopment Plan,
Baristo-Farrell Redevelopment Project" prepared by the Agency and adopted
by the City for the Baristo-Farrell Redevelopment Project Area, pursuant
to Sections 33330 et. seq. of the Health and Safety Code.
m. "Redevelopment Projects" shall mean those projects identified in the
Redevelopment Plan or Plans.
n. "Redevelopment Activities" shall mean redevelopment set forth in the
Redevelopment Plan or Plans which meets the criteria set forth in Section
33678(b) of the Health and Safety Code.
-2-
o. "Total Tax Increment Revenue" shall mean those taxes generated from
increases in the assessed valuation of property within the Baristo-Farrell
Redevelopment Project Area from and after the effective date of the
Ordinance, pursuant to Section 33670 of the Health and Safety Code,
prior to fulfilling legally binding obligations to alleviate any financial
burden or detriment caused to any taxing agency and prior to allocating
a portion of total tax increment revenue to the Low and Moderate Income
Housing fund required by Sections 33334.2 and 33334.3 of the California
Health and Safety Code.
ARTICLE II. ALLOCATION OF TAX REVENUES
Section 2.01. Allocation of Tax Revenues. From the total tax increment
revenues generated from the Baristo-Farrell Redevelopment Project Area each
year, the District shall receive a percentage of the District Tax Revenues
in the amount specified as follows:
a. One hundred percent (100%) of the District Tax Revenue, less that amount
to be retained and set aside by the Agency pursuant to Section 33334.2
of the Health & Safety Code (20 percent setaside for low and moderate
income housing) .
Section 2.02. Financing Limitations. As set forth in Paragraph 540 of
the Redevelopment Plan, the financing limitations are summarized as follows:
a. No loans, advances, or indebtedness to finance in whiDle or in part the
Redevelopment Project and to be repaid from allocation of tax revenues
shall be established or incurred by the Agency beyond 25 years from
the date of adoption of the Redevelopment Plan, unless such time limita-
tion is extended by amendment of the Redevelopment Plan. However, loans,
advances, or indebtedness may be repaid over a term longer than said
25 year period.
b. From time to time, the Agency may issue bonds for any of its corporate
purposes. The Agency may issue bonds on which the principal and interest
are payable in whole or in part from tax revenues. The total outstanding
principal of any bonds issued and repayable from tax revenues shall
not exceed $345,000,000, in constant 1986 dollars at any one time except
by amendment of the Redevelopment Plan.
Section 2.03. Allocation of Tax Revenues from Project Area. The parties
agree that the allocation of tax revenues under this Agreement shall apply
to the Baristo-Farrell Redevelopment Project Area of the Redevelopment Plan
commencing with the Base Year.
Section 2.04. Commencement of Payment. The obligation of the Agency that
the District shall receive payments under this Agreement shall commence
in the first fiscal year in which tax revenues are allocated to the Agency.
-3-
i •
Section 2.05. Alleviation of Financial Burden. The parties agree that
the amount received by the District pursuant to this agreement is appropriate
to alleviate any financial burden or detriment caused to the District by
the Implementation of the Redevelopment Plan.
Section 2.06. Financial Liability. The Agency shall have no financial
liability under this Agreement other than the allocation of tax increment
revenue provided in Section 2.01 hereof.
Section 2.07. Tax Override. Notwithstanding the above sub-section in Article
II to the extent permitted by law, in the event of a tax override or other
increase in tax rate imposed by the District, the District shall be allocated,
in addition to the portion of taxes allocated pursuant to Subdivision(a)
of Section 33670 of the Health and Safety Code and sub-section 2.01 of this
Agreement, those revenues which (i ) are allocated to and received by the
Agency pursuant to Section 33670(b) of the Health and Safety Code, and (ii )
represent funds that are directly attributable to a tax override or increase
in the tax rate imposed by the District.
Section 2.08. Two Percent (2%) Inflater Tax Allocation. Payments made
to District pursuant to Section 2.01 shall include and not be in addition
to taxes attributable to that area within the territorial limits of District,
as shown upon the assessment roll last equalized prior to the effective
date of the Redevelopment Plan and which are, or otherwise would be,
re-evaluated annually according to the provisions of Subdivision (F) of
Section 110.1 of the California Revenue and Taxation Code and which would
have otherwise been levied upon taxable property in the Project Area by
or for the benefit of the District after the effective date of the
Redevelopment Plan and which are allocated to District pursuant to law.
ARTICLE III. COSTS AND EXPENSES
Section 3.01. Operation and Maintenance Costs. The Agency may not use
tax revenues allocated to the Agency for payment of operation and/or mainte-
nance costs incident to any Redevelopment Project.
Section 3.02. Employee and Contractual Services. The Agency may use tax
revenues for the purpose of paying for employee or contracted services,
provided that such services are directly related to the purposes set forth
in Section 33020 and 33021 of the Health and Safety Code and the powers
established in the Community Redevelopment Law.
ARTICLE IV. GENERAL PROVISIONS
Section 4.01. Mutual Assistance. The District will assist Agency in the
planning, financing, acquisition, construction, and operation of redevelopment
activities undertaken by Agency, in accordance with applicable state and
federal law.
Section 4.02. Effective Date and Term. This Agreement shall become effective
upon the date of execution of this Agreement and shall remain in effect
during the term of the Redevelopment Plan. If litigation is enacted against
the Redevelopment Plan, this Agreement shall be considered null and void.
-4-
Section 4.03. Modification. This Agreement shall not be modified except
by written agreement of the parties. In the event the Agency issues bonds
to finance redevelopment activities in the Project Area, if required by
Agency Bond Counsel the parties agree to consider any amendments not
materially affecting the rights of any parties hereunder as to the allocation
of tax increments, to facilitate the issuance of bonds.
Section 4.04. Entire Agreement. This Agreement constitutes the entire,
complete and final expression of the agreement of the parties.
IN WITNESS WHEREOF, the parties have executed this Agreement on the day
and year first above written.
COACHELLA VALLEY MOSQUITO
ABATEMENT DISTRICT
BY
� "Chairm n�
ATTEST:
cli
C irk/ o� tri ct i
COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SPRINGS, CA;-I�ORNIA
BY �,
Cha' an >
ATTEST:
APPRO. IED BY Y IE COMw1AUWITY REDEr.
Executive Director,/ AGENCY BY RES, rJ0. ;% 4%
-5-