HomeMy WebLinkAbout0162C - PSUSD TAX INCREMENT PASSTHRU rs City of Palm Springs
David H.Ready,Esq., Ph.D.
City Manager
3200 Easy Tahgoitz Canyon Way,PaLn Springs CA 92262
�FQRN`P Tel 760.322.8350 • Fax 760.323.8207 • TDD 760,864,9327
David.Ready@palmspringsca.gov • w .palmspringsca.gov
May 2,2013
Lisa Howell
Assistant Superintendent, Business Services
Palm Springs Unified School District
980 East Tahquitz Canyon Way
Palm Springs, CA 92262-0119
Dear Ms. Howell:
The Successor Agency to the Palm Springs Community Redevelopment Agency ("Successor
Agency") received your March 25, 2013 letter referencing the pass-through agreements
between the Palm Springs Unified School District("School District")and the former Palm Springs
Community Redevelopment Agency ("RDA") on September 18, 1986, and on November 1, 1989
(collectively "Agreements"), which entitle the School District to annual redevelopment pass-
through payments("Redevelopment Funds").
According to Section 3.3.1 of the Agreements:
"The proceeds of the Fund shall be utilized for the following purposes,or as hereinafter
may be agreed upon between the District and the Agency."
The City and Successor Agency appreciate the School District's efforts to provide new schools
and modernize older schools with capital facilities funds, including Redevelopment Funds.
Therefore,the Successor Agency supports repurposing a portion of these funds for other critical
needs and approves the fallowing uses of Redevelopment Funds:
1. Acquisition of technology devices and infrastructure for students and staff to provide
students with the technological skills and the analytical and creative capacity needed to
succeed in 21" century classrooms and better prepare them for post-secondary education
and ultimately a career.
2. To support the School District's Foundation (The Pinnacle Fund), allowing the School District
to use a portion of its Redevelopment Funds to offset the Foundation's staffing costs of
$150,000 per year for the next three years.
The City looks forward to partnering with the School District in improving technology and
resources to the students and staff of the School District in a manner that is consistent with
public policy. Allowing the uses described above for already-allocated Redevelopment Funds is
one way for the City to support the education the School District provides to students and
families in the City of Palm Springs.
PO Box 2743,Palm Springs CA 92263
We further understand that the repurposing of the Redevelopment Funds by the School District
happens at the District level and does not increase or decrease the amount of Redevelopment
Funds from Successor Agency through Riverside County, nor does it constitute an amendment
to the Agreements described above and therefore does not require either Successor Agency or
Oversight Board action.
If you have any questions regarding the Agreements, please feel free to call John Raymond, the
City's Director of Community & Economic Development, at 760-323-8228 or email him at
John.Raymond@paimspringsca.gov.
We certainly look forward to further cooperation between the City and School District.
Sincerely,
David H. Ready, Esq., Ph.D.
City Manager
cc: Douglas C. Holland, Esq.,Agency Counsel
James Thompson,City Clerk/Chief of Staff
John S. Raymond, Director of Community&Economic Development
Geoffrey Kiehl, Director of Finance and Treasurer
Suzanne Harrell, Harrell&Co.Advisors
Amendment #1 to P.S. Unified
School Distr passthru agr for
tax increment, Bar-Farr, PA8
AGREEMENT #162 & #2352
AMENDMENT TO THE Resolution 445 & 16012, 9-17-86
AGREEMENT FOR COOPERATION BETWEEN
THE PALM SPRINGS UNIFIED SCHOOL DISTRICT
THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS AND
THE CITY OF PALM SPRINGS
3 . 15 The per unit developer-paid school impact fee shall be
reduced for residential developments within the Project Area to reflect,
on a dollar for dollar basis, the funds provided by this agreement for
the benefit of the district. The per unit -developer-paid school impact
fee shall be reduced outside the Project Area for residential develop-
ments to reflect, on a dollar for two dollars basis, the funds pro-
vided by this agreement for the benefit of the District. These calcu-
lations shall be made based upon the revenue estimates for each fiscal
year derived for the equalized tax roles available in August of same
fiscal year. Fee reductions shall become effective January 1st of same
fiscal year. Reductions shall occur in the first year revenues are
provided by this agreement for the benefit of the District.
Exhibit "B" attached is a sample of the calculation referenced
in 3.15 and is made part of this agreement for interpretive purpose.
3. 16 The agency agrees to issue redevelopment bonds, certi-
ficates of participation or other financial obligations to assist the
District for the construction, reconstruction or rehabilitation of the
Palm Springs High School.
The extent of such bonded indebtedness will be determined by the
amount of tax increment provided by the Baristo Farrell and other agency
projects to which the district is entitled. Additional funding for this
purpose may be allocated from other district resources including loans
from the developer fee fund.
EXHIBIT B
PALM SPRINGS UNIFIED SCHOOL DISTRICT
AND THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF PALM SPRINGS
EXAMPLES OF DEVELOPER FEE REDUCTION CALCULATIONS
1 . Within Project Area
Given;
a) Amount distributed to District (From Exhibit "A") $720 . 00
b) Amount distributed to District per unit ($720 : 80*) $ 9 . 00
c) Resultant fee ($636 - $9) $627. 00
* Projected average annual residential construction in Project Area.
2. Outside Project Area
Given;
a) Amount distributed to District (from Exhibit "A" ) $720 . 00
b) Amount distributed to District per unit ($720 : 500**) $ 1 . 44
c) Resultant fee ($636 - $1 . 44) $634 . 56
** Projected average annual residential construction outside of
Project Area.
COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS
DATED(,(
CHAIRMAN
ATTEST:
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ASSISTANT JT,�,,` OW-',
SECRETARY
PALM SPRINGS UNIFIED SCHOOL DISTRICT
DATED PRESIDENT 4'hjt�
ATTEST:
—Y
CLERK
CITY OF PALM SPRINGS
)DATED CITY MANAGER
ATTEST :
CITY
CLERK,,
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Ns Ci.y LcH 01
V
• P.S. Unified School District
passthru agr for tx incr rev
from Baristo-Farrell , PA8
AGREEMENT #162 & #2352
AGREEMENT FOR COOPERATION BETWEResolution 445 & 16012, 9-17-86
THE PALM SPRINGS UNIFIED SCHOOL DISTRICT,
THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS AND
THE CITY OF PALM SPRINGS
1 . ' PARTIES AND DATE
1 . 1 THIS AGREEMENT ENTERED INTO IN THE CITY OF PALM SPRINGS ,
COUNTY OF RIVERSIDE , STATE OF CALIFORNIA, THIS 18TH DAY OF SEPTEMBER,
1986 BETWEEN THE PALM SPRINGS UNIFIED SCHOOL DISTRICT, A PUBLIC AGENCY
(DISTRICT) , THE COMMUNITY REDEVELOPMENT , AGENCY OF THE CITY OF PALM
SPRINGS, A PUBLIC BODY (AGENCY ) AND THE CITY OF PALM SPRINGS (CITY ) ,
2 . RECITALS
2. 1 AGENCY IS PROPOSING TO UNDERTAKE A PROGRAM UNDER THE
CALIFORNIA COMMUNITY REDEVELOPMENT LAW (HEALTH AND SAFETY CODE SECTION
33000 ET SEQ) KNOWN AS THE BARISTO—FARRELL REDEVELOPMENT PROJECT
(PROJECT) FOR THE REDEVELOPMENT, DEVELOPMENT, REPLANNING AND REDESIGN
OF BLIGHTED AREAS WITHIN THE CITY WHICH ARE STAGNANT, IMPROPERLY
UTILIZED , AND UNPRODUCTIVE BECAUSE OF DEFECTIVE OR INADEQUATE STREET
LAYOUT, FAULTY LOT LAYOUT IN RELATION TO SIZE , SHAPE, ACCESSIBILITY,
OR USEFULNESS , OR FOR OTHER CAUSES AND BECAUSE THE AREA REQUIRES
REPLANNING FOR RECLAMATION OR DEVELOPMENT IN THE INTEREST OF THE
GENERAL WELFARE BECAUSE OF VARIOUS REASONS .
2 . 2 THE DISTRICT IS IN RECEIPT OF ORDINANCE NO. 1264
ADOPTED BY THE CITY COUNCIL OF THE CITY OF PALM SPRINGS , CALIFORNIA,
ON JUNE 6 , 1986 AUTHORIZING THE REDEVELOPMENT OF AN AREA WITHIN THE
TERRITORIAL LIMITS OF THE CITY OF PALM SPRINGS BY THE AGENCY.
2 . 3 THE AGENCY HAS FOUND AND DECLARED THAT THERE EXISTS IN
THE CITY BLIGHT AREAS WHICH ARE CHARACTERIZED BY ONE OR MORE OF THOSE
CONDITIONS SET FORTH IN SECTIONS 33031 AND 33032 , CAUSING A REDUCTION
OF, OR LACK OF, PROPER UTILIZATION OF THE AREA TO SUCH AN EXTENT THAT
IT CONSTITUTES A SERIOUS PHYSICAL , SOCIAL, AND ECONOMIC BURDEN ON THE
COMMUNITY WHICH CANNOT REASONABLY BE EXPECTED TO BE REVERSED OR
ALLEVIATED BY PRIVATE ENTERPRISE ACTING ALONE.
2 . 4 AS DEFINED IN SECTION 33353. 2 , THE DISTRICT IS AN
AFFECTED TAXING ENTITY WHICH HAD BONDED INDEBTEDNESS AND GENERAL
PURPOSE PROPERTY TAXES LEVIED ON ITS BEHALF BY THE COUNTY OF RIVERSIDE
ON ALL OF THE PROPERTY LOCATED IN THE PROPOSED REDEVELOPMENT PROJECT
AREA IN FISCAL YEAR 1985-1986.
2 . 5 THE CALIFORNIA COMMUNITY REDEVELOPMENT LAW AUTHORIZED
REDEVELOPMENT AGENCIES TO PAY TO ANY TAXING AGENCY WITH TERRITORY
LOCATED WITHIN A PROJECT AREA OTHER THAN THE COMMUNITY WHICH HAS
ADOPTED THE PROJECT, ANY AMOUNTS OF MONEY WHICH IN THE AGENCY
DETERMINATION IS APPROPRIATE TO ALLEVIATE ANY FINANCIAL BURDEN OR
DETRIMENT CAUSED TO ANY TAXING AGENCY BY A REDEVELOPMENT PROJECT.
2. 6 DISTRICT HAS SUBMITTED OBJECTIONS AND HAS SUBSTANTIATED
BY DATA AND INFORMATION SUBMITTED TO THE AGENCY THE EXTENT AND SCOPE
OF THE PROJECT' S FINANCIAL IMPACT ON THE DISTRICT.
2 .7 DISTRICT AND AGENCY WISH TO ENTER INTO A COOPERATIVE
AGREEMENT BETWEEN THEMSELVES TO PROVIDE MUTUAL• AID AND ASSISTANCE IN
THE REDEVELOPMENT, DEVELOPMENT AND PHYSICAL IMPROVEMENTS OF CERTAIN
AREAS OF THE PROJECT AREA THROUGH THE CONSTRUCTION AND INSTALLATION OF
PUBLIC SCHOOL FACILITIES , BUILDINGS AND STRUCTURES OR OTHER
IMPROVEMENTS INCLUDING PLANNING AND ENGINEERING COSTS DIRECTLY RELATED
TO SUCH CONSTRUCTION AND INSTALLATION, HEREINAFTER COLLECTIVELY
REFERRED TO AS "PUBLIC SCHOOL FACILITIES" , AND AGENCY AND DISTRICT
HAVE A COMMON INTEREST IN AND WISH TO FACILITATE REDEVELOPMENT AND TO
PROVIDE FOR THE COOPERATION OF DISTRICT AND AGENCY IN CARRYING OUT THE
REDEVELOPMENT ACTIVITIES , GOALS AND OBJECTIVES SET FORTH IN THE
REDEVELOPMENT PLAN.
2 . 8 DISTRICT AND AGENCY RECOGNIZE THE NEED TO PROVIDE
ADEQUATE PUBLIC SCHOOL FACILITIES TO SERVE THE PROJECT OR THE
IMMEDIATE NEIGHBORHOOD IN WHICH THE PROJECT IS LOCATED IN ORDER TO
ASSIST IN ELIMINATING BLIGHTING CONDITIONS AND HAVE DETERMINED THAT
SUCH FACILITIES , BOTH IN AND OUT OF THE PROJECT AREA, ARE OF PRIMARY
BENEFIT TO THE PROJECT AREA OR THE IMMEDIATE NEIGHBORHOOD IN WHICH THE
PROJECT IS LOCATED AND THAT REDEVELOPMENT FINANCING IS THE ONLY MEANS
OF FINANCING ALL OR A PORTION OF THE REHABILITATION, CONSTRUCTION, AND
RECONSTRUCTION OF SUCH PUBLIC SCHOOL FACILITIES IN CONJUNCTION WITH
OTHER AVAILABLE DISTRICT FINANCING.
2 . 9 AGENCY HAS FOUND AND DETERMINED THAT IT WOULD BE IN THE
BEST INTEREST OF THE AGENCY TO PARTICIPATE WITH THE DISTRICT BY
PLEDGING A PORTION OF ITS TAX INCREMENT REVENUE TO THE DISTRICT AS ,
PROVIDED IN SECTIONS 33401 AND 33445 TO BE USED FOR THE
REHABILITATION, CONSTRUCTION AND RECONSTRUCTION OF PUBLIC SCHOOL
FACILITIES AND BY OTHERWISE EXPANDING AND IMPROVING THE COMMUNITY ' S
PUBLIC SCHOOL FACILITIES .
2 . 10 IT IS THE INTENT AND DESIRE OF THE DISTRICT AND AGENCY
TO EXPEDITE AND FACILITATE THE IMPLEMENTATION OF ELIGIBLE PROJECTS BY
THE DISTRICT WHICH ARE INSIDE OR OUTSIDE THE BARISTO-FARRELL
REDEVELOPMENT PROJECT AND WHICH PRIMARILY BENEFIT SAID PROJECT AND THE
GOALS AND OBJECTIVES OF THE REDEVELOPMENT PLAN. TO THIS END AND IN
ACCORDANCE WITH ITS POLICIES , RULES , AND REGULATIONS , THE DISTRICT
WILL EXPEND THE REVENUES PAID TO IT PURSUANT TO THIS AGREEMENT FOR THE
EFFECTIVE IMPLEMENTATION OF THE REDEVELOPMENT PLAN, ITS GOALS AND
OBJECTIVES.
2 . 11 AGENCY AND DISTRICT, IN CONSIDERATION OF THESE MUTUAL
UNDERTARINGS , DESIRE TO COOPERATIVELY PROVIDE FOR THE REDEVELOPMENT OF
CERTAIN AREAS OF THE CITY.
NOW THEREFORE IN CONSIDERATION OF THE FOREGOING AND THE MUTUAL
PROMISES AND COVENANTS CONTAINED HEREIN, THE PARTIES HERETO AGREE AS
FOLLOWS : 0 •
3 . TERMS
3 . 1 FIFTY PERCENT ( 50% ) OF ALL TAXES ATTRIBUTABLE TO THAT
AREA WITHIN THE TERRITORIAL LIMITS OF THE DISTRICT RESULTING FROM AN
INCREASE IN THE ASSESSED VALUATION OF THE PROJECT AREA OVER THE BASE
YEAR WHICH WOULD HAVE OTHERWISE BEEN LEVIED UPON TAXABLE PROPERTY IN
THE PROJECT AREA BY OR FOR THE BENEFIT OF THE DISTRICT AND WHICH ARE
ALLOCATED TO AGENCY PURSUANT TO SECTION 33670 (b ) (TAX INCREMENT)
SHALL BE PAID BY AGENCY INTO A TRUST FUND TO BE ADMINISTERED FOR THE
EXCLUSIVE BENEFIT OF THE DISTRICT AND DESIGNATED AS THE "PALM SPRINGS
UNIFIED SCHOOL DISTRICT TRUST FUND" HEREINAFTER CALLED "FUND" .
PAYMENTS INTO THE FUND SHALL BE SUBJECT TO THE PROVISIONS OF SECTION
3 . 8 OF THIS AGREEMENT WHEREBY AN AMOUNT NOT TO EXCEED 20 % OF THE
DISTRICT FUND MAY BE USED BY THE AGENCY TO SATISFY THE REQUIREMENTS OF
HEALTH AND SAFETY CODE SECTION 33334. 2 FOR LOW AND MODERATE INCOME
HOUSING .
EXHIBIT "A" ATTACHED IS A SAMPLE OF THE CALCULATION
REFERENCED IN 3 . 1 AND 3 . 8 AND IS MADE A PART OF THIS AGREEMENT FOR
INTERPRETIVE PURPOSES .
3 . 2 THE PROCEEDS OF THE "FUND" INCLUDING ACCRUED INTEREST
SHALL BE TO PAY THE PRINCIPAL OF AND INTEREST ON LOANS , MONEY ADVANCED
TO, OR INDEBTEDNESS, (WHETHER FUNDED, REFUNDED, ASSUMED OR OTHERWISE)
INCURRED BY DISTRICT TO FINANCE OR REFINANCE, IN WHOLE OR IN PART, THE
REHABILITATION, CONSTRUCTION OR RECONSTRUCTION OF NEW OR EXISTING
PUBLIC SCHOOL FACILITIES AND FOR ANY OTHER PURPOSE ENUMERATED IN
SECTION 3 . 3 . 1 . WHEN THE ANNUAL DEBT SERVICE FOR SUCH LOANS , ADVANCES
AND INTEREST THEREOF, HAVE BEEN PAID IN ANY ONE YEAR, ALL MONIES
THEREAFTER RECEIVED FROM TAXES IN THAT YEAR IN ACCORDANCE WITH SECTION
3 . 1 OR ANY LESSER PORTION THEREOF AGREED 'TO BY THE PARTIES ,
ATTRIBUTABLE TO DISTRICT, UPON THE TAXABLE PROPERTY WITHIN THAT
PORTION OF SUCH REDEVELOPMENT PROJECT INCLUDED WITHIN THE TERRITORIAL
LIMITS OF DISTRICT SHALL CONTINUE TO BE PAID TO "FUND" PURSUANT TO
THIS AGREEMENT.
3 .3 DISTRICT SHALL ANNUALLY ADOPT A BUDGET AND A CAPITAL
IMPROVEMENT PROGRAM SETTING FORTH THE REHABILITATION, CONSTRUCTION,
RECONSTRUCTION OR OTHER ACTIVITIES BEING UNDERTAKEN. THE DISTRICT
SHALL SUBMIT ITS BUDGET PLAN TO THE AGENCY IN ACCORDANCE WITH THE
"CRITERIA FOR USE OF FUND" ENUMERATED IN SECTION 3 .3 . 1 AND THE AGENCY
SHALL APPROVE OF THE BUDGET AS LONG AS THE BUDGET PLAN ADHERES TO THE
CRITERIA ESTABLISHED IN SECTION 3 . 3 . 1 AND IS IN CONFORMANCE WITH THE
REDEVELOPMENT PLAN. SUCH APPROVAL PROCESS SHALL INCLUDE FINDINGS THAT
THE BUDGET AND PROJECTS ARE IN CONFORMANCE WITH THE GOALS , OBJECTIVES
AND INTENT OF THE REDEVELOPMENT PLAN AND THIS AGREEMENT.
THE DISTRICT AGREES TO CONSTRUCT, INSIDE OR OUTSIDE THE
PROJECT AREA, FACILITIES NECESSARY TO HOUSE STUDENTS AT SUCH TIME AS
ENROLLMENT PROJECTIONS INDICATE THAT SUCH FACILITIES ARE NECESSARY AND
AT SUCH TIME AS BOND FUNDS OR OTHER FUNDING FOR SUCH CONSTRUCTION IS
PROVIDED BY PLEDGING TAX INCREMENT FOR PAYMENT OF BONDED OR OTHER
INDEBTEDNESS .
3 . 3 .1 CRITERIA FOR USE OF FUND
THE PROCEEDS OF THE FUND SHALL BE UTILIZED FOR THE
FOLLOWING PURPOSES , OR AS HEREINAFTER MAY BE AGREED UPON BETWEEN THE
DISTRICT AND THE AGENCY:
1 . REHABILITATION, CONSTRUCTION AND/OR RECONSTRUCTION
OF:
A. PERMANENT OR TEMPORARY CLASSROOMS ,
B . GYMS , ATHLETIC OR RECREATIONAL, FACILITIES ,
AND POOLS ,
C . LIBRARY, AUDITORIUM AND SCHOOL SITE
ADMINISTRATION FACILITIES,
D . DISTRICT ADMINISTRATIVE OFFICE, MAINTENANCE AND
WAREHOUSING FACILITIES ,
E. ON SITE PUBLIC IMPROVEMENTS SUCH AS SIDEWALKS
CROSSWALKS , LIGHTS , CURBS , GUTTERS AND STREETS ,
F. LANDSCAPING, IRRIGATION AND LIGHTING AND
G . OTHER ANCILLARY FACILITIES AND EQUIPMENT
APPURTENANT TO A SCHOOL OR DISTRICT FACILITY TO MAKE
SUCH
FACILITIES OPERABLE .
2 . ACQUISITION OF PROPERTY FOR PUBLIC SCHOOL
FACILITIES , DISTRICT ADMINISTRATIVE AND OTHER
SUPPORT SERVICES
3 . DESIGN, PLANNING AND ENGINEERING COSTS EQUAL
TO NOT MORE THAN 2006 OF THE ACQUISITION,
REHABILITATION, CONSTRUCTION OR RECONSTRUCTION COST
OF THE SPECIFICALLY DESIGNATED PROJECT.
3 .4 THE MONIES REQUIRED TO BE PAID INTO THE FUND BY THIS
AGREEMENT SHALL BE PAID TO FUND NOTWITHSTANDING ANY AGENCY BOND
RESOLUTION OR INDENTURE PROVIDING FOR THE ISSUANCE TO TAX ALLOCATION
BONDS , OR OTHER FORMS OF INDEBTEDNESS INCURRED BY AGENCY UNDER THE
COMMUNITY REDEVELOPMENT LAW INCLUDING REVENUES TO BE DISTRIBUTED TO
OTHER AFFECTED TAXING ENTITIES TO ALLEVIATE ANY FINANCIAL BURDEN OR
DETRIMENT CAUSED BY AGENCY 'S PROJECT, EXCEPT AS MAY THEREAFTER BE
MUTUALLY AGREED UPON.
3 . 5 THAT PORTION OF TAXES WHICH ARE TO BE ALLOCATED TO
AGENCY PURSUANT TO SECTION 33670 (b) AND WHICH ARE TO BE PAID TO THE
FUND PURSUANT TO SECTION 3 . 1 SHALL BE ALLOCATED AND PAID TO THE FUND
NO LATER THAN THIRTY ( 30 ) DAYS AFTER TAXES ARE ALLOCATED AND PAID TO
AGENCY BY THE RIVERSIDE COUNTY AUDITOR OR OFFICER RESPONSIBLE FOR THE
DISBURSEMENT OF TAXES .
3 . 6 DISTRICT SHALL BE ALLOCATED, IN ADDITION TO THE PORTION
OF TAXES ALLOCATED PURSUANT TO SUBDIVISION (a ) OF SECTION 33670 AND
SECTION 3 . 1 OF THIAGREEMENT, ALL OR ANY PORAN OF THE TAX REVENUES
ALLOCATED TO AGENCY PURSUANT TO SUBDIVISION (b) OF SECTION 33670
ATTRIBUTABLE TO INCREASES IN THE RATE OF TAX IMPOSED FOR THE BENEFIT
OF THE DISTRICT WHICH LEVY OCCURS AFTER THE TAX YEAR IN WHICH THE
ORDINANCE ADOPTING THE REDEVELOPMENT PLAN BECOMES EFFECTIVE.
3 .7 SPECIAL BONDED INDEBTEDNESS TAXES FOR EXISTING DEBT
SERVICE ATTRIBUTABLE TO THAT AREA WITHIN THE TERRITORIAL LIMITS OF THE
DISTRICT 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 ORDINANCE NO. 1264 WHICH WOULD HAVE BEEN ALLOCATED
TO AGENCY PURSUANT TO SECTION 33670 (b ) SHALL CONTINUE TO BE COLLECTED
BY THE COUNTY OF RIVERSIDE AND WHEN SO COLLECTED SHALL BE ALLOCATED
AND PAID TO THE DISTRICT AND SHALL BE USED TO PAY THE PRINCIPAL OF AND
INTEREST OF EXISTING BONDED INDEBTEDNESS. WHEN SUCH INDEBTEDNESS, IF
ANY, AND INTEREST THEREOF, HAS BEEN PAID , ALL MONIES THEREAFTER
RECEIVED FROM TAXES ATTRIBUTABLE TO THE DISTRICT UPON THE TAXABLE
PROPERTY WITHIN THAT PORTION OF SUCH REDEVELOPMENT PROJECT INCLUDED
WITH THE TERRITORIAL LIMITS OF PROJECT SHALL BE ALLOCATED PURSUANT TO
SECTION 33670 .
3 . 8 TAX INCREMENT ALLOCATED TO DISTRICT BY AGENCY UNDER
THIS AGREEMENT SHALL INCLUDE ALL ALLOCATIONS OF SUCH TAX INCREMENT
EXCEPT THAT AN AMOUNT NOT TO EXCEED 20% OF FUNDS COLLECTED PURSUANT TO
SECTION 3 . 1 WILL BE DEDUCTED FROM THE FUND FOR THE PURPOSE OF
SATISFYING THE REQUIREMENTS OF HEALTH AND SAFETY CODE SECTION 33334. 2.
TAX INCREMENT PAYMENTS REDUCED TO DISTRICT UNDER THIS SECTION SHALL BE
INCREASED PROPORTIONALLY IN THE EVENT AGENCY REDUCES OR ELIMINATES THE
DEPOSIT OF TAX INCREMENT TO AGENCY' S LOW AND MODERATE INCOME HOUSING
FUND.
3 . 9 MONIES INCLUDING INTEREST ACCRUED, OTHERWISE REQUIRED
BY THIS AGREEMENT TO BE PAID TO DISTRICT BY AGENCY MAY BE RETAINED IN
WHOLE OR PART BY AGENCY UPON REQUEST OF DISTRICT. SUCH FUNDS
INCLUDING INTEREST SHALL BE ALLOCATED BY AGENCY TO THE FUND AND SHALL
BE USED TO PAY ON BEOLF OF THE DISTRICT THE PR OVCIPAL OF AND INTEREST
ON LOANS , CONSTRUCTION PROJECTS , MONEY ADVANCED TO, OR INDEBTEDNESS
(WHETHER FUNDED, REFUNDED, ASSUMED OR OTHERWISE) INCURRED BY AGENCY TO
FINANCE OR REFINANCE IN WHOLE OR PART, THE PROJECTS SET FORTH IN
SECTION 3 . 3 OF THIS AGREEMENT.
4 . 0 IF AFTER THIS AGREEMENT IS EXECUTED , THE STATE OF
CALIFORNIA ENACTS LAWS OR POLICIES TO CONFLICT WITH ALL OR ANY PORTION
OF THIS AGREEMENT, THE AGENCY AND DISTRICT MAY MUTUALLY AGREE TO
EXCUSE PERFORMANCE OF ALL OR ANY PORTION OF THIS AGREEMENT . IN THE
EVENT ANY SECTION OR PORTION OF THIS AGREEMENT SHALL BE HELD, FOUND OR
DETERMINED TO BE UNENFORCEABLE OR INVALID FOR ANY REASON WHATSOEVER,
THE REMAINING PROVISIONS SHALL REMAIN IN EFFECT, AND THE PARTIES
HERETO SHALL TAKE FURTHER ACTIONS AS MAY BE NECESSARY AND AVAILABLE TO
THEM TO EFFECTUATE THE INTENT OF THE PARTIES TO ALL PROVISIONS SET
FORTH -IN THIS AGREEMENT.
4 . 1 IF EITHER PARTY COMMENCES LITIGATION AGAINST THE OTHER
FOR THE PURPOSE OF DETERMINING OR ENFORCING ITS RIGHT HEREUNDER OR FOR
MONEY DAMAGES FOR A BREACH HEREOF OR FOR OTHER EQUITABLE RELIEF
RELATED HERETO, THE PREVAILING PARTY SHALL BE ENTITLED TO RECEIVE FROM
THE LOSING PARTY, ATTORNEY FEES IN AN AMOUNT DETERMINED BY THE COURT;
TOGETHER WITH COSTS REASONABLY INCURRED IN PROSECUTING OR DEFENDING
SUCH ACTION.
4 . 2 DISTRICT AND AGENCY MUTUALLLY AGREE TO ASSIST EACH
OTHER IN THE IMPLEMENTATION OF THE REDEVELOPMENT PLAN IN ACCORDANCE
WITH APPLICABLE STATE AND FEDERAL LAWS . DISTRICT AND AGENCY SHALL
SUPPLY TO ONE ANOTHER SUCH INFORMATION AND REPORTS AS FROM TIME TO
TIME EITHER MAY REQUIRE TO UNDERTAKE THEIR RESPECTIVE OBLIGATIONS .
COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF PALM SPRINGS i
i
DATED �S/,j'L CHAIRMAN
ATTEST; § r��4da'
ASSISTANT
SECRETARY AGENCY SSA RZS, No..�./
PALM SPRINGS UNIFIED SCHOOL DISTRICT
DATED August 20, 1986 PRESIDENT I neC
ATTEST:
4 I—e—A—V ��Z(l
CITY OF PALM SPRINGS
DATED �� �� CITY MANAGER
ATTEST: APPIZOVED DDT r CIT'°a C. url-j u
CITY
CLERK
�f�PROVEFI is To 1,616�1
/'Y-SSaYp�.ril�,,Y" 3ii,it7V'S"tlFl�i
C3EaI�
EXHIBIT A
PALM SPRINGS UNIFIED SCHOOL DISTRICT
AND THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF PALM SPRINGS
EXAMPLE OF PASS-THROUGH CALCULATION
Given ;
1 ) Current Year Assessed Valuation $ 11100 , 000
2 ) Less : Base Year Assessed Valuation 00 , 000
3 ) Equals : Tax Growth from Ease Year 0,00 , 000
s ) Tax Increment Generated •? 1% Levy 0 , 000
S ) Amount Generated By District @ 30% '_ , 300
o ) 40 % Distribution to District 720
7 ) 40 '1 Distribution to agency 720
3 20 % To Low/Moderate Income Housing 300