HomeMy WebLinkAbout00109C - PA7 HIGHLAND GATEWAY MOSQUITO ABATEMENT DISTRICT REIMBURSEMENT TAX INCREMENT PASSTHRU . AGREEMENT FOR COOPERATIO18_ V Mosquito Abatement Distr
tax increment passthru agr
BETWEEN for Highland-Gateway, PA#7
THE COACHELLA VALLEY MOSQUITO ABATEMEN AGR #109, 12-5-84
and R275, 12-5-84
COMMUNITY REDEVELOPMENT AGENC'._ - - - - -OF THE CITY OF PALM SPRINGS WJ
THIS AGREEMENT is entered into on the 5th day of December ,1984,
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
Highland-Gateway 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 territory, located within a project area, other than
the c ormunity 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 Highland-Gateway Redevelopment
Project Area and to alleviate any financial burden or detriment caused to the
District by such redevelopment activities; and
Wr.=REAS in considering this Agreement, the Agency has round and determined that
it would be appropriate to alleviate any financial burden or detriment caused z0
the District by the redevelopment activities by providing that the District shall
receive a portion of the tax revenues generated within the Highland-Gateway
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
di=ferent 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 Highland-Gateway Redevelopment Project Area, as
eefined 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
S gate of California.
e. "District" shall mean the Coachella Valley Mosquito Abatement District, a
cLblic agency.
f. "District Tax R nues" 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 of 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 and interest on loans, moneys
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 Highland-Gateway Redevelopment Project Area.
k. " Highland-Gateway 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 Secretary of the Agency.
1 . "Redevelopment Plan" shall mean the plan entitled "Redevelopment Plan, High-
land-Gateway Redevelopment Project" prepared by the Agency and adopted by the
City for the Highland-Gateway 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.
o. "Total Tax Increment Revenue" shall mean those taxes generated from increases
in the assessed valuation of property within the Highland-Gateway 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 Highland-Gateway 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 (100b) 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 (505) of the
Redevelopment Plan, the financing limitations are summarized as follows:
a. No loans, advances, or indebtedness to finance in while 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 limitation 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 $65,000,000
in constant 1984 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 High-
land-Gateway 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.
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 Plans.
Section 2.06. Financial Liability. The Agency shall have not 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 201 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.
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 maintenance 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.
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—SAX A "A W'
Chairman
ATTEST:
Clerk of the District '
COMMUNITY REDEVELOPMENT AGENCY OF THE
t p c CITY OF PALM SPRINGS, CALIFORNIA
Ely d'a b V, ��F"I'mur 411
By lh
Qh:,ffi rman
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