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HomeMy WebLinkAbout00102C - PA5 OASIS MOSQUITO ABATEMENT DISTRICT REIMBURSEMENT TAX INCREMENT PASSTHRU AGREEMENT FORCOOPERATIONS between Coachella Valley Mosquito THE COACHELLA VALLEY MOSQUITO ABATEMEb Abatement Di str passthru agr for the Oasis prof area, PA#5 and AGREEMENT #102 (orig 10-17-84 THE PALM SPRINGS REDEVELOPMENT AG Res 260, 10-17.84 THIS AGREEMENT is entered into on the 17th day of October 1984, by and between the Coachella Valley Mosquito Abatement District (the "District") and the Palm Springs Redevelopment Agency (the "Agency"). RECITALS WHEREAS,the Agency proposes to undertake certain redevelopment activities in the Oasis 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 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 which to enter into a cooperative agreement to provide mutual aid and assistance in the redevelopment of the Oasis Redevelopment 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 Oasis 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 Palm Springs Redevelopment Agency, a redevelop- ment 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 Oasis 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. - 1 - 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 1.298646 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 Oasis Redevelopment Project Area. k. "Oasis 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, Oasis Redevelopment Project"prepared by the Agency and adopted by the City for the Oasis 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 Oasis Redevelop- ment 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 IL ALLOCATION OF TAX REVENUES Section 2.01. Allocation of Tax Revenues. From the total tax increment revenues generated from the Oasis Redevelopment Project Area each year,the District shall receive a percentage of the District Tax Revenues in the amount specified as follows: a. Twenty-five percent (25%) of the District Tax Revenue for the five years of the Plan. b. Fifty percent (50%) of the District Tax Revenue for years six to ten of the Plan. C. Seventy-five (75%) of the District Tax Revenue for years eleven to twenty of the Plan. d. One hundred percent (100%) of the District Tax Revenue thereafter. 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 /` 1 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 $30,000,000 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 Oasis 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. 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 Agree- ment 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. 1 - 3- 1 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first above written. COACHELLA VALLEY MOSQUITO ABATEMENT DISTRICT Chairman ATTEST: eZ Clerk of the District PALM SPRINGS REDEVELOPMENT PROJECT By. --�—L" --- _ Chairman ATTEST: Executive Director APPROV AS TO FORM City Attorney /6) —,�,7 8 Date - 4 - 1 i% ADDENDUM TO AGREEMENT FOR COOPERATION BETWEEN COACHELLA VALLEY MOSQUITO ABATEMENT DISTRICT AND THE PALM SPRINGS REDEVELOPMENT AGENCY ARTICLE II . ALLOCATION OF REVENUES 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 attribut- able to a tax override or increase in the tax .rate imposed by the District . IN WITNESS WHEREOF, the parties have executed this Addendum to Agreement on the day and year ' first above written. COACHEL,LA VALLEY MOSQUITO ABATEMENT D,pISTRICT By Chairman ATTEST :`` Clerk of the District PALM SPRINGS REDEVEL T PR .IECT By Chairma ATTEST: / Executive Director. APPROVED AS TOt; V1 FORM / ,1 Date 1 ;Pf