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Alleviation of financial Burden 7/1983AGREEMENT BETWEEN . THE REDEVELOPMENT AGENCY OF THE CITY OF CAMPBELL AND THE COUNTY OF SANTA CLARA .PURSUANT TO COMMUNITY DEVELOPMENT LAW AND HEALTH AND SAFETY CODE SECTION 33000ET SEG. REGARDING ALLEVIATION OF FINANCIAL BURDEN OR DETRIMENT CAUSED TO COUNTY BY A REDEVELOPMENT AGENCY This Agreement, made and entered into this 7th day of ,T,,.,A 1983, by and between .the REDEVELOPMENT AGENCY OF THE CITY OF CAMPBELL, a public body existing pursuant to the Community Redevelopment Law, hereinafter referred to as "Agency", and the COUNTY OF SANTA GLARA, a political subdivision of the State of California,. hereinafter referred to. as "County": WHEREAS, Agency approved a redevelopment plan entitled "Central Campbell Redevelopment Plan", hereinafter referred -to as the "Plan"; and, WHEREAS, -the Agency has made the transmittals required by Section 33327 of the Health and Safety Code of the State of California; and, WHEREAS, County finds that proceeding with the redevelopment goals and objectives defined in the Plan is in the interest of the public peace, health, safety, and welfare; provided, that assurances can be provided that the effect of proposed tax increment financing will not cause a severe financial burden or detriment on t a Cnuntlg: and, WHEREAS, County is redevelopment plan negative impact of situation; and a taxing agency within whose territory the is proposed and has concern over the potential tax increment financing on its financial WHEREAS, Health and Safety Code Section 33401 provides that a redevelopment agency may pay to any affected taxing agency ang amounts of money which in the Agency's determination are appropriate .to alleviate any financial burden or detriment caused to any taxing agency by a redevelopment agency; and WHEREAS, the Agency has determined that payments of tax increment revenue to the County as set forth below are necessary to alleviate the burden and detriment caused to the County by the redevelopment project; and WHEREAS, in consideration of this Agreement determining the obligations of the Agency, the County is foregoing the right to. contest the establishment of the redevelopment plan and project area known as Central Campbell Redeve.lopment Project: NOW, THEREFORE, IT IS HEREBY AGREED as follows: 1. In the event the proposed redevelopment plan with tax increment financing is adopted for the Central Campbell project Page 2 V area, the County' shall receive from Agency each year: that -' hat the plan is in effect, a portion of the tax increment revenue received by the Agency. The tax increment amount to be provided County each fiscal year shall be calculated as follows: _ A. County will receive from Agency tax increments equal to the County's proportional tax share on the first 2% of the previous year's assessed value increase added to a base determined by accruing the 2% increments which have occured since the year the'tax base was frozen, i.e, 1982-83, provided that the increase 'in assessed value within the project area equals or exceeds 5% from the prior year. B. In the event that the proportional shares of the first 2% of the 'previous year's assessed value increase, as described in (A) above, of any other taxing entities are not distributed to such taxing entities, County shall receive from Agency an amount equal to such proportional shares. C. County will receive from Agency tax. increments equal to the County's proportional tax share of the amount of the current year's as value which exceeds 120% of the prior year's assessed value, provided that the average annual assessed value increases for the previous two years were 20% or more, and provided also that the actual assessed value increase for the current year were also in excess of 20% above the prior year's assessed value. The provisions of this section shall commmence in fiscal year 1986-87. D. In th a event that the proport iona 1 shares . or the amount of the current year's assessed value which exceeds 120% of the prior year's assessed value, as -described in (C) above, of any other taxing, entities are not distributed to.such taxing entities, County shall receive from Agency an amount equal to 90 7. of such proportional shares. 2. County and Agency agree , that in the event litigation is initiated attacking the validity of this Agreement each shall in good faith defend and seek to uphold this Agreement. 3. As to the payments to be made by Agency to County under this Agreement, Agency may, by written notice to County Controller, direct him to pay such sums directly to County rather than have ,tax increments transferred by County Controller to Agency prior to payment to County. 4. Agency shall not be required to make any payments under this Agreement if such payments would be in excess of the County's Proposition 4 limitiations. 5. Agency shall not be required to make any payments under this Agreement if such payments would be in excess of the County's full tax ' rate share of the full cash value. 6.. Agency agrees not to initiate any new capital improvement projects under the . Central ..Campbel l : Redevel opment ..Plan after.the_..20th_-year from i ts• adoption; nOt to increase the maximum allocable tax increment of'the u Plan ($72,000,000); and shall terminate the project in not more than 35 years, or when the bonds for the maximum allocable tax increment are retired, whichever occurs first. 7. This document represents the entire and integrated agreement between Agency and County and supersedes all prior negotiations, representations, or agreements, either written or ora1. This document may be amended only by written instrument, signed by both Agency and County. All provisions of this Agreement are expressly made conditions. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first above written. Approved as to form: ByJ Deputy Co nt �AunseI ATTEST: Clerk, Board of Supervisors By-------- — ---- - -- OoNAL:D K RAINS ATTEST: City Clerk By y2_ Anne G. Coyne, Cit Clerk COUNT F SANTA R 13y Chairperson, Board of Supervisors REBECCA Q.. MORGAN REDEVELOPMENT AGENCY OF THE CITY OF CAMPBELL B y j/-Z Chairperson, Redevelopment Agencu Dean R. Chamberlin i rtt rQREGOING MTRUrneN 1 Ib p ZZORRECT COPY OF -THE ORIGINAL ATTEM DONALD:M.. RAINSS CLERK, ®® OF S PEVI S 8Y Deputy Clerk OATS, J U N 1 4 1983 ° '' ~ u�� � _ '- � ---'--