HomeMy WebLinkAboutReso. 1985 - 273 - Amending agreements between City and Redding Redevelopment Agency pertaining to Midtown Mall Project no. 19
RESOLUTION NO. FY -2,7.11
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
AMENDING AGREEMENTS BETWEEN THE CITY OF REDDING AND THE
REDDING REDEVELOPMENT AGENCY PERTAINING TO MIDTOWN MALL
PROJECT NO. 1.
WHEREAS, the City of Redding and the Redding Redevelopment
Agency entered into a repayment contract on May 1, 1977 for the
construction and leasing of a parking structure in the 1600 block
of California Street; and
WHEREAS, the City and the Agency entered into an agreement
for the loan and repayment of funds for the acquisition of public
underground parking facilities in the 1500 block of Market Street
on August 25, 1972; and
WHEREAS, in order to avoid the 20 percent set aside for low
and moderate income housing for Midtown Mall Project No. 1 as now
required by Section 63333.6(c) of the Health and Safety Code, the
Agency must amend these agreements so payments are due or
required to be committed during each fiscal year until repaid
with tax increment;
NOW, THEREFORE, BE IT RESOLVED that the Agency hereby amends
these agreements and adopts new agreements labeled Exhibits "A"
and "B".
I HEREBY CERTIFY that the foregoing resolution was intro-
duced and read at a regular meeting of the City Council of the
City of Redding on the 16th day of December 1985, and
0
•
was duly adopted at said meeting by the following vote:
AYES:
COUNCIL
MEMBERS:
Demsher, Fulton, Gard, Pugh & Kirkpatrick
NOES:
COUNCIL
MEMBERS:
None
ABSENT:
COUNCIL
MEMBERS:
None
ABSTAIN:
COUNCIL
MEMBERS:
None
'& w"
HOWARD D. KIRKP TRICK, Mayor
City of Reddin
ATTEST:
ETHEL A. NICHOLS, City Clerk
FORM APPROVED:
RA131ALL A. HAYS,/City Attorney
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AMENDMENT TO REPAYMENT CONTRACT
This Amendment, dated for convenience as of the day
of December, 1985, by and between the REDDING REDEVELOPMENT
AGENCY (herein called the "Agency") and the CITY OF REDDING
(herein called the "City");
W I T N E S S E T H:
WHEREAS, the City and Agency entered into a Repayment
Contract for redevelopment of the Midtown Project No. I, dated
May 1, 1977, hereinafter referred to as the "Contract," copy
attached and incorporated herein by reference; and
WHEREAS, the City cin Ci Agency dcsi e to reaffirm t-hc eo j-ait_-
ments contained in said Contract insofar as they are not incon-
sistent herewith, and amend said Contract to make the obligations
for repayment or reimbursement to the City more specific as to
amount of periodic payments;
NOW, THEREFORE, the parties agree to the following amend-
ments and modifications of said Contract:
1. Article II, Section 2.01, which reads as follows, is
hereby stricken and cancelled:
"Section 2.01. Reimbursement. The Agency and the City
agree that all Tax Revenues shall be deposited into the
Redding Midtown Project No. I :special Fund to he established
by the Agency for redevelopment purposes, and that ahl
moneys paid into said Redding Midtown Project No. I Special
Fund when and as received shall. be used and applied to reppay
the Citv for all rental payments, including Base Rental and
Additional Rental made by the Cite to the Agency, under the
Project Lease and for all Contributions. Such repayments
shall include interest- on such rental. payments and such
Contributions from their respective payment dates at the
rate of three per cent (3U) per annum on the unpaid princi-
pal balance."
2. The following is inserted as Article II, Section 2.01,
in the place of the language above stricken:
"Section 2.01. Reimbursement. The Agency and the City
agree that all Tax Revenues shall be deposited into the
Redding Midtown Project No. I Special Fund to be established
by the Agency for redevelopment purposes, and that all
moneys paid into said Redding Midtown Project No. .I Special
Fund when and as received shall be used and applied to repay
the City for all rental payments, including Base Rental and
Additional Rental, made by the City to the Agency under the
Project Lease and for all Contributions. Such repayments
shall include interest at the rate of three percent (30) per
annum on the unpaid principal balance. The Agency agrees to
pay the City $81,500.00 annually on the 30th day of each
June, commencing June 30, 1986, and continuing until the
Agency's indebtedness is liquidated."
IN WITNESS WHEREOF, the parties hereto have executed this
Amendment to Repayment Contract as of the day and year first
ahp�P written.
ATTEST:
ETHEL A. NICHOLS, City Clerk
FORM APPROVED:
RANDALL A. HAYS, City Attorney
ATTEST:
Secretary
CITY OF REDDING
By: _
HOWARD D. KIRKPATRICK, Mayor
REDDING REDEVELOPMENT AGENCY
Chairman
Ri;rnYt�J:�i'r CO'T'FRnCT _
This Repayment Contract, dated for convenience
as of t!•^ first day of May, 1977, by and between the
Redding Redevelopmcnt Agency (herein called the "Agency")
and the City of Redding (herein called the "City");
W I T 11 E S S E T H: -
WHEREAS, the Agency is a duly.constituted
Redevelopment Agency under the. laws of the State of
California and pursuant to such laws has duly proceeded
with the redevelopment of a Project Area within the City;
and
1,NiERI;AS, the Redevelopment Plan for said
Project Area provides for tax increment financing in
• accordance with the provisions of Chapter 6, Part-I, of
Division 24 of the Health and Safety Code of the State of
'California and Section 16 of Article xvj of the Constitution
of the State of California; and
WHEREAS, the Agency is author!•:ed, with the. consent
of the City Council of the City, to pay all or part of: t'
cost bf the land for, and of the installation and construction
of, any building, facility, structure, or other improvements
which are publicly o:aned either within or without the Project
•.Urea upon a determination by resolution of the Agency and
said City Council that such buildings, facilities, structure ,
or other improvements are of benefit to said Project Area
or the immediate neighborhood in a,llich the project is IOC,-Itccl,
such buildin�ts
find that no other reasonable Mc. - of finan.ciiicJ .
•.;, . • • e J st* tures or other improvc,10Ls Arc available to
the Citti: and
when the value of such land or the
cost of the installation and construction of such building,
facility, structure, or other improvement, or both, has
been or will be, paid or provided for initially by the
City, the Agency may enter into a contract with the City
under which it agrees to reimburse the City for all'br
part of the value of such land or all or part of t:ie_cost
of such building, facility, structure, or other improve
ment, or both, by periodic payments over a period of years;
and .
WHEREAS, the obligation of the Agency under
such contract shall constitute an indebtedness of the
Agency for the purpose of carryiriy uU.t �••� �.
Project for such project Area, which indebtedness may be
made payable out of taxes levied in such Project Area and
allocated to the Agency under subdivision (b) of Section
33670 of the Health and Safety Code of the State of California,
or out of any other available funds; and
'
WHEREAS, in a case where such land has been or
will be acquired by, or the cost of the installation and
construction of such building, facility, structure or
• other improvement, has been paid by the Agency to provida
a building, facility, structure, or other improvement which
has been or will be leased to the City, such contract may
be made with, and such reimbursement may be made payable
• to, the City; and
• 1111rm.p. e the City ha called for public bids
e-..- +�... ...,_..e ..ra;..n .,F r.Ilr_ilit..ie, and the City
and the A enc*int: nd to enter into. Zi 'Project Lease -. pro-
viding for. Base Rental payments• at letiist sufficient to
amortize certain Ponds of the Agency, the proceeds of
whit;Ii are to be used by the Agency to snake payments under
the Conntruction Contract and other payments incidental
to the acquisition and construction of the Project; and
WHEREAS, the City has heretofore made contributions
toward the cost of the Project in the form of architectural
.and other fees and expenses and intends to make further con-
tributions in addition to the making of rental payments
under the Project Lease; =and
WHEREAS, the parties hereto in consideration of
their mutual undertakings., past and present, herein and
other -wise, desire to provide for repayment to the City of
all contributions from the City.and moneys paid as rental.
under the Project Lease;
• NOW, TIiEREFORE, in consideration of the mutual
covenants herein contained it is agreed by and between
the parties hereto as follows:
Definitions
Section 1.01. Definitions. Unless the context
otherwise requires, the terms defined in this Section 1.01
shall, for all purposes of this RePayment Contract and of
any amendment hereto, and of any certificate, opinion,
estimate ctr other .document herein mentioned, have the
meanings h -train Epecified,
A(3diti.onril Wt *,�,-
The term "Additional Rental" means all amounts
received by the Agency from the City as additional rental
pursuant to Section 3(b) of.the Project Lease.
A enc
The term "Agency" means the Redding Redevelopment
Agency, a redevelopment agency and public body, corporate
and politic, duly organized and existing under and by virtue
of the laws of the State of California.
Base Rental .
The term "Base Rental" means all.•amounts received.
by•the Agency from the City as base rental pursuant to
Section 3(a) of the Project Lease.
Bonds
The term "Bonds" means the approximately $1,0U0,000
-principal amount of Redding Redevelopment Agency, Redding
Mall Parking Structure Lease Revenue Bonds, Series 1977,
authorized by, and at any time outstanding (as said term is
defined in the Resolution) pursuant to the Resolution, and so
long as any of such Bonds are outstanding, any Additional
Bonds authorized by, and at any time outstanding pursuant to,
the Resolution and any Supplemental Resolution. •,
Cit ,
The term "City" means the existing general law
city of the State of California known as the City of Redding,
organized and existing under and by virtue of the laws of
the State of California.
cor't.ri.huti.ons
;he term "Contri.butionn" means all payment., past
and future, mad,-:• cr to L made l)y the -City to meet the costs
of acquisition and cons t.'CuctioII of the Project, including,
without limitation, payment of architectural, engineering
and legal fees and costs of Site preparation. The terra "Con-
tributions" also includes all City expenditures, including
all City loans or cash advances, within the Project Area both
in the past or to be made within the future such as, without
limitation, payments for' parking facilities, street widening,
curbs, landscaping and all other works or property appropriate
to the Project Area.
Facilities
The term "Facilities" means a parking facility,
including equipment, furniture and fixtures, together with
all other works, property or structures necessary or con-
• venierit for a parking facility, all to be constructed .by
• the City on the Site.
Lacy
The term "Law" means the Community Redevelopment
• Law of the State of California, constituting Part l of
Division 24 of the Health and Safety Code of the State of
California and the acts amendatory thereof and in supple-
ment thereto. tqhenever reference is made in this Repay-
ment Contract to the Law, reference is made to the Law
as in force on the date of the execution of this•Repay-
trent Contract, unless ttie context otherwise requires.
rr.oiect
The term. "Project" means the• Site and the racilities.
Project Arc,
The term "Project Area" means the Project Area
Cescribed in the Redevelopment Plan.
Project Lca-�e
The term ''nroject Lease" means the lease, dated
for convenience as of May 1, 1977, and entitled "Project
Lease," to be entered into between the Agency, as lessor,
and the City, as lessee.
Redevelopment Plan
The term "Redevelopment Plan" means the Redevelop-
ment Plan for the Redding Midtown Project No. I approved
and adopted as the official redevelopment plan for the Proj-
-ect Area by Ordinance No. 974, adopted by the City Council
-of the City on July 3, 1968, together with any amendments
thereof or supplements thereto,-
'.Redevelopment
hereto,'.Redevelopment Project; Redding Midtown Project No. I
The term "Redevelopment Project" or "Redding
Midtown Project No. I" means the undertaking of the Agency
pursuant to the Redevelopment Plan and the Law for the
redevelopment of the Project Area.
• Resolution
The term "Resolution" means -the resolution
authorizing the issuance of the Bonds, adopted by the
Agency under the Law, as originally adopted or as it may
:from time to time be supplemented or amended by any Supple-
mental Resolution adopted pursuant to the provisions thereof.
Site
The term "Site" means that certain real property
situated in the City more particularly described in Exhibit
The.:,, i "Supplomcntal Rcsol.0 means any
resolution then in full force and effect which has been
duly adopted by the Agency under the Law, or any act
supplementary thereto or amendatory thereof, at a meeting
of the Agency duly convened and held, at which a quorum
was present and acted thereon, amendatory of or supple-
mental to the Resolution, but only if and to the extent
that such supplemental resolution is specifically authorized
thereunder.
Tax Revenues .
The term "Tax Revenues" means all taxes allocated
to, and paid into the Special Fund of the Agency pursuant
to Article 6 of Chapter 6 of the Law and Section 16 of
Article XVI of the Constitution of the State of California,
and as provided in the Redevelopment Plan, including. all
• payments and reimbursements, if'*any, to the Agency specifi-
cally attributable to ad valorem taxes lost by reason of
tax exemptions and tax rate limitations.
Reddinq Midto,,n Project No. I Special Fund
The term "Redding Midtown Project No. T Special
Fund" means the special fund of the Agency into which the
Tax Revenues are allocated and paid.
ARTICLE II
Reimbursement '
Section 2.01. Rcim!.)ur.sement. The Agency and
City agree that all Tax Revenues shall be deposited
o the Redding Midtown Project No.- I Special Fund to be
establi-shed
by
the Agency
for redevelopment purposes,
and that
all moncys
paid
into said
Redding Midtown Prcjcct
No.
I Special
. ..lied to repay \
' i'und %41.),,n and W; �ccived shrill be used an 'PP �•.
Cit -10
f,,,- all rental paym including Base Renta
t1-10 y
Additional Ren')) made }:y the City to t e Aycncy, un
der the
Suchrepayments sial
Pro7cct Lease and for tll Contributions . .
include interest on such payments and such Contributions
from their respective payment a -es at the rate or .three per
cent (32) per annum on the unpaid principal balance. -
Section 2.02. It is contemplated by the parties
hereto that annual Tax Revenues* during the early years of
this Repayment Contract may be insufficient to offset Con-
tributions heretofore made and to be made together with
annual rental payments under the Project Lease by the City
together with interest thereon. If annual Tax Revenues
Ultimately rise to a figure in excess of such Contributions
and such annual rental payments plus interest under the
Project Lease, the Agency shall pay over to the City from
the Redding Tlidtown Project No. I Special Fund all Tax
Revenues deposited therein until the aggregate total of all
Contributions theretofore made together with all Wase Rental_
payments, present and future, and the estimated aggregate total
of all Additional Rental payments, all including interest, have
been made. Such estimates, both on an annual and an aggregate:tota:
'basisr shall be made by the Director of Finance of the City.
Upon such aggregate total payment, the Agency need make no
further payments to the City, provided; however, that in the
event that an additional Contribution is made or that an
actual annual Additional Rental payment under the Project
Lease exceeds the appropriate estimate of the Director of
Finance on an annual basis, then such payments shall be re-
lnstituteci u»ti 1 -Lich payments S, all equal said additional
•.. „- including interest,
the amount esucii revised estimatc, �•
on an aggregate total basis as shall be made by the Director
Of Finance .
section 2.03. Reduction of. Indebtedness From
Other Sources of J ncomc. The agreements of the City and
the Agency, respectively, heretofore set forth are hereby.
expressly conditioned as follows: Tlne oAllEJUT-L ll vj. ►•�
Agency to the City for the repayment .of said rentals under
the Project Lease may be reduced by, and in the amount of,
'the payment by the Agency to the City of such sums as the
Agency may deem necessary and advisable from such other
sources of income as the Agency may have available to it.
ARTICLE III
Miscellaneous provisions
SPc-ti nn
3.01. Silbsta_tution for Prior Repayment
Contracts. The City and the Agency hereby expressly agree
that this Repayment Contract shall be substituted for all
• prior repayment agreements in which Tax Revenues may have been
pledged. All such prior repayment contracts shall have
no independent effect following execution of this Repayment
Contract and the promises contained in those repayment
contracts to repay the City out of Tax Revenues shall be
deemed to be superceded by the terms of this Repayment
Contract.
Section 3.02.. Severability.. If any provision of th
Repayment Contract, or the application thereof t6 any person,
party, transaction or circumstance, is held invalid, the remz1
der of this Repayment Contract, or- the. application of such prc a
vision to other persons, parties, transactions or circum-
ntan.cen, shall not be affected thereby.
XN t• ITIIESS t ITMEOP, the nartics }ierc to have
executed this Rcpaymcnt Contract: as of the clay and year
first above writtcn.
CITY OF.REDDING
[SEAL] �3y
Mayor
ATTEST:
CityIer�� -
J
APPROVED AS TO. FORM:
• City Attorney
REDDII,4G REDEVELOMENT AGENCY
•
(SEAL)
' c .
• l airman
ATTEST:
/V0
Secretary
AMENDMENT TO AGREEMENT FOR THE LOAN AND REPAYMENT OF
FUNDS FOR THE ACQUISITION OF PUBLIC UNDERGROUND
PARKING FACILITIES
This Amendment, made and entered into this day of
December, 1985, by and between the CITY OF REDDING, a municipal
corporation incorporated under the general laws of the State of
California, located in the County of Shasta, hereinafter referred
to as "City," and the REDDING REDEVELOPMENT AGENCY, hereinafter
referred to as "Agency."
W I T N E S S E T H:
WHEREAS, the City and Agency entered into an Agreement for
the Loan and Repayment of Funds for the Acquisition of Public
Underground Parking Facilities dated August 25, 1972, hereinafter
referred to as the "Agreement," copy attached and incorporated by
reference; and
WHEREAS, the City and Agency desire to reaffirm the commit-
ments contained in said Agreement insofar as they are not incon-
sistent herewith, and amend said Agreement to make the obli-
gations for repayment or reimbursement to the City more specific
as to amounts periodically due and payable;
NOW, THEREFORE, the parties agree to the following amend-
ments and modifications of said Agreement, to wit:
1. The first sentence of paragraph 3, which reads as
follows, is hereby stricken and cancelled:
"The Agency covenants and agrees to repay City said loan by
periodic payments over a period of years commencing with the
tax year 1973-1974, and that such loan shall bear interest
at the rate of three per cent (3%) per year on. the unpaid
principal balance, commencing from the date of payment of
the loan sum to the Agency by the City."
2. The following is inserted as the first sentence of
paragraph 3 in the place of the language above stricken:
"The Agency covenants and agrees to repay City said loan by
annual payments of $12,350 on June 30, commencing on June
30, 1986, with interest at the rate of three percent (3%)
per year on the unpaid principal balance and continuing
until the Agency's indebtedness is liquidated."
IN WITNESS WHEREOF, the parties hereto have executed this
Amendment to Agreement for the Loan and Repayment of Funds for
the Acquisition of Public Underground Parking Facilities as of
the day and year first above written.
ATTEST:
ETHEL A. NICHOLS, City Clerk
FORM APPROVED:
RANDALL A. HAYS, City Attorney
ATTEST:
Secretary
CITY OF REDDI14G
By:
HOWARD D. KIRKPATRICK, Mayor
REDDING REDEVELOPMENT AGENCY
By:
Chairman
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()I- Pulslac U1II)I-:Iu;J'.0U1:1) PARMIX; YACILITILS
7'i,7:7 AGREEI-XI"T, made and entered into this 2501 day of
August, 1972, by and between the -CITY OF REDDING, a municipal
corporation incorporated under the general laws of the State of
California, located in the County of Shasta, hereinafter rcferre,
to as "City", and the REDDING REDEVELOPI-X-NT AGENCY, hereinafter
referred to as "Agency",
W I T N E S S E T H:
The parties agree to the following recitals, to wit:
(a) Agency proposes to -acquire, for --the total cost or
construction or the sum of *550,000.00, whichever is the less, ar
undergrou'nd public parking facility, providing not less than 147
automobile pbrking -,paces, located within the area of Midtown
P . roject No. .1 and constructed in conformance with plans and speci
fications heretofore approved by the Public Works Department of
City of Redding, the Building official of the City of Redding, ar,
the Redding Redevelopment Agency.
(b) Both Agency and the City Council Of City have here
tofore determined by resolution that the construction
and acquisi
tion of the aforesaid underground public parking facility is of
benefit to the project area of Midtown Project No. 1, and the Cit
Council of City has heretofore consented by resolution to the pay
3nent by the Agency of the cost of the 'installation and constructs
of the said' facility, or the sum of. $550, 000.00, whichever is
less, for the acquisition of such facility.
(c) Agency is without the funds with which to acquire
said undergrouL3 parking facility, and has requested Of City that
City provide
to the Agency the necessary funds to pay all of the
costs of ncquinition of the proposed underground parking facility
pursuant to an agreement with the ;tgency as authorized by the pro.
ViGi011r Of Section 33445 of the Health and Safety Code of the
State of California, wherein the Agency agrees to reimlitir.-;c tlie
ExIi«1IT 1
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... ._ _..:. ... ,. __._..__.._ ..___r_.—_-;•:-
City fur s:;,i,l ern):: 117 1"�•�y )�•,yn,• n1� ,•r �, J,c�riu,l ot.y,:,,n:,
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and tiu Afl Ac" ..stein):; tl,:,t the o)Jl.i..t:,tiu., of the Agency nn,ler
thin cuntr.•,ct. ::h;,l.l cgn::titnt.c, an indc:btriLuc, of tic Agency for
the purpose of c:,rryiny out the redevclupnient project for such
project arra, and that such indebtedness shall be made payable
out of taxes levied in such project area, or -any amendment there
which are allocated to the Agency under Subdivision (b) •of Secti
•
33670 of. the llealth and Safety Code of the State of. California,
•
or out of any other available funds.
• ' '
NOW, THEREFORE, IT IS MUTUALLY UIMERSTOOD AIM AGREED
•
DMIEEN 7HE PARTIES HERETO, AS FOLLOWS:
1. That for and in consideration of each and every or,
_
of the covenants and agreements herein set forth to be performed
by Agency, City agrees to loan to Agency, upon demand, the sun o
$550,000.00.
2. Agency covenants and agrees to use said loan funds
'for the sole purpose of accruiring, for the total cost of con-
struction or the sum of $550,000.00, whichever is the less, an
underground public parking facility, providing not less than
147 automobile parking spaces, located within the area of Midto::
prn;p�t No, 1: and constructed in conformance with plans and
specifications heretofore approved by the Public Works Departmer.
-of the City of Redding, the Building Official of the City of
Redding, and the Agency, together with all modifications and
addenda thereto included subsequently as hereafter approved by
City, copies of said plans and specifications being on file in t'
office of the City Clerk of City. Agency further covenants and
agrees that the deed of acquisition shall be as described in ENJI
A of that certain agreement entered into on the 25th day of Auqu
1972, between, -the Agency and C. M. DicY.cr, Inc., a California co
-
poration, for the con-struction and purchase of public parking
facilities, and does include the necessary air rights to contain
the aforedescribed underground parl;iny facilities, together with
the required c.u:c•n,ents in the respective parcel of real propc rC.
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lyitnr ;rh�wo :nu v)lrn t.l«� I] u�ul,:� wont) par} fivq iiiriliti<.:
'.. ' '
tr:�,c:.uar.y Jur encroaL.bm nt"or uupport, or bo U,, of ccrtuSn chmcut.
of rc:ns;:r►ict.ic�n extendinU neroar, the boundary lines of the 1
parcel:: or nc are neccrsary to obtain support from avid adjoining
:. parcels of real prGperty and improvements thereon, or both; t, eth;
with the necessary easements of access And use required in the par•
cels lying above or'below the aforesaid parking facility necessary
to the proper operation and maintenance of the aforesaid parking
facility. In this connection,. City agrees that Agency may acquire
said facility and the necessary air rights to contain same as set
forth in said Exhibit A, subject to such similar easements as are
reserved therein for the necessary encroachment of said air rights
or the support of structures built by C. M. Dicker, Inc. in the
parcels of real property lying above or below the said parking
facility as such easements are reserved in said Exhibit A.
3.• The Agency covenants and agrees to repay City said
-loan by periodic payments over a period of years camniencing with
the tax.year 1973-1974, and that such loan shall bear interest at
the rate of three per cent (3%) per year on the unpaid principal
balance, commencing from the date of payment of the loan'sum to
the Agency by the City_ The Agency further covenants that this
obligation under this contract shall constitute an indebtedness of
the Agency for,the purpose of carrying out the redevelopment pro-
ject for such project area (Midtown Project Ro. 1), or any sub-
sequent amendment of the boundaries -of saidproject area, which
indebtedness shall be made payable out of taxes levied in the
project area and allocated to the. Agency under Subdivision (b) of
Section 33670 of the Health and Safety Code of the State of Calif-
ornia, or out of any other available funds. Agency herein agrees
to pay to City•the total of the taxes so levied and so allocated
in the tax year 1973-1974 and each year thereafter towards the
' payment of the interest and principal due and payable on that
indebtedness until the total of same shall have been repaid.
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=.s:•i ,:''i.r�`:•.i'j'f•`��'t%R-"=�.�'•:rrJ..o-`:1�.ra!'�s';�L•'J11C1'r7�;fri`.11•i'J?kb`•91?�/CIv1Y+!-ia><?:_:.!.:rN+.57.f'.�1};
ray covc-11.1 L�:uiJ ogrru�` lit i�C Uhr, tut Il r ujit
of Uro. conctr.uction and acquivitiun of the nforeraid underground
purhinq faciliticn, as such cost i•a dcfincd in Uro aforeania
-
agreement bctv.cen the Agency and C. H. Dicker, Inc. ,'is lenn than
050,Cp0.00, upon the completion of the said acquisition it shall
.._
pay over to ':'it,, the unexpended balance and the indebtedness shall
be reduced accordingly thereby.
•5. Agency covenants and agrees that upon the pending
'
dissolution or termination of the Agency by operation of law or
otherwise, or upon completion of the payment of the said loan by
the Agency to the City, or upon the demand of the City Council of
the City of Redding, whichever first occurs, the Agency shall
convey all of its right, -and .interest in •and to the afore-
said public underground parking facility and all easements thereto
appertaining, 'to City; it being the intent of the parties hereto
-that City succeed the Agency is the owner of the said underground
parking facility at any time that the Agency shall cease to exist.
-
Agency further covenants and agrees that following its acquisition
of the said underground parking facility it will convey no portion "
`
of its right, title and interest in said parking facil-ty, or any
of the easements pertaining thereto,. -nor will it do or perform any
act to encumber, infringe upon or reduce the state or condition of
its right, title and interest in the facility, without first obtain-
ing the written consent of the City Council of City so to do.
6. It is recognized by the parties hereto that Agency
is without the funds to employ the inspectors required to make
certain during the course of construction that the aforesaid
andergiound parking facility is constructed in conformance with
..
the approved plans and specifications,.therefore, City covenants
and agrees to.provide and Agency hereby designates for the pur-
poses of paragraph 13 of the afores:!id agreement between the Agency
and C. A. Dicker, Inc., the Public Yorks Director of City, his
agents, deputies, or subordinatess, as assigned by him, to perform .
the inspection rights vested in the Agency pursuant to the aforesaid
-4-
J+C1iiQnjA,A2a:t+G::)Zr.Hcli•f,!a�tio7 J'CYf: -,.,� r
f:•�+.r,� �t;A >Fq: rf SSA%.�'a! Yci '+-Jre,07Z. M:vci )'.1:Mi
.dti•.t<.11+�i'•t�':
��+�•► "
,+ry )►:� �.►;,, �,+ ►t.• nl., :,►r•► ,+ r�,� „►►+ ); �,i r►, ,' t,u•t ,��,ui i�+�,:o t
. f.
Su:►)++•c•t?.++t+n �:urc rcynirvd to :r.:,.u>,•a T`_ ►►+:y and City that the a:►ic.
un+)cr,,irunnc) publIe r+:,t:).in; f:,ci.lity in constructed in ncc:nrd:►ncc
i
with the reproved pl-ann and upecifications. City r;hull provide
ouch pnruonuel and euclh inspections Lit no cost to Agency.
7, The parties hereto mutually covenant and agree to
:-
enter into a lease agreement prior to or at the time of acquisition
of the underground parking facility by Agency, wherein Agency
agrees to lease the aforesaid facility to City for a nominal annual'
rental and for a term. of years'to be mutually agreed upon and sub- i
ject to the right of the City to extend said term at the City's
sole option, and wherein City agrees to operate and maintain same
as a public parking facility, to.-apply all revenues collected'
from such operation to the cost of such operation-•and maintenance,
and in the event there are any surplus revenues remaining after
the payment.of all such costs of•operation and maintenance, to apply:
same to the reduction of the principal of the loan indebtedness.
S. The parties hereto mutually and individually declare
that the principal and primary purpose for entering into this
nareement in to make nossihle t'he nrnvisinn of additional and
necessary automobile parking facilities for the convenience of
the citizens of Redding and other members of the public, shopping,
transacting business or otherwise using the project area-known as
Midtown Project No.- 1; however; the parties hereto mutually agree
-that the aforesaid underground parking facilities are suitable and
desirable for many other temporary public uses in tine of natural
catastrophe, war, or civil defense, or other such similar circum-
stances, and the parties hereto also recognize that there could be
some future time wherein the automobile was no Ion er the major
:
met►ns of transportation of persons within our City, and therefore,
the parties hereto each covenant and agree with tl,e other that
'
neither shall do any act, nor enter into any restraining agreement,
t
without first obtaining the written con-e nL- of the other, so long
AA6
.d,�:u>.1Z.f_J R't'Ct?•'L'�S T�•�ia'ly:01:..i••!:l_•::ntiltklf9DNbri�d�:�'Yf:J
�:1;yf.a)A,.DJ�h,R :'.7L!.Siel:�l u,IA6+:f:C�:t��fr1;SX,'4fYii�i�S:'.Y;���t✓':bf•l"''�.tK-h151V!�fdl... . • . .. . _ .. .• ..
• .. - - •• ..ti--+v,::n C' �wf.: {'. r•. "�'i t:•-. •.rte.•. . .. v.r, i...7. iY 4�' )nl IIT tl!'1.••� i
ah5c wixild /'):gin). %.;,Y l' Utr•rC 1,1r►.itx•a
. flu is itu),lfc ):iifU friciliLy cf> rxtnlll iuLrrlc rc or 1orevrnL tlrrir
t#-•1nlsorary or emergency une for other public purpoacr. Buri»g Litres i
t
of n:ltural cataotrop:te, civil DL-l'cnae, war or siinilar circuinstancec
so long as the uutomobile remain:; the major means of the true,porta
tion of people.
' 9, "le Agency shall acquire the aforesaid underground
public parking facility within tuclve months of the date of
execution of this agreement, or this agreement shall terminate and
be of no further force and effect, provided only that if within
that period Agency has demanded and City has paid over all or any
portion of said loan funds, Agency -shall return all such funds to
City together with the interest -due thereon.
.10. Time is of the -essence of this Agreement, and each
and every part -thereof.
11. The conditions, covenants and agreements herein
contained shall inure to the benefit- of and be binding upon the
successors and assigns of the respective par iee J.Lt tJ .
12.- The lease referred to in paragraph 7•hereinabove,
which the parties hereto intend to execute subsequent to the
execution of this agreement, is not mandatory condition precedent.
to the consummation of the loan from the city to the Agency referre
to in•paragraph 1 hereinabove.
IN WITNrSS I'MER1;0F, the parties hereto have caused this
Agreement to be executed the day and year first hereinabove written
- CITY OF REDDING
ATTEST:
/ Mildred L. Brayton
MIlald:D L. D)LAYTON, City Clex);
FOPJ4 APPROVED:
/ Earl D. Murphy
EARL 1). 1';UJt1'11Y, City Attorney
By • ./George K. Moty _
REWIM 1ULDEVL••LOl'1•iL•1'TT AGENCY
Dy / James L. Williams