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R-413 . . . SANTA MONICA REDEVELOPMENT AGENCY, CITY OF SANTA MONICA, CALIFORNIA RESOLUTION NO. 4l3(RAS) A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT AGENCY, CITY OF SANTA MONICA, CALIFORNIA RATIFYING AND REAFFIRMING A REIMBURSEMENT AGREEMENT WITH THE CITY OF SANTA MONICA WITH RESPECT TO A PARKING FACILITY LEASED TO THE CITY IN THE SANTA MONICA DO~VNTOWN REDEVELOPMENT PROJECT, AND AUTHORIZING THE EXECUTION OF A DUPLICATE REIMBURSEMENT AGREEMENT WHEREAS, the Santa Monica Redevelopment Agency, city of Santa monica, California (the "Agency") is engaged in activities necessary to carry out and implement the Redevelopment Plan for the santa Monica Downtown Redevelopment Project; and WHEREAS, in order to carry out and implement the Redevelopment Plan the Agency acquired certain real property (referred to herein as the "Site") and constructed a public parking facility containing approximately 1360 spaces (the "Garage") thereon, and leased the parking facility to the city of LSanta Monica (the "City") pursuant to a certain Lease Agreement between the city and the Agency, a copy of which Lease Agreement is on file in the office of the secretary of the Agency; and WHEREAS, the Agency and the City entered into a Reimbursement Agreement which provided for the reimbursement of all or part of the City's annual rental payments made to the Agency to lease the parking facility, in accordance wiht the terms and conditions contained therein; and WHEREAS, the original Reimbursement Agreement has been lost or misplaced, and the Agency desires its replacement. NOW, THEREFORE, THE SANTA MONICA REDEVELOPMENT AGENCY, CITY OF SANTA MONICA, CALIFORNIA DOES RESOLVE AS FOLLOWS: SECTION 1. The Agency hereby ratifies and reaffirms the original Reimbursement Agreement, and the terms and conditions thereof, and hereby authorizes the Chairman of the Agency to execute a duplicate Reimbursement Agreement, on behalf of the Agency. - 1 - EiU"L:: . J ~ . . . SECTION 2. The Executive Director of the Agency (or his designee), is hereby authorized, on behalf of the Agency, to sign the duplicate Reimbursement Agreement and all documents necessary and appropriate to carry out and implement the Reimbursement Agreement and to administer the city's obligations, responsibilities and duties to be performed under the Reimbursement Agreement. SECTION 3. The Secretary of the Agency shall certify the adoption of this Resolution, and thenceforth and thereafter the same shall be in full force and effect. APPROVED AS TO FORM: ~ \--. '---tr- ROBERT M. MYERS Agency Attorney lamr020/hpw - 2 - . . . Adopted and approv I hereby certify th t the foregoing Resolution No. 413 (RAS) was duly adopted by the development Agency of the City of Santa following Agency vote: Monica at a meeting thereof held on December 9, 1986 by the Ayes: Agency Members: Noes: Agency Members: Abstain: Agency Members: Absent: Agency Members: Finkel, A. Katz, H. Katz, Zane and Chairperson Conn None None Jennings and Reed ATTEST: ~~ 7:7?~ secretary . . . REIMBURSEMENT AGREEMENT (DUPLICATE) THIS REIMBURSEMENT AGREEMENT is entered lnto as of December _ f 1978 by and between the SANTA MONICA REDEVELOPHENT AGENCY, CITY OF SANTA MONICA, CALIFORNIA (the "Agency") I a public body corporate and politic organized and existing under the laws of the State of California, and the CITY OF SANTA MONICA (the "Cl tyfl) , a municipal corporation duly organized and existing under its charter and the laws of the state of Callfornia. BE.~~TA1.Q A. The Agency is a redevelopment agency duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the California Community Redevelopment Law (Part 1 of Division 24 of the Health and safety Code of the State of California). B. A Redevelopment Plan for a redevelopment project known and designated as the "Santa Monica Downtown Redevelopment Project" has been adopted and approved by the city Council of the city of Santa Monica by Ordinance No. 1021 on January 13, 1976, and all requirements of law for, and precedent to, the adoption and approval of said plan have been duly complied with. C. In accordance with and to implement said Redevelopment Plan, the Agency is acquiring a certain parcel of land {the "Slte", described in Exhibit A, of a parking facility together ~Nlth related public improvements (the "Facility") thereon, is leaslng the Slte and the Facility to the ci~y prusuant to a Lease Agree~ent between the City and the Agency; and has entered into a D~SpOSl tion and Development Agreer>ent for the development of a shopping center. In the Disposition and Development Agreement, the Agency agreed to acquire the site and construct the Facility. D. The Agency intends to provide financing of such acquisition and construction by the issuance and sale of its parking Lease Revenue Bonds, and from other sources. E. The Agency proposes to lease the Facility to the City pursuant to a certain lease between the City and the Agency (the "Lease Agreement"), a copy of which Lease Agreement is on file in the office of the City Clerk. . F. The city inuends to make annual lease payments to the Agency for the Facility in sufficient amounts to pay the annual debt service on the Agency I s lease revenue bonds. In conslderation for the City entering into the Lease Agreement and maklng such lease payments, the Agency by this Agreement is - 1 - . . . agreeing to re:mburse the City for all or part of the City I S lease payments. It is conterrplated that such rei~bursement wlll be rrade from tax lDcrement funds allocated and paid to the Agency fro~ the Santa Monica Downtown Redevelopment Project. NOW, THEREFORE, The City and the Agency hereby agree as follows: , ~ . Amount and Time of payment Dur ~ng the term of the Lease Agreement, the Agency shall pay to the City each fiscal year, upon written request, an amount equal to the difference between (a) and (b) below: (a) the total base rental payments made by the City to the Agency pursuant to the Lease Agreement for the Facility for each such year; (b) the total payments collected by the city from any sub-lease or payment agreement concerning the Facility, for such year. 2. Loan If a payment is made by the Agency hereunder prior to the end of the fiscal year to which it applies, such payment shall be a loan to be repaid by the City to the extent and amount that such pay~ent is deterwined after the close of such fiscal year to be In excess of the amount actually owed by the Agency for that year as determined pursuant to section 1 hereof. 3. Available Funds The Agency shall reimburse the city the amou~t determined pursuant to Section 1 hereof, from any funds which may be legally available to the Agency for payment of said amount, lncluding but not limited to tax increment payments and proceeds from the sale of bonds. 4. Subordination of Indebtedness The indebtedness of the Agency to the City created by this Agreement is subordinate to any pledge of tax increments to the holders of any tax increment bonds which are or may be issued by the Agency. - 2 - . . . IN WITNESS WHEREOF, the Agency and the Clty have executed this Agreement as of the date first set forth hereinabove. ATTEST: CITY OF SANTA MONICA By: JOHN JALILI, city Manager Clty Clerk APPROVED AS TO FORM: .~~.'I.- City Attorney -(J ATTEST: SANTA MONICA REDEVELOPMENT AGENCY, CITY OF SANTA MONICA, CALIFORNIA Agency Secretary By: .TOHN JALILI Executlve Dlrector APPROVED: . V4-(~~ Agency Counsel larna022jhpw - 3 -