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Home My WebLink AboutCC Resolution 8886 (Exchange of Istea Funds with RA)RESOLUTION NO. 8886 A RESOLUTION AUTHORIZING THE SIGNING OF AN AGREEMENT WITH THE MARIN COUNTY REDEVELOPMENT AGENCY FOR THE EXCHANGE OF ISTEA FUNDS THE CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLVES AS FOLLOWS: The Mayor and the City Clerk are hereby authorized to execute, on be- half of the City of San Rafael, an agreement with the Redevelopment Agency of the County of Marin for the exchange of federal ISTEA funds, allocated to the Waldo Interchange Project, for City "Traffic Mitigation Fee" funds allocated to the Merrydale Overcrossing Project. A copy of said agreement is hereby attached and by this reference made a part of this resolution. I, Jeanne Leoncini, Clerk of the City of San Rafael, hereby certify that the foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the City Council held on Monday, the 3rd day of May, 1993, by the following vote, to wit: AYES - Councilmembers : Breiner, Shippey, Thayer & Mayor Boro NOES - Councilmembers: None ABSENT - Councilmembers: Cohen A JUt M Leoncin ,City Clerk ORIGINAL AGREEMENT FOR EXCHANGE OF FUNDS BY AND BETWEEN THE CITY OF SAN RAFAEL AND THE REDEVELOPMENT AGENCY OF THE COUNTY OF MARIN THIS AGREEMENT FOR EXCHANGE OF FUNDS (the "Agreement") is entered into this 27th day of An -r; 1 1993, by and between the CITY OF SAN RAFAEL, a public body, corporate and politic, (the "City") and the REDEVELOPMENT AGENCY OF THE COUNTY OF MARIN, a public body, corporate and politic (the "Agency'). RECITALS A. Pursuant to the California Community Redevelopment Law (Health & Safetcy Code, § 33000 gt &a.), the Agency is undertaking the redevelopment of a portion of Marin County known as Marin City pursuant to an amended redevelopment plan (the "Redevelopment Plan") adopted by the Board of Sueprvisors of the County by Ordinance No. 2671, on November 24, 1981; further amended by Ordinance No. 2946, on June 16, 1987; by Ordinance No. 3010, on October 10, 1989; and by Ordinance No. 3087, on March 17, 1992, for a redevelopment project designated the Marin City Redevelopment Project (the "Project") within a redevelopment project area (the "Project Area"). B. The Agency is authorized, pursuant to the Community Redevelopment Law, to accept financial and other forms of assistance from any public or private source and to pledge, as security for the repayment of loans and advances or other indebtedness, tax increments from the Project. Pursuant to Article XVI, Section 16, of the California Constitution, Section 33670 et sect.. of the Health and Safety Code and the Redevelopment Plan, tax increments are those increases in the assessed values of the property within the Project Area above the sum of the assessed values as shown in the 1986-87 assessment roll which are paid to the Agency to pay the principal of and interest on loans, monies advanced to or indebtedness incurred by the Agency to finance or refinance, in whole or in part, redevelopment in accordance with the Redevelopment Plan (the "Tax Increments"). - C. The County of Marin has approved a Master Plan for a proposed mixed-use project within the Project Area known as Marin City U.S.A. A condition of the approval of the Master Plan is that certain improvements be made in connection with the so-called "Waldo Interchange Project" for Highway 101 (the "Waldo Project"). Pursuant to a Memorandum of Understanding with the developer of the Marin City U.S.A. project, the Agency has agreed to assist in the financing of the Waldo Project. D. Pursuant to the Federal Intermodal Surface Transportation Act ("ISTEA"), the Agency has received an allocation in the amount of One Million One Hundred Twelve Thousand Five Hundred Dollars ($1,112,500) for the Waldo Project (the MRN/ISTEAExdiAgt/Ag/SanR/ipy COPY Attachment 2, page 1 "ISTEA Funds"). A condition of the allocation is that construction of the Waldo Project be commenced by a certain date. E. The City intends to develop and construct a capital improvement project known as the Merrydale Overcrossing Project within the City on Highway 101 ("the "Merrydale Project") and has certain funds available to it for such Merrydale Project (the "Merrydale Funds"). F. The City also intends to develop and construct in the future certain improvements to the Lucas Valley Interchange on Highway 101 (the "Lucas Valley Interchange Project"). G. The City Council (the "City Council") of the City on March 16, 1993, and the Board of Commissioners of the Agency (the "Agency Board") on March 16, 1993 each voted to support a transaction whereby the Agency would agree to the Reallocation to the City of the ISTEA Funds in exchange for the City giving the Agency One Million Dollars ($1,000,000) of the Merrydale Funds and fulfilling certain other obligations of the City regarding the Lucas Valley Interchange Project. H. The Agency Board on March 16, 1993, authorized the Agency Board Chairman to execute any and all agreements with the City to effectuate this transaction. AGREEMENTS NOW, THEREFORE, THE CITY AND THE AGENCY HEREBY AGREE AS FOLLOWS: Section 1. Purr)ose of Agreement The Agency hereby agrees that but for the agreements set forth herein, the Agency would be at risk of losing its allocation of the ISTEA Funds for the Waldo Project, thereby jeopardizing the ability of the Agency to fulfill its obligations regarding the Waldo Project and to implement the Redevelopment Plan in a timely manner. In addition, the City hereby agrees that the agreements set -forth herein shall allow the City to complete the- Merrydale Project as well as contribute to the costs of the Lucas Valley Interchange Project, both of which will benefit the City. motion 2. Reallocation of ISTEA Funds to Merrydale Prgiecl The Work Program Committee of the Metropolitan Transportation Commission approved on April 9, 1993 the reallocation of the ISTEA Funds from the Waldo Project to the Merrydale Project (the "Reallocation") pursuant to an amendment to the 1993-97 Transportation Improvement Project, "Amendment No. 93-09 - Merrydale/Waldo Funding Swap in Marin County". The Agency hereby agrees to use its best efforts to obtain the approval of the governing body of the Metropolitan Transportation Commission (the "MTC") of the Reallocation as soon MRN/51'FAExdtAgt/Ag/SanR/ipy 2 4/14/93 as possible. Upon the approval by MTC of the Reallocation, the City shall have all responsibility for obtaining the ISTEA Funds and for complying with any requirements related thereto. Section 3. Allocation of Portion of Merrvdale Funds to Waldo Project Subject to the approval by the MTC of the Reallocation, the City agrees to pay, by May 30, 1993, One Million Dollars ($1,000,000) to the Agency out of its Merrydale Funds for use by the Agency for the Waldo Project. Section 4. Use of Funds for Lucas Valley, Interchangp_ The City further agrees that it shall use One Hundred Twelve Thousand Five Hundred Dollars ($112,500) of the ISTEA Funds received as a result of the Reallocation towards its cost of developing and constructing the Lucas Valley Interchange Project. motion 5. Time is Of the Essence The parties agree that time is of the essence in this Agreement. Section 6. Terms are Binding All of the terms, covenants, conditions and provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, successors and assigns. IN WITNESS WHEREOF, the City and the Agency have entered this Agreement as of the date first above written. CITY OF SAN RAFAEL, a public body, coporate and politic P By. AL4T/BAOV�GVI., M ATTEST: DA d DATED: May -AND- 5, 1993 .,CM„ MRN/B17FAExdiAgt/Ag/sanR/ipy 3 4/14/93 REDEVELOPMENT AGENCY OF THE COUNTY OF MARIN, a public body, corporate and politic By: Chairman, pro tem Board of Commissioners Attest: CL• s?/`� Secretdry INCY" Attachment 2, page 4 MRN/ISTEAExchAgc/Ag/SanR/ipy