Loading...
HomeMy WebLinkAboutCC Resolution 6923 (Tax Increment Financing)RESOLUTION NO. 6923 A RESOLUTION AUTHORIZING THE SIGNING OF A CONTRACT, LEASE OR AGREEMENT THE CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLVES as follows: The MAYOR and CITY CLERK are authorized to execute, on behalf of the City of San Rafael, a contract, lease or agreement with FISCAL AGREEMENT between the San Rafael Redevelopment Agency, County of Marin, San Rafael Elementary School District, San Rafael High School District and Marin Community College District Re: Tax Increment Financing for the San Rafael Redevelopment Agency a copy of which is hereby attached and by this reference made a part hereof. I, JEANNE M. LEONCINI, Clerk of the City of San Rafael, hereby certify that the foregoing resolution was duly and regularly intro- duced and adopted at a regular meeting of the City Council of said City held on Tuesday the fourth 19 84, by the following vote, to wit: day of September AYES: COUNCILMEr.!BERS: Breiner, Frugoli, Nave,`Russom & Mulryan NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEIIBERS: None JEkAE M. LEONCINI, City Clerk ORIGINAL 69a3 I FISCAL AGREEMENT This Agreement is made this 11th day of September , 1984, by and between the San Rafael Redevelopment Agency ("Agency") and the following parties (collectively "Taxing Agencies"): County of Marin ("County") City of San Rafael ("City") San Rafael Elementary School District ("Elementary School District") San Rafael High School District ("High School District") Marin Community College District ("College District") with reference to the following facts: 1. On or about April 16, 1973, Agency entered into an agreement with the County providing for limits on the amount of tax increment the Agency could receive pursuant to the Central San Rafael Redevelop- ment Plan and Health and Safety Code Section 33670. On or about January 16, 1973, Agency entered into a similar agreement with the High School District and the Elementary School District. On or about July 17, 1973, the Agency entered into a similar agreement with the College District. Those agreements and all amendments thereto are re- ferred to herein as "Previous Agreement". 2. The parties to this Agreement who were not parties to the Previous Agreement benefitted from the provision of the Previous Agree- ments. 3. The parties desire to revise the provisions of the Previous Agreement to reflect changed conditions and the need of the Agency to raise additional funds to make improvements in the project area. THEREFORE, the parties agree as follows: 1. Previous Agreements. This Agreement shall supersede the Previous Agreements and all amendments thereto, and, upon execution of this Agreement, the Previous Agreements and all amendments thereto shall be null and void and of no force or effect. 2. Claim of Increment. In any year, the Agency shall claim and receive tax increment from the Central San Rafael Redevelopment Project project area an amount not in excess of the following: (a) The amount necessary to pay the debt service on the Agency tax allocation bonds issued prior to the date of this Agreement. For the purpose of this sub- paragraph (a) and subparagraph (b) below, the term "debt service" shall mean any amount of principal, P Y interest, or other payment the Agency is obligated to pay to the trustee for the bondholders, the bond- holders or any other person or entity under the terms of the agreements and resolutions regarding the bonds; plus (b) The sum of $1,440,000, provided however, that except as is necessary to pay debt service on tax allocation bonds issued after the elate of this Agreement, the Agency shall not claim or receive tax increment pur- suant to this subparagraph (b) for any fiscal year which begins following the expiration of eight years from the date of this Agreement; plus (c) Any amount necessary to make payments to the County pursuant to subparagraph 1(a) of the agreement which is attached hereto as Exhibit A. (d) Any amount necessary to make payments to the School District reserve fund described in the agreement which is attached hereto as Exhibit B; plus (e) Any amount necessary to make payments to the County pursuant to subparagraph 1(b) of the agreement which is attached hereto as Exhibit A. 3. Revisions to Agreement. If during the term of this Agreement, fiscal burden is placed upon a party to this Agreement, as a result of litigation, legislation or other event relating to the tax increment provisions of the Redevelopment Plan for the Central San Rafael Redevelopment Project, the parties agree to meet and negotiate in good faith in order to find ways to ameliorate such fiscal burden. 4. Use of Tax Increment and Bond Proceeds. The Agency shall use the proceeds of tax allocation bonds secured by the tax increment funds received pursuant to subparagraph 2(b) above, and any tax incre- ment funds received pursuant to subparagraph 2(b) above not necessary to pay debt service on such tax allocation bonds for the projects and purposes set forth in the attached Exhibit C. The parties recognize that the dollar amounts set forth in the attached Exhibit C with respect to each specific project__or purpose are estimates and that the Agency may expend more or less than the amounts set forth in the attached Exhibit C for a particular project or purpose, provided, how- ever, that the Agency shall not expend more than $150,000 per year for an eight year period following the date of this Agreement to provide an administrative fund to cover operational and administrational costs. 5. Termination. This Agreement shall terminate on December 31, 2019: or upon the maturity of the bonds, whichever occurs first. ATTEST: SAN RAFAEL REDEVELOPMENT AGENCY ncy secreEary Chairman AP ROVES TO FORM: BY V" Y � � -2- ATTEST: By VS City Clerk ATTEST: By Clerk ATTEST: It ATTEST: By ATTEST: By CITY OF SAN RAFAEL COUNTY OF MARIN By • Chairman, Board of Supervisors SAN RAFAEL ELEMENTARY SCHOOL DISTRICT BY SAN RAFAEL HIGH SCHOOL DISTRICT By 9U eA MARIN COMMUNITY COLLEGE DISTRICT —3— 'ECTION 33401 AGREEAi NT / ( COUNTY ) This agreement is made this 1 1 th day of September by and between the San Rafael Redevelopment Agency (1Agency")9 84 and the County of Mai -in ("County") with reference to the follow- ing facts: 1. The Agency's Central Sari IIafael Itedevelopncent Project has and will continue to cause a financial burden of detriment to the County. 2. The Agency and County desire to Pru idea for Agency payments to the County from tax increment received by the Agency pursuant to Health and Safety Code Section 33670 which payments are necessary to alleviate the financial burden or detriment to the County. THEREFORE, Agenc.; and Count, aE,. ee as follows: 1. Annual Payment.From the to>: increment bald to the Agency pursuant to Health and' Safety Code Section 33670, the Agency shall pav County on an ar7nua2 basis thefollowing amounts: a. An amount equal tO th- annual increment allocation factor for the County multiplied t,;* the amount paid to the Agency pursuant to subparagraph 2(b) of the Fiscal Agreement of even date herewith between the Agenc%, , County and otter pal -ties ("Fiscal Agreernent"); plug b. An amount equal ,e, the annual increment allocation factor for the County multiplieci i>y the amour;t paid into the reserve fund pursuant to the Schoc,] I)i:;trict Agreement of even date herewith between the !'Lgerlcy, the San Rafael Elementary School District, the San Rafael iliE;l, School District and the Marin Community College Dict.•ict ("School District Agreement"). 2. Priority, and Claim,;. The Agcr,_•y shall claim the amount owing; to Count.,• in a particular,c,al• above as indebtedness to be paidwitilitaxuincremennt. Theant tohamounts the Agency is to pay County pursuant To paragraph 1 shall be paid only from tax increment received by the Agency and shall only be paid to the extent the Agenc•, receives tax increments in eNcess of the amounts sl:ecified ir, subl:cLragraphs 2(d) and (b) of t1 e Fiscal Agreement. 3. Payment o; Funds. The Ai,ency shall amount Tax Trust pec., from the Agency's meat in sem-annual Fund—any ou•in�. to the' County under ttcis agree- il instn11r7e;lts, �t•'ic•n the tax incremr�nt is received by the A� ency pursu;�n t to 11e•:c] th and Safety Code Section 33670. Upon making a pavr,ent , the Agency shall provide the County with a statement Sc't t i nf- forth they an;Uc;nts paid to the �:oPY County in the manner in xhich such amounts were calculated. The provisions of this paragraph 3 shall not preclude the County from disputing the amounts paid by the Agency or the manner in which said amounts were calculated in the event the amounts paid or manner of calculation: are in violation of this agreement. ATTEST: By Agency Secre ry ATTEST: ' / Clerk of the Board SAN itAI,AEL REDEVELOPME2dT AGENCY B �. Chairman COUNTY Or MARI N i Chairman, Board of Supervisors U EXHIBIT B SECTION 33401 AGREEMENT (SCHOOL DISTRICT) This agreement is made this 4th of September 1984, by and between the San Rafael Redevelopment Agency ("Agency") and the San Rafael Elementary School District, San Rafael High School District and the Marin Community College District (collectively "Districts") with reference to the following facts: 1. The Agency's Central San Rafael Redevelopment Project has and will continue to cause a financial burden or detriment to the Districts. 2. The Agency and the Districts desire to provide for Agency contingent payments to the District from tax increment received by the Agency pursuant to Health & Safety Code Section 33670 which payments are necessary to alleviate the financial burden to the Districts. THEREFORE, Agency and Districts agree as follows: 1. Establishment and Funding of Reserve Fund. From the tax increment payable to the Agency pursuant to Health 6 Safety Code Section 33670, the Agency shall each fiscal year pay into a reserve fund an annual amount equal to the total amount of tax increment generated from the Central San Rafael Redevelopment Project project area for that particular fiscal year less the sum of the payments made pursuant to subparagraphs 2(a), 2(b) and 2(c) of the Fiscal Agreement of even date herewith between the Agency, Districts and otter parties ("Fiscal Agreement") and the result of that subtraction divided by 1. lu the annual increment allocation factor- for Marin County; providedp,s however, that the total am,_un tl of pavmeiits into the reserve fund shall not exceed $965,844 less iriter ust earned on the reserve fund. 2. Payments fron Reserve Fund. In any year in which a District suffers a revenue loss as a result of a statutory change in the formula for determining state subventions to the District a:hich statutory change in subvention formula causes the District to lose revenue due directly to the existence of the Central San Rafael Redevelopment Project and the use of tax increment financing authorized by the Agency's redevelopment plan _l_ COPY now, for the Project ("Revenue Loss"), such District shall be entitled to receive a payment from the reserve fund equal to the lesser of the amount of the Revenue Loss or an amcunt equal to the amount paid to the Agency pursuant to subparagraph 2(b) of the Fiscal Agreement multiplied by the District Percentage. The District Percentage for a particular district in a particular year shall be the percentage of the real property taxes generated from the Central San Rafael Redevelopment Project project area that would have been paid to the particular District had the Agency not adopted the redevelopment plan for the Central San Rafael Redevelopment Project. In the event that in a particular year the reserve fund contains insufficient funds to make the payments to Districts otherwise entitled to such payments, the amount in the reserve fund shall be allocated and paid to a particular District otherwise entitled to a payment on the basis of the percentage calculated by dividing that District's District Percentage by the sum of the District Percentage of all Districts otherwise entitled to a payment. 3. Disposition of Reserve Fund. If, prior to two years of the maturity-otthe Lonas, there are funds remaining in the reserve fund , the reserve shall be distributed to the Agency for use by the Agency to pay Agency indebtedness including redemption of Agency bonds then outstanding. 4. Priority and Claims. The Agency shall claim the amount owing to the reserve fund pursuant to paragraph 1 above as indebtedness to be paid with tax increment. The amounts the Agency is to pay to the reserve fund pursuant to paragraph 1 shall be paid only from tax increment received by the Agency and shall only be paid to the reserve fund to the extent the Agency receives tai: increments in excess of the amounts specified in subparagraphs 2(a), W, and (c.) of the Fiscal Agreement. The Agency's obligation to make payments to a District or Districts pursuant to this agreement stall bo limited to funds in the reserve fund. 5. Administration: of Funds. The reserve fund shall be held and administered by the Auditor -Controller of the County of Marin c:r any other person or entity acceptable to the parties. The funs in the reserve fund shall be invested upon the instructions of the Agency and any interest or other return earned on such investment shall become part of the reserve fund. The Auditor-Contrcller or ether administrator of the reserve fund shall make payments from the fund to a party entitled thereto no earlier than 30 days following receipt of a certified statement from such party. The statement shall set forth the amount to be paid, the manner in which such amounts were calculated, and the circumstances that give rise to the right to a payment. The -2- party submitting such a statement s}:all E:lso provide copies to the other parties to this agreement. Tlie prop•:sicns of this paragraph shall not preclude any party to this agreement from disputing a payment trade or the mariner in which the amount of such payment was calculated in the. cvcr�t the Fc,mnnt or manner of calculation is ill violation, of this agreement. ATTEST: SAN RAFAL:- AGENCY By UAgency Secret ry ` ScliooI, DISTRICT By Dy h MARIN COMMUNITY COLLEGE DISTRICT SAN R;,FAIEL ELEMFNTi�,R?Y SCHOOL DISTRICT r . `• _ .._ �. �'� tel, LI S' F PROPOSED REDEVELOP,�,E� ROJECTS This is a list of activities contemplated b h Redevelopment Agency to be undertaken pursuanttoSth Rafael tion of the second major phase of the Central San RafaelpReme ment Project Plan. devveloelo p- 1. Creation of an East Fourth Street beau- tification project between Lincoln and Mary; some improvements to include land- scaping and beautification, removal of some on -street parking, and special street and sidewalk surface treatment Est. Cost $ 330,000 2. Drainage and signal imProvenents on Fourth Street at Lincoln ($83,00000) and Tamalpais ($57,000). Est. Cost $ 140,000 3. Facilitation of further develop--ent in the S'est Francisco area to impro;e drainage facilities by co-pletion of Phase II of the Storm Drainage 'e=ster Plan. Est. Cost 4. Re -location of the Rossi c �,,-p staL$ 70,000 .ion - include land accuisiticn to and drainage construction 5• Construction Or riscell?r.�o�s improvements in the test Francisco Est. Cost $1,000,000 Boulevard area. Est- Cost $ 450,0()0 6. Drainage improve -.encs a -c �eet to 5-ctio ccnstruction at Lindaro Str n include installation o: e-ergency generator. 7- To extend West Est. Cost $ 525,000 Francisco Boulevard frog Second Street to Third Street adjacent to the transpe= tation c -� e. t e.r . Est- Cost $1,500,000 b. Signalization o` Second and Th_=a Streets at Fr extension. ancisco Bo:levarc uest Est- Cost $ 200,000 9. To extend A.nderse- Drive frcn, B�'1:a,T Boulevard to A Street -o7. clu,d- ri gr,t- of-way acquisition, des_c- _ construction. `'nd 1 Est- Cost $5,000,000 G Acti"_sition and d_ ve1GL:-��it O` ing lot on :•rest r reuth S - _ a r�arf;- reet Est Cost300, 000 1 1 • F'ro'•'i do � de v 10 '., e t� - fc,1e $ �� :L fr moderate incor,.e }iousinc. Cost S SU�, 000 • r--- - �VW.L Uj�ment assistance fund in the nount of 6800,000 to acquire pr: tely owned parcels for assemblage purposes as well as to acquire parcels individually for future private development. Said funds would also be provided for the demolition of existing structures for site prepara- tion in accordance with disposition agreements to sell the land to a private developer, as well as Funds to provide the necessary on and Off-site require- ments to make the specific project feasible 13. To provide an administrative fund to cover operational and administrative costs for an eight-year period in the amount of $150,000 annually. -2- Est. Cost $ 800,000 Est. Cost $1,200,0C.0 TOTAL COST $12,015.000 MARIN COMMUNITY COLLEGE DISTRICT BOARD OF DIRECTORS RESOLUTION NO. 84/85-57 WHEREAS, the District has previously entered into an agreement with the San Rafael Redevelopment Agency ("Agency") limiting the amount of tax increment funds the Agency may receive pursuant to Health and Safety Code Section 33670; and WHEREAS, the Agency has proposed certain changes to that previous agreement which would permit the Agency to receive additional tax increment funds in order to undertake certain activities which would benefit the citizens of Marin County and increase the assessed valuation of property within Marin County and which would establish a reserve fund which would provide funds to the District in the event state legislation were enacted causing a revenue loss to the District because of the Agency's receipt of tax increment funds; and WHEREAS, the Agency has proposed that such changes be accomplished by entering into the Fiscal Agreement which is attached to this resolution and made a part of this resolution by this reference and the Section 33401 Agreement (School District) which also is attached to this resolution and made a part of this resolution by this reference; and WHEREAS, the Board has determined that it is in the best interests of the District to enter into the Fiscal Agreement and the Section 33401 Agreement (School District); THEREFORE, the Board of Directors hereby resolves: 1. The Board approves the attached Fiscal Agreement and PSCD-C!'T°y c5ection 33401 Agreement (School District) . 2. The Board President is authorized to execute such 12 X! J 65 1; : agreements on behalf of the District. Passed on this day of , 1985 by the following vote: Ayes Noes Abstain — LR/3166 TXTTW 5/22/85 I, Al M. Curtis, Clerk of the Board of Trustees of the Marin Community College District of Marin County, California, do hereby certify that the foregoing is a true and correct copy of a Resolution adopted by said Board at a regular meeting thereof, held at its regular place of meeting at the time and by the vote above stated. --_- Clerk This Agreement by and between the following parties NOTE: THIS DOCUMENT WAS ONLY EXECUTED BY MARIN COMMUNITY COLLEGE DISTRICT. FISCAL AGREEMENT WAS SUBSEQUENTLY REVISED BEFORE SUBMITTAL TO AGENCY/COUNCIL 9/9/84 NOTE: FISCAL AGREE-1ENT Signed "Copy" by Etta Allen given to C/M to discuss is made this 14th day of AU, w/Phyllis Metcalf, San Rafael Redevelopment Agency ( "A: Marin Community (collectively "Taxing Agencies"): College District County of Marin ("County") City of San Rafael ("City") San Rafael Elementary School District ("Elementary School District") San Rafael High School District ("High School District") Marin Community College District ("College District") with reference to the following facts: NOTE: 3/13/85 Spoke w/Claudia Lewey, Secretary, MARIN COM- MUNITY COLLEGE DIST. BD. OF TRUSTEES, who indicated Board ap- proved FISCAL AGREE- MENT 8/14/84 J.M.L. 1. On or about April 16, 1973, Agency entered into an agreement with the County providing for limits on the amount of tax increment the Agency could receive pursuant to the Central San Rafael Redevelop- ment Plan and Health and Safety Code Section 33670. On or about January 16, 1973, Agency entered into a similar agreement with the High School District and the Elementary School District. On or about July 17, 1973, the Agency entered into a similar agreement with the College District. Those agreements and all amendments thereto are re- ferred to herein as "Previous Agreement". 2. The parties to this Agreement who were not parties to the Previous Agreement benefitted from the provision of the Previous Agree- ments. 3. The parties desire to revise the provisions of the Previous Agreement to reflect changed conditions and the need of the Agency to raise additional funds to make improvements in the project area. THEREFORE, the parties agree as follows: 1. Previous Agreements. This Agreement shall supersede the Previous Agreements and all amendments thereto, and, upon execution of this Agreement, the Previous Agreements and all amendments thereto shall be null and void and of no force or effect. 2. Claim of Increment. In any year, the Agency shall claim and receive tax increment from the Central San Rafael Redevelopment Project project area an amount not in excess of the following: (a) The amount necessary to pay the debt service on the Agency tax allocation bonds issued prior to the date of this Agreement. For the purpose of this sub- paragraph (a) and subparagraph (b) below, the term Copy, "debt service" shall mean any amounT -f nrinr.ina7. Or intere: or other payment the AF, y is obligated to pa} Lo the trustee for the bondholders, the bond- holders or any other person or entity under the terms of the agreements and resolutions regarding the bonds; plus (b) The sum of $2,102,000, provided however, that except as is necessary to pay debt service on tax sllocat;on bonds issued after the elate of this Agreement, the Agency shall not claim or receive tax increment pur- suant to this subparagraph (b) for any fiscal year which begins following the expiration of eight years from the date of this Agreement; plus (c) Any amount necessary to make payments to the County pursuant to subparagraph 1(a) of the agreement which is attached hereto as Exhibit A. (d) Any amount necessary to make payments to the School District reserve fund described in the agreement which is attached hereto as Exhibit B; plus (e) Any amount necessary to make payments to the County pursuant to subparagraph 1(b) of the agreement which is attached hereto as Exhibit A. 3. Revisions to Agreement. If during the term of this Agreement, fiscal burden is placed upon a party to this Agreement, as a result of litigation, legislation or other event relating to the tax increment provisions of the Redevelopment Plan for the Central San Rafael Redevelopment Project, the parties agree to meet and negotiate in good faith in order to find ways to ameliorate such fiscal burden. 4. Use of Tax Increment and Bond Proceeds. The Agency shall use the proceeds of tax allocation bonds secured by the tax increment funds received pursuant to subparagraph 2(b) above, and any tax incre- ment funds received pursuant to subparagraph 2(b) above not necessary to pay debt service on such tax allocation bonds for the projects and purposes set forth in the attached Exhibit C. The parties recognize that the dollar amounts set forth in the attached Exhibit C with respect to each specific project or�ur�ose are estimates and that the Agency may expend more or less than the amounts set forth in the attached Exhibit C for a particular project or purpose, provided, how- ever, that the Agency shall not expend more than $150,000 per year for an eight year period following the date of this Agreement to provide an administrative fund to cover operational and administrational costs. 5. Termination. This Agreement shall terminate on December 31, 209. ATTEST: APPROVED AS TO FORM: SAN RAFAEL REDENTLOPMENT AGENCY 1WM ATTEST: By ATTEST: By ATTEST: By ATTEST: By CITY OF SAN RAFAEL By COUNTY OF MARIN By SAN RAFAEL ELEMENTARY SCHOOL DISTRICT Um SAN RAFAEL HIGH SCHOOL DISTRICT By ATTEST: MARIN COMMUNITY COLLEGE DISTRICT By BYE//�-tom% -3- i EXHIBIT A SECTI N 33401 AGREEMEN"I (COUNTY) This agreement is made this day of 9 1984 by and between the San Rafael Redevelopment Agency ("Agency") and the County of Marin ("County") with reference to the follow- ing facts: 1. The Agency's Central San Rafael Redevelopment Project has and will continue to cause a financial burden of detriment to the County. 2. The Agency and County desire to provide for Agency payments to the County from tax increment received by the Agency pursuant to Health and Safety Code Section 33670 which payments are necessary to alleviate the financial burden or detriment to the County. THEREFORE, Agency and County agree as follows: 1. Annual Payment. From the tax increment paid to the Agency pursuant to Health and Safety Code Section 33670, the Agency shall pay County on an annual basis the following amounts: a. An amount equal to the annual increment allocation factor for the County multiplied by the amount paid to the Agency pursuant to subparagraph 2(b) of the Fiscal Agreement of even date herewith between the Agency, County and other parties ("Fiscal Agreement"); plus b. An amount equal to the annual increment allocation factor for the County multiplied by the amount paid into the reserve fund pursuant to the School District Agreement of even date herewith between the Agency, the San Rafael Elementary School District, the San Rafael High School District and the Marin Community College District ("School District Agreement"). 2. Priority and Claims. The Agency shall claim the amount owing to County in a particular year pursuant to paragraph 1 above as indebtedness to be paid with tax increment. The amounts the Agency is to pay County pursuant to paragraph 1 shall be paid only from tax increment received by the Agency and shall only be paid to the extent the Agency receives tax increments in excess of the amounts specified in subparagraphs 2(a) and (b) of the Fiscal Agreement. 3. Payment of Funds. The Agency shall pay from the Agency's Tax Trust Fund any amount owing to the County under this agree- ment in semi-annual installments, when the tax increment is received by the Agency pursuant to Health and Safety Code Section 33670. Upon making a payment, the Agency shall provide the County with a statement setting forth the amounts paid to the County in the manner in which such amounts were calculated. The provisions of this paragraph 3 shall not preclude the County from disputing the amounts paid by the Agency or the manner in which said amounts were calculated in the event the amounts paid or manner of calculation are in violation of this agreement. SAN RAFAEL REDEVELOPMENT AGENCY Lo COUNTY OF MARIN -2- EXHIBIT B SECTION 33401 AGREEMENT (SCHOOL DISTRICT) This agreement is made this of 1984, by and between the San Rafael Redevelopment Agency ("Agency") and the San Rafael Elementary School District, San Rafael High School District and the Marin Community College District (collectively "Districts") with reference to the following facts: 1. The Agency's Central San Rafael Redevelopment Project has and will continue to cause a financial burden or detriment to the Districts. 2. The Agency and the Districts desire to provide for Agency contingent payments to the District from tax increment received by the Agency pursuant to Health & Safety Code Section 33670 which payments are necessary to alleviate the financial burden to the Districts. THEREFORE, Agency and Districts agree as follows: 1. Establishment and Funding of Reserve Fund. From the tax increment payable to the Agency pursuant to Health & Safety Code Section 33670, the Agency shall each fiscal year pay into a reserve fund an annual amount equal to the total amount of tax increment generated from the Central San Rafael Redevelopment Project project area for that particular fiscal year less the sum of the payments made pursuant to subparagraphs 2(a), 2(b) and 2(c) of the Fiscal Agreement of even date herewith between the Agency, Districts and other parties ("Fiscal Agreement") and the result of that subtraction divided by 1.31487015; provided, however, that the total amount of payments into the reserve fund shall not exceed $965,844 less interest earned on the reserve fund. 2. Payments from Reserve Fund. In any year in which a District suffers a revenue loss as a result of a statutory change in the formula for determining state subventions to the District which statutory change in subvention formula causes the District to lose revenue due directly to the existence of the Central San Rafael Redevelopment Project and the use of tax increment financing authorized by the Agency's redevelopment plan sc for the Project ("Revenue Loss"), such District shall be entitled to receive a payment from the reserve fund equal to the lesser of the amount of the Revenue Loss or an amount equal to the amount paid to the Agency pursuant to subparagraph 2(b) of the Fiscal Agreement multiplied by the District Percentage. The District Percentage for a particular district in a particular year shall be the percentage of the real property taxes generated from the Central San Rafael Redevelopment Project project area that would have been paid to the particular District had the Agency not adopted the redevelopment plan for the Central San Rafael Redevelopment Project. In the event that in a particular year the reserve fund contains insufficient funds to make the payments to Districts otherwise entitled to such payments, the amount in the reserve fund shall be allocated and paid to a particular District otherwise entitled to a payment on the basis of the percentage calculated by dividing that District's District Percentage by the sum of the District Percentage of all Districts otherwise entitled to a payment. 3. Disposition of Reserve Fund. If, after the 18 years from the date of this agreement, there are funds remaining in the reserve fund , the reserve shall be distributed to the Agency for use by the Agency to pay Agency indebtedness including redemption of Agency bonds then outstanding. 4. Priority and Claims. The Agency shall claim the amount owing to the reserve fund pursuant to paragraph 1 above as indebtedness to be paid with tax increment. The amounts the Agency is to pay to the reserve fund pursuant to paragraph 1 shall be paid only from tax increment received by the Agency and shall only be paid to the reserve fund to the extent the Agency receives tax increments in excess of the amounts specified in subparagraphs 2(a), (b), and (c) of the Fiscal Agreement. The Agency's obligation to make payments to a District or Districts pursuant to this agreement shall be limited to funds in the reserve fund. 5. Administration of Funds. The reserve fund shall be held and administered by the Auditor -Controller of the County of Marin or any other person or entity acceptable to the parties. The funds in the reserve fund shall be invested upon the instructions of the Agency and any interest or other return earned on such investment shall become part of the reserve fund. The Auditor -Controller or other administrator of the reserve fund shall make payments from the fund to a party entitled thereto no earlier than 30 days following receipt of a certified statement from such party. The statement shall set forth the amount to be paid, the manner in which such amounts were calculated, and the circumstances that give rise to the right to a payment. The :WM party submitting such a statement shall also provide copies to the other parties to this agreement. The provisions of this paragraph shall not preclude any party to this agreement from disputing a payment made or the manner in which the amount of such payment was calculated in the event the payment or manner of calculation is in violation of this agreement. SAN RAFAEL REDEVELOPMENT AGENCY By SAN RAFAEL HIGH SCHOOL DISTRICT By MARIN COMMUNITY COLLEGE DISTRICT By SAN RAFAEL ELEMENTARY SCHOOL DISTRICT By -3- � EXHIBIT C LIS', JF PROPOSED REDEVELOPMENT PROJECTS This is a list of activities contemplated by the San Rafael Redevelopment Agency to be undertaken pursuant to the implementa- tion of the second major phase of the Central San Rafael Redevelop- ment Project Plan. 1. Creation of an East Fourth Street beau- tification project between Lincoln and Mary; some improvements to include land- scaping and beautification, removal of some on -street parking, and special street and sidewalk surface treatment 2. Drainage and signal improvements on Fourth Street at Lincoln ($83,000) and Tamalpais ($57,000). 3. Facilitation of further develop-ent in the V est Francisco area to improve drainage facilities by co-pletion of Phase II of the Storm Drainage Raster Plan. 4. Re -location of the Rossi Luno station to include land accuisition, constr;:ction and drainage pipe. 5. Construction of m.iscell=-neons drainage improvements in the West Francisco g Boulevard area. 6. Drainage improve-er.ts End Fu -:p sration construction at Lindaro Street to include installation of e:-ergency generator. 7. To extend West Francisco Boulevard fror Second Street to Third Street adjacent to the transportation center. 8• Signalization of Second and Th'_rd Streets at Francisco Boulevard i•;est extension. 9. To extend Andersen Drive from Bellar Boulevard to A Street to include right- of-way acquisition, des_c and construction. r 10. ?-.cq,__sition and develop -ant of a park- ing lot on West Frouth S`reet. 11 • Provice a development fund for lo',,; and moderate income tiousinc. Est. Cost $ 330,000 Est. Cost $ 140,000 Est. Cost $ 70,000 Est. Cost $1,000,000 Est. Cost $ 450,000 Est. Cost $ 525,000 Est. Cost $1,500,000 Est. Cost $ 200,000 Est. Cost $5,000,000 Est. Cost $ Est. Cost $ 300,000 500,000 lor , 12. To provide -�veloprnent assistance - fund in the junt of 5800,000 to acquire privately owned parcels for assemblage purposes as well as to acquire parcels individually for future private development. Said funds would also be provided for the demolition of existing structures for site prepara- tion in accordance with disposition agreements to sell the land to a private developer, as well as funds to provide the necessary on and off-site require- ments to make the specific project feasible 13. To provide an administrative fund to cover operational and administrative costs for an eight-year period in the amount of $150,000 annually. -2- Est. Cost $ 800,000 Est. Cost $1,200,000 TOTAL COST $12,015,000