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Home My WebLink AboutCC Resolution 9439 (Fiscal Agreement Second Amendment)CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLUTION NO. 9434 A RESOLUTION APPROVING SECOND AMENDMENT TO FISCAL AGREEMENT AND AUTHORIZING THE CITY MANAGER TO EXECUTE THE SECOND AMENDMENT TO FISCAL AGREEMENT ON BEHALF OF THE CITY FINDINGS AND PURPOSES: The City Council of the City of San Rafael, Marin County, California, does hereby declare, find and determine that: WHEREAS, the City entered into a Fiscal Agreement dated September 11, 1984 with the San Rafael Redevelopment Agency ("Agency"), County of Marin, San Rafael High School District, San Rafael Elementary School District and the Marin Community College District. WHEREAS, the parties to the Fiscal Agreement desire to amend it to permit the Agency to continue to use tax increment so the Agency can raise additional funds to make improvements that will benefit the area governed by the Redevelopment Plan for the Central San Rafael Redevelopment Project. NOW THEREFORE, the City Council of the City of San Rafael resolves as follows: 1. The City Council hereby approves the Fiscal Agreement presented to the City Council in connection with consideration of this resolution and authorizies the City Manager to execute the Fiscal Agreement on behalf of the City subject to such minor changes the City Manager or counsel deems necessary or appropriate. 2. The City Manager is hereby authorized to take such actions as are contemplated by or necessary to implement the Fiscal Agreement. I HEREBY CERTIFY that the foregoing Resolution was duly and regularly introduced and adopted at a special joint meeting of the City Council of the City of San Rafael and the San Rafael Redevelopment Agency on September 5, 1995. AYES: COUNCILMEMBERS: Cohen, Heller, Phillips, Zappetini and Mayor Boro NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None 1410DG.P50 08/29/95 Jean Leoncin�, City C erk il ORIGINA1 .39 SECOND AMENDMENT TO FISCAL AGREEMENT This Second Amendment to Fiscal Agreement (the "Second Amendment") is made this 5th_ day of Smoteer,, 1995, 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 ("ESD") San Rafael High School District ("HSD") Marin Community College District ("CCD") with reference to the following: A. On or about September 11, 1984 the Agency entered into the "Fiscal Agreement" (the "Original Agreement") with the Taxing Agencies which agreement was amended by the "Amendment to Fiscal Agreement" (the "First Amendment") dated December 18, 1984. The "Fiscal Agreement" and the "Amendment to Fiscal Agreement" are referred to herein as the "Existing Agreement." B. The parties desire to amend the Existing Agreement in the manner set forth below in order to reflect changed conditions and law and to allow for the Agency's continued receipt of tax increment used through the 1994-95 fiscal year to pay debt service on bonds the Agency issued prior to the date of the Existing Agreement so that the Agency can raise additional funds to make improvements that will benefit the area governed by the Redevelopment Plan for the Central San Rafael Redevelopment Project. THEREFORE, the parties agree as follows: Section 1 Amendment to ParaaraDh 2 1. Paragraph 2 of the Original Agreement as amended by the First Amendment is hereby amended to provide as follows: 112. Claim of Increment. In any year the Agency shall claim and receive tax increment from the Central San Rafael Redevelopment Project Area in an amount not in excess of the following, provided, that the claim and receipt for the 14l ODR.P50 08/29/95 1 obligations described in subparagraphs (a) and (b) of this Paragraph 2 shall be superior to and have priority over all other claims and receipts to the fullest extent permitted by law: (a) For the payment of debt service on tax allocation bonds issued by the Agency after July 1, 1995, an amount equal to 125% of Maximum Annual Debt Service (as such term is defined in Agency Resolution No. 77-66 as amended by Agency Resolution No. 92-6) on such bonds, provided, however, the Agency shall not issue such bonds in which the Maximum Annual Debt Service exceeds $631,500, provided, however, for the 1995-96 fiscal year the amount the Agency may claim and receive shall be $631,500 and that amount may be used to pay debt service on the Agency's Tax Allocation Refunding Bonds Series 1977 and/or to pay debt service on tax allocation bonds issued by the Agency after July 1, 1995. (b) For payment of debt service on the Agency's Central San Rafael Redevelopment Project Tax Allocation Refunding Bonds, Series 1992, or bonds that refund or refinance such bonds, an amount equal to 125% of Maximum Annual Debt Service (as such term is defined in Agency Resolution No. 77-69 as amended by Agency Resolution No. 92-6) on such bonds, provided, however, that the Agency shall not issue such bonds in which the Maximum Annual Debt Service exceeds $1,440,000. (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 the Agency is required to set aside into a separate fund pursuant to Health & Safety Code Sections 33334.2, 33334.3 and 33334.6 to meet the Agency's low and moderate income housing obligation.', Section 2 Amendment to Paragraph 4 Paragraph 4 of the Original Agreement shall.be amended to add the following: "The Agency shall use the proceeds of tax allocation bonds issued after July 1, 1995 and secured by the tax increment funds received pursuant to subparagraph 2(a) above (as amended by the Second Amendment) for the projects and purposes set forth in Exhibit D which is attached to the Second Amendment. The parties 1410DK.P50 08/29/95 recognize that the dollar amounts set forth in the attached Exhibit D with respect to each specific project or purpose are estimates and that the Agency may spend more or less than the amounts set forth in Exhibit D for a particular project or purpose." Section 3 Addition of Exhibit D Exhibit D attached to this Second Amendment is hereby incorporated in and made a part of the Original Agreement as amended by the First Amendment and this Second Amendment. Section 4 Effect of Amendment Except as specifically amended by this Second Amendment, the Original Agreement as amended by the First Amendment shall remain in fuii Z. rce and effect. ATTEST: SAN AEL REDEVELOPMENT AGENCY 19 4y �6� ncy Secre ary By: Pamela J . ico ai, Executive Director APP}ZOVED (AU.) O FORM: --N,, Agency Counsel ATTEST: y Clerk i TO Att#rney 1410DK.P50 08/29/95 CITY OF SAN RAFAEL. By: Pamela J. licolai, Ci y Manager ATTEST: CO F MARIN Clerk By: nnette Rose , resident Name Ti le SA,lg RAFAEL IEMENTARY SCHOOL D I y e f Blac -11, Superintendent rName Title SAN F SCHOOL DISTRICT aldu T J7eff �acLw Name Superintendent Title Iii-6![7NITY COLLEGE DIS�T,RICT James Middleton President Name Title 1410DK.P50 08/29/95 EXHIBIT D PROPOSED REDEVELOPMENT PROJECTS Sidewalks (from "D" Street to Lincoln) West End Parking Lot Albert Park ("A" Street Entrance) Bellam Blvd. Park and Corp. Yard Storm Drainage Canal Street Culvert Street Lights and Undergrounding (West End) Elementary School Projects High School Projects Community College Projects County Projects TOTAL 141 ODK.PSO 08/29/9S 5 $1,092,000 550,000 350,000 750,000 1,500,000 650,000 500,000 816,000 1,367,000 225,000 $8,000,000