COMMUNITY REDEVELOPMENT AGENCY (7)h
E
•
AMENDMENT TO COOPERATION AGREEMENT
BETWEEN THE CAPISTRANO VALLEY WATER DISTRICT
AND THE
COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF SAN JUAN CAPISTRANO
THIS AMENDMENT to the Cooperation Agreement is made and entered into this 19th day of May,
1992, by and between CAPISTRANO VALLEY WATER DISTRICT hereinafter referred to as the "DISTRICT,"
and the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SAN JUAN CAPISTRANO, hereinafter
referred to as the "AGENCY."
WITNESSETH:
WHEREAS, District and Agency entered into a Cooperation Agreement dated March 5, 1985; and
WHEREAS, in Section VI of the Cooperation Agreement, it is stated that the interest rate to be
charged to the Agency for its indebtedness to the District is twelve percent 02%) per annum or the
maximum rate allowed by law, whichever is less; and
WHEREAS, due to changes in economic conditions, the twelve percent (12%) per annum interest
rate now being charged on the Agency's indebtedness to the District, is no longer appropriate.
NOW, THEREFORE, the District and the Agency agree that the Cooperation Agreement dated March
5, 1985, shall be amended as follows:
Section VI is hereby amended to read:
The obligation of Agency under this Agreement shall constitute an indebtedness
of Agency within the meaning of California Community Redevelopment Law Sections
33670, et seq., to be paid to the District by Agency with interest at a rate adjusted at the
end of each calendar year applicable for the next calendar year based on the December
interest rates paid to the District through the Local Agency Investment Fund (LAIF), or the
maximum rate allowed by law, whichever is less. This amendment shall be effective April
1, 1992 based upon the LAIF interest rates earned in December 1991. Annual payment
of interest shall commence no later than July 1, 1994, providing debt service funds are
available in excess of that needed to service existing debt.
2. All other provisions, terms, and conditions of the subject Cooperation Agreement
shall remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Cooperation Agreement to be
executed the day and year first above written.
ATTEST:
Clerk f the Board
"DISTRICT"
CAPISTRANO VALLEY NATER DISTRICT
CHAIRM�A THE BOARD
"AGENCY"
COMMUNITY REDEVELOPMENT
AGENCY OF THE CIT SAN JUAN
CA/PII ,�,�. RAND �� },
HAIRMAN
AT ST: AV O_��
�f �
Secretary Agency Attorney REDEVAMN.
i
COOPERATION AGREEMENT
BY AND BETWEEN THE CAPISTRANO VALLEY
WATER DISTRICT AND THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN JUAN CAPISTRANO
THIS COOPERATION AGREEMENT is entered into this Stti day of
1985, by and between the CAPISTRANO VALLEY WATER
DISTRICT (the "District") and the REDEVELOPMENT AGENCY OF THE CITY OF SAN
JUAN CAPISTRANO (the "Agency").
RECITALS
A. The City of San Juan Capistrano (the "City") has previously activated the
Agency upon completion of appropriate legal proceedings therefor. The Agency is
proceeding to implement the Redevelopment Plan for the Downtown Center
Redevelopment Project (the "Project").
B. The City and the Agency have undertaken proceedings to amend the Project
Area for the Project to, among other things, add that real property described as
Tentative Tract Map 12276, City date-stamped September 12, 1984, (the "Site"), which
amendment, together with this Agreement, will promote development of the Site.
C. It is anticipated that the development of the Site will increase the tax base
of the District, thereby reducing the tax burden upon property owners within the District
whose properties are taxed to retire the bonded indebtedness of the District.
AGREEMENTS
cur -cornu r
The District agrees that, contingent upon execution of an agreement by Agency
and the developer of the Site providing for assumption by Agency of the obligation to pay
District fees required by development of the Site, the District shall defer receipt of its
fees for the Site development as set forth in Section II of this Agreement.
A
crrrrmrnu IT
0
The District has reviewed its financial obligations resulting from the development
of the Site, and has determined that District fees required to meet the immediate
obligations of the District resulting from the development of the Site, in the amount of
$93,575.00, shall not be deferred. Fees not required to meet such immediate obligations
of the District, in the amount of $413,491.75, shall be deferred by the District pursuant
to Section III of this Agreement.
The District agrees to defer receipt of those Site fees not required to meet the
immediate obligations of the District as provided by Section II of this Agreement until
such time as the Agency reasonably determines that it has the sufficient funds to repay
in whole or in part such indebtedness to the District. The District agrees that, upon
request therefor by the Agency, it shall subordinate the deferred fees referred to in
Section II to all other indebtedness heretofore or hereafter incurred by the Agency.
SECTION IV
The District will keep records of fees deferred pursuant to this Agreement and
costs thereof in order that an accurate record of Agency's liability to the District can be
ascertained. The District shall, not later than August 1st of each year, submit to Agency
a statement of amounts due to the District pursuant to this Agreement.
Q171"Mnu v
Agency agrees to reimburse the District for amounts due pursuant to this
Agreement from and to the extent that funds are available to Agency for such purpose
pursuant to California Health and Safety Code Seciton 33670 or from other sources;
provided, however that Agency shall have the sole and exclusive right to pledge any such
sources of funds to the repayment of other indebtedness incurred by Agency in carrying
out the redevelopment project. The costs and deferrals of the District under this
Agreement will be shown on statements submitted to Agency pursuant to Section IV
above.
-2-
SECTION VI
The obligations of Agency under this Agreement shall constitute an indebtedness of
Agency within the meaning of California Community Redevelopment Law Sections
33670, et seq., to be paid to the District by Agency with interest at twelve percent (12%)
per annum or the maximum rate allowed by law, whichever is less. Annual payment of
interest shall commence not later than January 1, 1990, consistent with Agency's
financial ability to make such payments.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.
ATTEST:
Clerk
E. Phillip Hale
ATTEST:
`ffdcretar 4
Mary Ann Hanover
CAPISTRANO VALLEY WATER DISTRICT
By:
man
Aary L. Hausdorfer
REDEVELOMENT AGENCY OF THE
CITY OF SAN JUAN CAPISTRANO
i
By:
Chairman
Phillip R. Schwartze
- 3 -
APPROVED AS TO FORM:
TOM CLAIZK, AGENCOUNSEL