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RES 10340
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RES 10340
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2/25/2010 12:29:33 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
2/16/2010
DESTRUCT DATE
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DOCUMENT NO
RES 10340
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Exhibit "D" <br />Section 5.07. Assessment Districts or Other Funding~Mechanisms. <br />(a) The parties understand and agree that as of the Effective Date there aze no <br />assessment districts that may affect the Project Site. City is unaware of any <br />pending efforts to initiate, or consider applications for new or increased <br />assessments covering the Project Site, or any portion thereof (except for the <br />geological hazazd abatement district contemplated to fund certain aspects of <br />the management of open space and certain private utilities within the Project <br />Site). <br />(b) City understands that long term assurances by City concerning fees, taxes <br />and assessments were a material consideration for Developer agreeing to <br />process the siting of the Project in its present location and to pay long term <br />fees, taxes and assessments described in this Agreement. City shall retain <br />the ability to initiate or process applications for the formation of new <br />assessment districts covering all or any portion of the Project site. <br />Notwithstanding the foregoing, Developer retains all its rights to oppose the <br />formation or proposed assessment of any new assessment district or <br />increased assessment. In the event as assessment district is lawfully formed <br />to provide funding for services, improvements, maintenance or facilities <br />which aze substantially the same as those services, improvements, <br />maintenance or facilities being funded by the fees or assessments to be paid <br />by Developer under the Project Approvals or this Agreement, such fees or <br />assessments to be paid by Developer shall be subject to reduction/credit in <br />an amount equal to Developer's new or increased assessment under the <br />assessment district. Alternatively, the new assessment district shall <br />reduce/credit Developer's new assessment in an amount equal to such fees <br />or assessments to be paid by Developer under the Project Approvals or this <br />Agreement. <br />(c) At the request of Developer, City shall cooperate in the formation of <br />assessment districts, community facilities districts, tax-exempt financing <br />mechanisms, or other funding mechanisms related to traffic, sewer, water or <br />other infrastructure improvements (including, without limitation, design, <br />acquisition and construction costs) within the Project Site. City shall <br />diligently and expeditiously process applications by Developer necessary to <br />establish funding mechanisms so long as (i) the application complies with <br />law, (ii) is consistent with City's standazds, and (iii) provides for a lien to <br />value ratio and other financial terms that aze reasonably acceptable to City, <br />and which will result in no commitment of City funds. City shall diligently <br />seek to sell any bonds to be issued and secured by such assessments upon the <br />best terms reasonably available in the mazketplace. Developer may initiate <br />improvement and assessment proceedings utilizing assessment mechanisms <br />authorized under the law of the State of California where the property <br />subject to assessment (the "Assessed Property") provides primary security <br />for payment of the assessments. Developer may initiate such assessment <br />proceedings with respect to a portion of the Assessed Property to provide <br />54393\84008v3 <br />
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