SR 05:309 - Laserfiche WebLink

TRP DRAFT 10/25/05 FUNDING AGREEMENT This FUNDING AGREEMENT (this "Agreement"), dated as of , 2005 (the "Effective Date"), is entered into among San Francisco Bay Area Rapid Transit District, a rapid transit district established pursuant to Public Utilities Code Section 28500 et. seq. ("BART"), Alameda County Surplus Property Authority, a California public body, corporate and politic (the "Authority"), the City of Dublin, a Califomia municipal corporation ("Dublin"), and the City of Pleasanton, a Califomia municipal corporation ("Pleasanton", and the Authority, Dublin and Pleasanton, individually, a "Funding Party" and, collectively, the "Funding Parties"), Certain capitalized terms used in this Agreement are defined in Section 1 hereof. RECITALS A, BART intends to construct a new West Dub1in/Pleasanton station (the "West Station"), BART will issue bonds (the "Bonds") to finance all or a portion of the construction of the West Station. In order to issue and sell the Bonds, BART must establish certain debt service reserves, B. In connection with constructing the West Station, BART intends to ground lease and/or sell adjacent property owned by BART for development of hotel, apartment, retail or office facilities (the "Development Project"), which is expected to result in significant additional tax and fee revenue and other benefits to the Funding Parties, C. BART is expected to pay debt service on the Bonds and operating, repair and maintenance costs attributable to the West Station using revenues derived from the West Station and parking and other facilities ancillary to the West Station as well as required debt service reserves, D, In order to establish required reserves for payment of debt service on the Bonds and to establish reserves for payment of any cost or expense related to the operation, repair or maintenance ofthe West Station, each Funding Party desires to grant funds to BART in an amount equal to the amount of its commitment set forth on Schedule 1 attached to and incorporated into this Agreement (each, a "Commitment") on the terms and subject to the conditions ofthis Agreement. E. On the Termination Date, BART will repay the funds to the Funding Parties on a pro rata basis to the extent that they are not used by BART for the purposes described herein. F, BART and the Funding Parties desire to set forth herein the terms and conditions of the funding to be provided by the Funding Parties and the repayment thereof, if any, by BART, G, BART, Dublin and Pleasanton have entered into that certain Memorandum of Understanding dated as of July 5, 2000 (the "MOU") with regard to financing construction of the SF # 1 009882 v2 48447v1