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CVWD - Co-op Agreement 83SUMMARY OF PASS-THRU AGREEMENT TERMS PROJECT AREA NO. 1 LA OUINTA REDEVELOPMENT AGENCY Taxing Entity: Coachella Valley Water District Date of Agreement: November 29, 1983 Summary of Financial Terms: 1. The District is to receive revenues generated by any increase in its tax rate 2. The District is to receive 20% of its share of the other levy taxes, this 20% shall be equal to 1.2% of the fiscal year tax increment revenue received by the Agency. 3. The preference is to have the County of Riverside directly pay the district its share in order to avoid the need to allocate 20% to the low moderate income housing fund, even if the County does not make the payment directly the agreement provides that these revenues shall be deemed to be received "by and for the benefit of the district" thus eliminating the 20% set aside requirement. 4. The remaining portion of the revenue generated by the District's share is to be used ' for payment of administrative expenses, to fund the low/mod housing fund, to pay the District $600,000 to pay for part of the bridge crossing the Coachella Valley Stormwater Channel, and to pay the cost of approved flood control improvements. If tax increment revenue is not expended on these noted items, then 4.69% of the revenue otherwise expended shall be paid to the District. 5. Payments to the District are subordinate to debt service requirements. Accounting Implications: As in the other agreements, we need to first determine how much tax increment the Agency has collected each year in order to determine what should have been paid/owed to the Water District. It is also important that we discuss the nature and status of the $600,000 payment for the bridge referred to in the agreement. AGREEMENT FOR COOPERATION BETWEEN THE CITY OF LA QUINTA, THE LA QUINTA REDEVELOPMENT AGENCY AND THE COACHELLA VALLEY WATER DISTRICT This Agreement is entered into on this 29th day of November, 1983 between the CITY OF LA QUINTA (the "City"), THE LA QUINTA REDEVELOPMENT AGENCY (the "Agency") and THE COACHELLA VALLEY WATER DISTRICT (the "District"). RECITALS 1. The City and the Agency propose to undertake certain redevelopment activities known as the "Redevelopment Plan for the La Quinta Redevelopment Project" pursuant to the Community Redevelopment Law of the State of California in the interest of the health, safety and general welfare of the people of the City of La Quinta. 2. The Community Redevelopment Law authorizes Redevelopment Agencies to pay to any taxing agency within territory located within a project area other than the community which has adopted the project any amounts of money which in the Agency's determination is appropriate to alleviate any financial burden or detriment caused to any taxing agency by the Redevelopment Project. In addition, the Agency and the District have the authority to agree as to the details of the Redevelopment Plan and its implementation. 3. The parties wish to enter into an agreement to alleviate any financial burden or detriment caused to the District by the Redevelopment Plan and to agree as to certain details of the Redevelopment Plan and its implementation. 4. In considering this Agreement the Agency and the City have found and determined that it would be appropriate to alleviate any financial burden or detriment caused to the District by the Redevelopment Plan as is provided for herein. COVENANTS 5. SPECIAL INDEBTEDNESS TAX ALLOCATION. Special indebtedness ad valorem property taxes including those designated by the County of Riverside for convenience as "CV Water" and "CV Improvement District No. 1," levied by or for the benefit of the District to pay the interest and redemption charges on indebtedness after the effective date of the Ordinance approving and adopting the respective Redevelopment Plan, shall continue to be allocated to and when collected shall be paid to the District. 6. GENERAL PURPOSE TAX ALLOCATION. In addition to such special indebtedness property taxes which shall continue to be allocated to and when collected paid to the District pursuant to Paragraph 5, above, there shall continue to be allocated to and when collected paid to the District twenty (20) percent of all other taxes levied by or for the benefit of the District within the Project Area. This twenty (20) percent shall be equal to 1.20 percent of the fiscal year tax increment revenues received by the Agency. This allocation of twenty percent to the District shall be subordinate to the debt service for the payments under subparagraphs a, b and d of Section 8. 7. PAYMENT OF TAX ALLOCATIONS. At the option of the District and with the consent of the County of Riverside, the tax revenues specified in Paragraphs 5, 6 and 10 may be allocated and paid directly to the District -2- by the County Auditor -Controller or other County Officer responsible for the payment of taxes. If, however, such tax revenues or any portion thereof are allocated and paid to the Agency, the Agency shall remit such tax revenues within sixty (60) days after the receipt thereof. It is the intention of the parties that the allocation and payment of tax revenues be made directly by the County to the District pursuant to this paragraph. Consequently, it is further the intention of the parties that no portion of such tax revenues shall be allocated to the Low and Moderate Income Housing Fund pursuant to Section 33334.2 and Section 33334.3 of the Health and Safety Code. To the extent that the Agency may receive any portion of the tax revenue to be allocated and paid to the District, the receipt of such tax revenue shall be deemed to be received by and for the benefit of the District. 8. USE OF TAX INCREMENT REVENUES. The tax increment revenues received by the Agency as the result of the La Quinta Redevelopment Project shall be used solely as follows: (a) Payment of the expenses of the administration of the Agency. (b) Payment, if required, of the amounts provided to the Low and Moderate Income Housing Fund pursuant to Sections 33334.2 and 33334.3 of the Health and Safety Code. (c) Payment of Six Hundred Thousand Dollars ($600,000.00) to the District as part payment for a bridge crossing the Coachella Valley Stormwater Channel. This $600,000 shall not be included in any bond issue and shall be subordinate to the principal and interest payments of any bond issue of the Agency for the purposes listed in subparagraphs (a), (b), and (d) of this Section. -3- (d) Payment of the cost of the construction of the flood control improvements and facilities listed on Exhibit "A" hereto. (e) To the extent that in any fiscal year tax increment revenues received by the Agency are not expended under the provisions of subparagraphs (a) (b) (c) and (d) 4.69 percent thereof shall be paid to the District within sixty (60) days after the close of any such fiscal year. 9. INCREASE IN AUTHORIZED INDEBTEDNESS FOR THE REDEVELOPMENT PLAN. In the event the tax increment fund indebtedness limit of $300,000,000.00 for the Redevelopment Plan is subsequently increased by action of the City and Agency, all special indebtedness ad valorem property taxes and all other ad valorem property taxes levied by or for the benefit of the District within the Project Area shall continue to be allocated and paid to the District in the manner provided for in Paragraph 7. 10. ALLEVIATION OF FINANCIAL BURDEN. The parties agree that compliance with Paragraphs 5, 6, 7 and 8 hereof by the Agency will alleviate any financial burden or detriment caused to the District by the implementation of the Redevelopment Plan. 11. EFFECTIVE DATE AND TERM. This Agreement shall become effective upon the effective date of an Ordinance of the City Council of the City adopting the Redevelopment Plan and La Quinta Redevelopment Project. 12. MODIFICATION. This Agreement shall not be modified except by written Agreement of the parties. 13. SEVERABILITY. Each paragraph and provision of this Agreement is severable from each other provision and if any provision or part herein is declare invalid the remaining provision shall nevertheless remain in full force and effect. 14. ENTIRE AGREEMENT. This Agreement constitutes the entire, complete and final expression of the Agreement of the parties. IN WITNESS WHEREOF the parties have executed this Agreement on the day, month and year first above written. CITY OF LA QUINTA mayor ATTEST: City Clerk ATTEST: Executive Director ATTEST: Secretary LA QUINTA REDEVELOPMENT AGENCY J' CYiairman COACH LA VALLEY WATER DISTRICT P sident -5- EXHIBIT "A" Proposed Public Improvement and Facilities Projects LA QUINTA REDEVELOPMENT AGENCY Flood control improvements and facilities, consisting of the following components: - 1. West Drainage System - approximately 14,000 linear feet of training dike and channel system to intercept and channel flows from Bear Creek and other drainages. 2. East Drainage System - approximately 9,000 linear feet of training dike and channel system to intercept and channel all flows east of Bear Creek. 3. Cove Reservoir - a reservoir of up to 250 acre feet storage capacity, with a 35 foot spillway to protect against flood damage, and a buried outlet from the Oleander Reservoir flood evacuation channel. 4. Other Supporting Facilities - such other dikes, channels, reservoirs, conduits, pumping stations, and other supporting facilities as may be necessary in conjunction with or addition to the three facilities described above. pATEq / ESTABLISHED IN 1918 AS A PUBLIC AGENCY COACHELLA VALLEY WATER DISTRICT" �- POST OFFICE BOX 1o5B • COACHELLA, CALIFORNIA 92236 • TELEPHONE (619) 398-265, DIRECTORS- OFFICERS TELLIS CODEKAS. PRESIDENT THOMAS E. LEVY, GENERAL MANAGER -CHIEF ENGINEER RAYMOND R. RUMMONDS.VICE PRESIDENT BERNARDINE SUTTON. SECRETARY JOHN W. MCFADDEN June 8, 1993 OWEN MCCOOK. ASSISTANT GENERAL MANAGER DOROTHY M. DE LAY REDWINE AND SHERRILL, ATTORNEYS THEODORE J. FISH File: 1150.10 1150.101 1150.14 1150.141 Manuel Rede, City Manager City of Coachella 1515 Sixth Street Coachella, California 92236 Dear Mr. Redd: Subject: Avenue 52 Bridge This is to inform you that the La Quinta Redevelopment Agency has provided this district with $600,000 towards the cost of a bridge crossing the Coachella Valley Stormwater Channel in accordance with its obligation under the November 29, 1983, agreement. D These funds are available for the construction of a bridge crossing the Coachella Valley Stormwater Channel at Avenue 52 as provided for in the agreement between the City of Coachella and this district dated January 1, 1984. Yours very truly, Tom Levy General Manager -Chief Engineer TEL:tf/rede cc: Bill Baron Brandenburg Properties 333 West Santa Clara Street, Suite 1212 San Jose, California 95113 Tom Genovese, City of La Quinta Post Office Box 1504 La Quinta, California 92253 N - 1 Bob Hunt City of La Quinta TRUE CONSERVATION Post Office Box 1504 USE WATER WISELY La Quinta, California 92253