2400 - Los Angeles County Public Library - Tax Increment Reimburstment Agreement< MEMSEPS OF THE BOARD
COUNTY OF LOS ANGELES
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CHIEF ADMINISTRATIVE OFFICE RETERF `"ABAAOM
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B1EUpt MICHAEL O ANTO.NOVICH
RICHARD B. DIXON RECEIVED
CHIEF ADMINISTRAI WE OFFICER !
CITY OF ROSEMEAD
September 22, 1989
Frank G. Tripepi
City, Manager
City of Rosemead
8838 East Valley Boulevard
Rosemead, CA 91770
Dear Mr. Tripepi:
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TAX INCREMENT REIMBURSEMENT AGREEMENT
Attached is the executed agreement for Tax Increment Reimbursement
for the Rosemead Redevelopment Project Area No. 1, adopted by the
Los Angeles County Board of supervisors on September 12, 1989.
If you have any questions, please contact Delta Uyenoyama of my
staff at (213) 974-1177.
Sincerely,
RICHARD B. DIXON
Chief Administrative Officer
LLOYD HALSTEAD
Chief, Finance Division
Finance and Operations Branch
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Attachment
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AGREEMENT FOR REIMBURSEMENT OF TAX INCREMENT FUNDS
Rosemead Redevelopment Agency Project Area No. I
THIS AGREEMENT, effective this 1st day of July, 1958, by and between the
ROSEMEAD REDEVELOPMENT AGENCY ("Agency"), the COUNTY OF LOS
ANGELES ("County'), the CONSOLIDATED FIRE PROTECTION DISTRICT ("Fire
District'), and the COUNTY PUBLIC LIBRARY ("Library').
WHEREAS, the Agency and County have terminated through a stipuiatioa for
settlement. that certain Los Angeles Superior Court Case No. C 599404, entitled County
of Loc Angeles v Rosemead Red velonment A ze ; ; and
WHEREAS, the said stipulation provided for Agency to enter into neeotiatiuns
with the County to provide full reimbursement to the Fire District for its share of the
tax increment generated by the project area and to provide full reimbursement to
Library for its share of the tax increment in the event Agency funds and constructs a
replacement facility for the Del Mar Library; and
WHEREAS, on the basis of said stipulation, the above-referenced litigation was
dismissed on June 23, 1987.
WHEREAS, Agency has filed a petition for writ of mandate and complaint for
declaratory rclief against County, entitled Rosemead Redevelopment AgcZ v uv
of Los Ane les, No. C 690512, in the Los Angeles Superior Court; and the parties
thereto now wish to settle that pending litigation by agreeing to the terms and conditions
embodied in this Agreement.
wOW THEREFORE, the parties hereto do agree as follows:
L Effective July 1, 1983, Agency shall annually reimburse Fire District for its
share of the tax increment generated by the project area. Fire District shall be entitled
to annual reimbursement from Agency of its proportionate share of property tax
revenues generated by growth in the secured and unsecured assessed valuation over and
above the 1971-72 base year assessed valuation of the project. Fire District's percentage
share of property tax revenues is that percentage of property tax revenues which are
allocated to Fire District pursuant to Section 33670(x) of the Health and Safety Code,
presently -tpproximately 17.1 percent.
2. If Agency and Library agree on a site,.construction plans and budget for a
replacement facility for the Del Mar Library, the Agency shall finance construction of
the new library and will reimburse Library for its share of the tax increment generated
f by the project area to defray the expense of expanded services. Beginning the year in
which the new library facility opens, the Agency shall annually reimburse Library its
proportionate share of property tax revenues generated by growth in the secured and
unsecured assessed valuation over and above the 1971-72 base year assessed valuation of
Elie project. Library's percentage share of property tax revenues is that percentage of
Droperty tax revenues which are allocated to Library pursuant to Section 33670(a) of the
Health and Safety Code, presently approximately 4 percent.
3. If any portion of this Agreement is held invalid, the remaining provisions
shall maintain their full force and effect.
4. For administrative convenience, the parties agree that the County's
Auditor-Controller shall annually determine the following sums:
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a. The total amount of tax increment generated by the project area
and allocated to the Agency.
b. The amount of tax increment that will be paid to the Agency and
the amount of tax dollars to be retained as reimbursement to the Fire. District
and Library based on the distribution established by this Agreement.
5. The parties recognize the mutual benefits of providing low and moderate
income housing. Moreover, Section 33334.2 of the Health and Safety Code requires that
twenty percent (20%n) of the tax increment allocated to Agency shall be paid into a fund
to be used for low and moderate income housing unless certain findings are made.
Therefore, during the life of the Project, the parties hereto agree that, in any year in
which tax increment is contributed to the Low and Moderate Income Housing Fund..
such contribution shall be governed by the following:
A. The Library shall contribute to the Housing Fund on a pro rata basis. Pro
rata shares of such contribution shall equal the percentage to be contributed pursuant to
Section 33334.2, not to exceed twenty percent (20%) of the amounts Library is
reimbursed pursuant to this Agreement. If the Agency determines that less than twenty
percent (20%) of the tax increment revenue generated by the Area is to be contributed
to the Housing Fund, the Library's contributions shall be reduced accordingly.
B. Monies deposited into the Housing Fund pursuant to this Section, shall he
held in trust by the Agency. The Agency shall utilize the monies in the Housing Fund
to make a substantial effort to improve, rehabilitate, and increase low and moderate
income ho,:sing within and outside the Area pursuant to the authority of Section
33334.2. The Agency, in making any disbursements from the Housing Fund, shall give
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due recognition that a proportionate share of such expenditures and of the improvement
in the supplY of low and moderate income housing is a result of the cooperation of the
Library in the Agency's redevelopment efforts.
C. The Agency, shall notify, in writing, the County Auditor-Controller by Octoher
1 of each year as to whether or not tax increment funds are to be contributed to the
Housing Fund and, if so, the percentage that is to be contributed.
D. Accumulated deposits, investment earnings and itemized expenditures of
balances in the Housing Fund shall be accounted for separately frour all other :Agency
funds. Tl!_ Agency shall provide, not later than December 31 of each year, an
accounting, in the form of year-end financial statements, to the County Auditor-
Controller. Any balance remaining in the Housing Fund upon termination of the
Project will be repaid to the Library on a pro rata basis.
6. Agency agrees to dismiss, with prejudice, its suit against County, entitled
Rosemead Redevelgnr„ent Ag ncy v. o my of I Angeles, No. C 690512 in the Lo.
Angeles Superior Court. Said dismissal to be filed within 15 days of Agency's receipt of
the accounting required by paragraph 7 hereof.
7. County, through its Auditor-Controller, shall render an accounting to Agency,
within ninety (90) days from the execution of this Agreement, of all funds withheld from
Agency pending the negotiation and acceptance of this pass-through Agreement. Upon
completion of the accounting Auditor-Controller shall refund to Agency, any funds
withheld from Agency that are not due Fire. District, pursuant to the terms of this
Agreement.
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IN WITNESS WHEREOF, the ROSEMEAD REDEVELOPMENT AGENCY.
the COUNTY OF LOS ANGELES, the CONSOLIDATED FIRE PROTECTION
DISTRICT, and the LOS ANGELES COUNTY PUBLIC LIBRARY have caused this
Agreement to be executed on their behalf by their duly authorized representatives.
ROSEMEAD REDEVELOPMENT AGENCY
ATTEST:
Chairman +
COUNTY OF LOS ANGELES ~`~}ottrot~
CONSOLIDATED FIRE PROTECTION DISTRICT
LOS ANGELES COUNTY PUBLIC LIBRARY
Chairman of the Board
of Supervisors
° ,Secretary - Rosemead
r Redevelopment Agency
ATTEST:
Larry J. Monteilh.
Executive Officer - Clerl, of
the Board of Supervisors
p. i
eputy
Approved as to Form
DeWitt Clinton, County Counsel
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