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HomeMy WebLinkAboutTC Res 2011-02-16 (RDA) (2)RESOLUTION NO. 02-2011 A RESOLUTION OF THE TIBURON REDEVELOPMENT AGENCY APPROVING AN AFFORDABLE HOUSING AGREEMENT AND MAKING CERTAIN FINDINGS RELATED THERETO WHEREAS, the Town Council of the Town of Tiburon ("Town") has adopted the Redevelopment Plan (the "Redevelopment Plan") for the Tiburon Redevelopment Project Area (the "Project Area"); and WHEREAS, the Tiburon Redevelopment Agency (the "Agency") is engaged in various activities in its efforts to provide affordable housing and to remove the blighting conditions that still remain in the Project Area; and WHEREAS, in keeping with the goals of the Agency to eliminate blight and reduce physical and economic blight and to provide affordable housing in accordance with the Redevelopment Plan and Agency's current Implementation Plan (the "Implementation Plan"), the Town and Agency have been working cooperatively regarding the development of affordable housing and certain public improvements in the Project Area; and WHEREAS, due to the complexity of affordable housing projects with varying funding sources, the Agency and the Town desire to enter into an Affordable Housing Agreement ("Agreement", a draft of which is attached hereto and incorporated herein by reference, with the Marin County Housing Authority ("Authority") through which the Agency shall provide funding to the Authority from the Agency's Low and Moderate Income Housing Fund (the "Housing Fund"), the Town shall provide oversight, monitoring and reports to the state and the Authority shall work with developers to develop and provide funding for projects to increase, improve, and preserve the supply of affordable housing within the Project Area and the territorial jurisdiction of the Town, and WHEREAS, implementation of the Agreement will assist the Agency to accomplish the stated goals in the Redevelopment Plan and its current Implementation Plan as described in the staff report accompanying this Resolution (the "Staff Report"); and WHEREAS, under the California Redevelopment Law (Health and Safety Code Section 33100 et seq.; the "Law"), before the Agency can expend money from its Housing Fund outside the area of the Redevelopment Plan, the Agency and the Town must make specified findings pursuant to Health and Safety Code Section 33334.2(8); and WHEREAS, pursuant to State CEQA Guidelines Section 15378(b)(4), approval of the Agreement is not a project subject to the California Environmental Quality Act ("CEQA"), because the Agreement consists of the creation of a governmental funding mechanism for Tiburon Redevelopment Agency Resolution No. 02-2011 02116111 affordable housing projects, but does not commit funds to any specific affordable housing project, in that environmental review required by CEQA shall be completed prior to the commencement of any affordable housing project pursuant to the Agreement; and WHEREAS, the Staff Report, the Redevelopment Plan, the report to Town Council accompanying the Redevelopment Plan, and the Implementation Plan provide additional information upon which the findings and actions set forth in this Resolution are based. NOW, THEREFORE BE IT RESOLVED by the Tiburon Redevelopment Agency as follows: 1. All the Recitals above are true and correct and incorporated herein. 2. In compliance with Section 33334.2(g) of the Law, the Agency hereby finds that the Agreement properly allows assistance to affordable housing projects located outside the Project Area will be of benefit to the Redevelopment Plan, , in that there may be insufficient residential property within the Project Area to create the needed housing and that providing the funds would benefit the Project Area by creating affordable housing throughout the Town that would be available to workers and residents in the Project Area.. This finding is further based on the facts and analysis in the Staff Report incorporated in this Resolution. 3. The Agency agrees to make the Agency expenditures as called for in the Agreement for affordable housing projects pursuant to the Agreement, subject to completion of any environmental review required by CEQA prior to the commencement of any project pursuant to the Agreement. 4. The Agency hereby approves the Agreement and authorizes the Agency's Executive Director to negotiate, enter into and execute the Agreement on behalf of the Agency for the funding and completion of affordable housing projects pursuant to the Agreement, substantially in the form attached hereto, with such revisions as are reasonably determined necessary by the Agency signatory, such determination to be conclusively deemed to have been made by the execution of the Agreement by the Agency signatory. The Agency Executive Director is authorized to implement the Agreement and take all further actions and execute all other documents which are necessary or appropriate to carry out the Agreement. 5. The Agency hereby approves and appropriates (to the extent not already appropriated) the amounts necessary to fund the Agency's obligations under the Agreement as a lawful expenditure of Agency funds under the Law. The Agency's current fiscal year budget is hereby amended to the extent necessary to implement the foregoing appropriation. 6. In the event that the Executive Director is unable to negotiate an acceptable Agreement with the Authority, the Executive Director is authorized to negotiate and execute a substantially similar agreement with an experienced non-profit developer to create the necessary affordable Tiburon Redevelopment Agency Resolution No. 02-2011 02116111 2 housing. In the further event that the Executive Director is unable to negotiate an acceptable agreement with an appropriate nonprofit corporation, the Town shall retain the Housing Fund in a segregated fund for future uses consistent with the Tiburon Redevelopment Plan and the Implementation Plan. 7. The Agency Executive Director is hereby authorized and directed to file Notices of Exemption with respect to the Agreement in accordance with the applicable provisions of CEQA. 8. The Agency Executive Director is hereby authorized to take such further actions as may be necessary or appropriate to carry out the Agency's obligations pursuant to this Resolution and the Agreement. 8. The Agency Secretary shall certify to the adoption of this Resolution. 9. This Resolution shall take effect immediately upon adoption. PASSED AND ADOPTED at a regular meeting of the Tiburon Redevelopment Agency this 16th day of February, 2011, by the following vote: AYES: BOARDMEMBERS: NOES: BOARDMEMBERS: ABSENT: BOARDMEMBERS Collins, Fraser, Fredericks, O'Donnell, Slavitz None None JEFF . LAVITZ AIR TIBURON RED&EMPMENT AGENCY ATTVST~ DIANE CRANE IACOPI, BOARD CLERK Tiburon Redevelopment Agency Resolution No. 02-2011 02116111 3 AFFORDABLE HOUSING COOPERATION AGREEMENT FOR THE TOWN OF TIBURON REDEVELOPMENT HOUSING PROJECT This Affordable Housing Agreement (the "Agreement") is for the purpose of funding affordable housing projects and programs to be developed and/or administered by the Housing Authority of the County of Marin (the "Authority") and is entered into as of March /6", 2011 by and among the Authority, the Town of Tiburon, a municipal corporation (the "Town") and the Town of Tiburon Redevelopment Agency, a public body, corporate and politic (the "Agency"), on the basis of the following facts, understandings and intentions of the parties: RECITALS A. Pursuant to the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.; the "Redevelopment Law"), the Town Council of the Town has adopted and the Agency is responsible for implementing the Redevelopment Plan (the "Redevelopment Plan") for the Town of Tiburon Redevelopment Project Area (the "Project Area"). B. To assist in implementing the Redevelopment Plan, the Agency has adopted a five (5)-year implementation plan (the "Implementation Plan") pursuant to Section 33490 of the Redevelopment Law. The Implementation Plan contemplates developing housing affordable to very low, low and moderate income households at six sites, none of which are currently available for this purpose. C. Pursuant to Health and Safety Code Sections 33334.2 and 33334.3, the Agency is obliged to establish a Low and Moderate Income Housing Fund (the "Housing Fund") and to expend monies in the Housing Fund for the purposes of increasing, improving, and preserving the community's supply of housing available at affordable housing cost to low and moderate income households, lower income households, very low income households, and extremely low income households. At this time, the Agency must develop 5.5 very low income units to meet the Agency's total Affordable Housing Production Requirement, a number which may change in accordance with state law ("Affordable Housing Requirement"). D. The Authority is a public corporation created to finance, construct, improve, maintain, lease, sell and manage decent safe and sanitary housing for people of low and moderate incomes. Section 34311 of the Health and Safety Code authorizes the Authority to enter into this Agreement, which is necessary and convenient to the exercise of its powers. E. Pursuant to Health and Safety Code Section 33125, the Agency has authority to execute contracts necessary or convenient to the exercise of its powers. F. Pursuant to Health and Safety Code Section 33220(e), the Town is authorized to enter into this Agreement to assist the Agency in performing powers and obligations under the Redevelopment Law. Coop Ag MHA 2-24-11 final (2) G. The tasks the Authority has agreed to undertake under this Agreement support the Authority's corporate purposes and mission. . H. The Agency desires to contract with the Authority to provide Housing Funds for the Authority to increase, improve, and preserve the supply of affordable housing in the Project Area or within the territorial jurisdiction of the Town, consistent with the Redevelopment Plan, the Redevelopment Law, the Implementation Plan, and the Housing Element of the General Plan of the Town of Tiburon (the "Housing Element"). 1. The Housing Element includes an assessment of the existing and projected housing needs of the community, including the Town's regional fair share allocation of the regional housing need. The housing needs assessment in the Housing Element in effect as of the date of this Agreement indicates a need in the Town for 18 housing units affordable to extremely low income households, 36 housing units affordable to very low income households, 21 housing units affordable to lower income households, and 27 housing units affordable to moderate income households. J. The parties desire that the Agency will provide Housing Fund monies to the Authority, which the Authority will utilize to finance Housing Fund-eligible activities to increase, improve, and preserve the supply of affordable housing within the Project Area and the territorial jurisdiction of the Town, consistent with the Redevelopment Plan, the Redevelopment Law, the Implementation Plan and the Housing Element, as they currently exist or as they may be amended from time to time. K. The parties have set forth in Exhibit A, attached to and incorporated in this Agreement by this reference, a list of potential projects and programs that the Authority may undertake utilizing funds provided pursuant to this Agreement. Exhibit A in its entirety is referred to in this Agreement as the "Affordable Housing Plan" and the projects and programs listed in the Affordable Housing Plan from time to time are referred to individually as an "Affordable Housing Project" or "Affordable Housing Program", as applicable, and collectively as the Affordable Housing Projects and Programs. The Affordable Housing Plan set forth in Exhibit A is subject to modification as provided in Section 2.2. L. The Affordable Housing Projects and Programs are consistent with the Redevelopment Plan, the Housing Element and the Implementation Plan. Implementation of the Affordable Housing Projects and Programs will benefit the Project Area and will assist in the elimination of blight in the Project Area and the provision of affordable housing in the community. The use of funds as provided in this Agreement is authorized by the Redevelopment Law, and the Agency and Town Council have made all findings required under the Redevelopment Law for such use. M. Pursuant to State CEQA Guidelines Section 15378(b)(4), approval of the - Agreement is not a project subject to the California Environmental Quality Act ("CEQA"), because this Agreement consists of the creation of a governmental funding mechanism for various affordable housing projects and programs, but does not commit funds to any specific 2 Coop Ag MHA 2-24-11 final (2) project or program and because environmental review required by CEQA shall be completed prior to the commencement of any Affordable Housing Project or Affordable Housing Program listed in the Affordable Housing Plan contained in Exhibit A. N. The Town will provide on-going monitoring and provide all required reporting to the State of California. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Authority, the Town and the Agency agree as follows: ARTICLE 1 AGENCY GRANT Section 1.1 Agency Grant. Subject to the terms and conditions of this Agreement, the Agency hereby grants to the Authority, and the Authority hereby accepts from the Agency, a grant (the "Grant") in the amount of one million five hundred thousand eight hundred-fifty-six dollars and forty-five cents ($1,525,856.45). The sources of the Grant are all funds and other assets currently held by the Agency in the Housing Fund and not previously encumbered by binding contract for other activities, projects, or programs. The Grant consists of eight hundred sixty-two thousand four hundred and forty-five dollars and forty-five cents ($862,445.45) in cash and a Note in the amount of six hundred sixty-three thousand four hundred and eleven dollars ($663,411.00) dated September 1, 1996 from the Cecilia Place Homes Limited Partnership, a California Limited Partnership. The Authority shall use the Grant to complete the Agency's Affordable Housing Requirement. Any remaining funds shall be used for other purposes set forth in the Affordable Housing Plan as further provided in Article 2. Section 1.2 Payment Procedure. The Agency shall convey the Grant to the Authority within thirty (30) days of the date of this Agreement. Until needed to fund an Affordable Housing Project or Affordable Housing Program, the Authority shall invest all Grant funds received from the Agency in an investment vehicle acceptable to all parties. For the purposes of this Agreement, all interest on Grant funds shall be deemed part of the Grant and subject to the provisions of this Agreement as if originally included in the Grant. ARTICLE 2 AFFORDABLE HOUSING PROJECTS AND PROGRAMS Section 2.1 Use of Grant and Term. The Authority shall use the Grant exclusively for the purposes of increasing, improving, and preserving the Town of Tiburon's supply of housing available at affordable housing cost to low and moderate income households, lower income households, very low income households, and extremely low income households in accordance with the requirements of the Redevelopment Law and the terms and conditions of this Agreement. (a) The Authority shall use the Grant towards satisfy the Agency's Affordable Housing Requirement in accordance with the Affordable Housing Plan. If the Authority satisfies 3 Coop Ag MHA 2-24-11 final (2) this requirement, the Authority shall use any remaining funds from the Grant to pay any costs that are eligible Housing Fund costs pursuant to Health and Safety Code Section 33334.2 et sec including without limitation eligible costs of the Affordable Housing Projects and Programs shown in the Affordable Housing Plan. (b) The Authority shall expend the Grant funds and undertake the Affordable Housing Plan in accordance with all applicable laws and regulations, including without limitation, laws and regulations related to the permissible uses of Housing Fund monies, monitoring of housing assisted with Housing Funds, statutorily-required findings by the Agency Board and Town Council prior to expenditures of Housing Funds, where applicable, payment of prevailing wages (to the extent applicable), non-discrimination, and all applicable requirements of the Redevelopment Law, the Tiburon Municipal Code and the Housing Element. Each Affordable Housing Project funded with Grant proceeds must be subject to a restriction regulating certain of the units in the project to affordable housing cost for specified income levels, in a form to be provided and recorded by the Agency or its Successor, and effective for forty-five (45) years for ownership housing and fifty-five (55) years for rental housing. (c) The Authority shall have a period of ten years to expend the Grant funds in compliance with this Agreement (the "Term"), which date may be extended by written agreement of all the parties in the same manner as provided for modification of the Affordable Housing Plan as set forth in Section 2.2. In the event that there are funds remaining from the Grant at the expiration of the Term, the Authority shall convey said funds to the Agency. (d) Within ninety (90) days following the Town's fiscal year end (June 30th) throughout the Term of this Agreement, the Authority agrees to provide the Agency and the Town annual reports regarding the amount of Grant funds unused to date, interest earned on Grant funds during that preceding fiscal year and information on the use of the Grant funds to date with specific details as reasonably requested by the Town as needed for any reports required under the Redevelopment Law. Section 2.2 Consultation; Modification of Affordable Housing Plan. The Authority shall not use the Grant funds for any project without the Town's prior written approval ("Funding Approval"), which approval shall not be unreasonably withheld. The Funding Approval shall extend only to the use of funds; prior to any project construction, the Authority shall apply for and obtain any permits or land use entitlements required by state and local law. The parties shall confer periodically to establish priorities and timing for funding and completion of the various Affordable Housing Projects and Programs, to review the scope and design of each Affordable Housing Project and Program, and to determine any mutually acceptable modifications in the cost estimates and budgets for the various Affordable Housing Projects and Programs. The parties may modify the Affordable Housing Plan from time to time to provide for the use of additional federal, state and local funds; to account for unexpected revenues, whether greater or lesser; to modify, add, or delete an Affordable Housing Project or Program from the Affordable Housing Plan; to modify the cost estimate for individual Affordable Housing Projects and Programs; to maintain consistency with the Town's General Plan and the Redevelopment Plan; or to take into consideration unforeseen circumstances, including without limitation circumstances that may come to light as a result of subsequent environmental review required by 4 Coop Ag MHA 2-24-11 final (2) CEQA, as further described in Section 2.3. The Affordable Housing Plan may be modified by agreement between the Executive Director on behalf of the Authority, the Town Manager on behalf of the Town and the Executive Director on behalf of the Agency; provided, however, in no event shall the parties increase the amount of the Grant without a formal amendment of this Agreement approved by the Authority's board of directors, the Town Council and the Agency Board; and, provided further, however, that any addition of any Affordable Housing Project or Program to the Affordable Housing Plan shall be conditioned upon the making of all required Redevelopment Law findings and CEQA findings by the Town Council and the Agency Board in their policy discretion. Section 2.3 CEQA Review. Prior to the approval, use of Grant funds, and commencement of construction of any Affordable Housing Project or the implementation of any Affordable Housing Program (other than preliminary feasibility work that is exempt from the requirements of CEQA), all necessary environmental review required by CEQA shall be completed. All Affordable Housing Projects and Programs to be funded with Grant funds from the Agency pursuant to this Agreement must be consistent with CEQA. This Agreement in no way limits the discretion of the Planning Commission, the Agency, and Town Council in completing environmental review of the Affordable Housing Projects. Section 2.4 Payment of Fees. The Town shall provide any ongoing monitoring of Affordable Housing Projects and the Authority's activities under this Agreement, consultations regarding the Affordable Housing Plan and Programs under this Agreement, and all reporting to the State of California as required under the Redevelopment Law for as long as required under the Redevelopment Law, or any successor provisions of law. The Authority shall reimburse the Town for all administrative, legal and accounting costs incurred to file reports and insure compliance with state law, beginning in fiscal year 2011-2012 with respect to this Agreement. The Authority and the Town may mutually agree in the future to additional administrative fees or other payments to be paid to the Authority or to the Town, to the extent warranted at such times. Section 2.5 Ongoing Authority Obligations. The Authority shall be responsible for ongoing administration of the Housing Funds comprising the Grant. The Agency's Grant and the Authority's acceptance of the Grant shall not imply any ownership or responsibility for the Affordable Housing Projects and Programs by the Agency or the Town. Section 2.6 Indemnity. The Authority shall indemnify, defend, and hold the Agency, the Town and their officers, board members, council members, agents, and employees, harmless against all claims, demands, damages, losses, costs, expenses, including without limitation, attorneys' fees and costs of litigation, or liabilities made against them which arise out of, or in connection with the Affordable Housing Projects and Programs; provided, however, that this indemnity shall not extend to any claim arising solely from the Agency's or Town's negligence or the Agency's or Town's negligent failure to perform its obligations under this Agreement. Coop Ag MHA 2-24-11 final (2) 5 ARTICLE 3 GENERAL PROVISIONS Section 3.1 Notices, Demands and Communications. Formal notices, demands, and communications among the parties shall be sufficiently given if, and shall not be deemed given unless, dispatched by certified mail, return receipt requested, or delivered by an express delivery service with a receipt showing date of delivery, or hand delivered with a receipt showing date of delivery, to the principal offices of the parties as follows: Agency: Town of Tiburon Redevelopment Agency 1505 Tiburon Boulevard Tiburon, CA 94920 Attn: Executive Director Town: Town of Tiburon 1505 Tiburon Boulevard Tiburon, CA 94920 Attn: Town Manager Authority: Housing Authority of the County of Marin 4020 Civic Center Drive San Rafael, CA 94903 Attn: Executive Director Such written notices, demands and communications may be sent in the same manner to such other addresses as the affected party may from time to time designate by mail as provided in this Section. Delivery shall be deemed to have occurred at the time indicated on the receipt for delivery or refusal of delivery. Section 3.2 Relationship of Parties. Nothing contained in this Agreement shall be interpreted or understood by any of the parties, or by any third persons, as creating the relationship of employer and employee, principal and agent, limited or general partnership, or joint venture among the Agency, the Town and the Authority or its agents, employees or contractors, and the Authority shall at all times be deemed an independent contractor and shall' be wholly responsible for the manner in which it or its agents, or both, perform the services required of it by the terms of this Agreement. The Authority has and retains the right to exercise full control of employment, direction, compensation, and discharge of all persons assisting in the performance of services under the Agreement. The Authority shall be solely responsible for all matters relating to payment of its employees, including compliance with Social Security, withholding, and all other laws and regulations governing such matters, and shall be solely responsible for its own acts and those of its agents and employees. Section 3.3 No Claims. Nothing contained in this Agreement shall create or justify - any claim against the Agency or the Town by any person that the Authority may have employed or with whom the Authority may have contracted with respect to the Affordable Housing Projects. 6 Coop Ag MHA 2-24-11 final (2) Section 3.4 Non-Liability of Officials. No member, official, employee or agent of the Agency or the Town shall be personally liable to the Authority or any successor in interest, in the event of any default or breach by the Agency or Town for any amount which may become due to the Authority or successor or on any obligation under the terms of this Agreement. Section 3.5 Actions of the Parties. Except as otherwise provided in this Agreement, whenever this Agreement calls for or permits a party's approval, consent, or waiver, the written approval, consent, or waiver of the Agency's Executive Director, the Town's Town Manager and the Authority's Executive Director (or their respective designees) shall constitute the approval, consent, or waiver of the Agency, Town and the Authority, respectively, without further authorization required from the governing board of the party; provided, however, that the person vested with such authority may seek such further advice or authorization from the applicable governing board when she/he deems it appropriate. Section 3.6 Nondiscrimination. (a) In Performance of Agreement. The Authority and its contractors, subcontractors, agents, and employees shall not, because of the race, color, creed, religion, sex, sexual orientation, marital status, national origin, ancestry, familial status, source of income, age, or disability of any person, refuse to hire or employ the person, or refuse to select the person for a training program leading to employment, or bar or discharge the person from employment or from a training program leading to employment, or discriminate against the person in compensation or in terms, conditions or privileges of employment with respect to performance of this Agreement. (b) With Respect to Use of the Affordable Housing_ Projects. The Authority covenants by and for itself and its successors and assigns that there shall be no discrimination against or segregation of a person or of a group of persons on account of race, color, creed, religion, sex, sexual orientation, marital status, national origin, ancestry, familial status, source of income, age, or disability in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Affordable Housing Projects and programs. Section 3.7 Discretion Retained. The Town's execution of this Agreement in no way limits the discretion of the Town in the permit and approval process in connection with development of any Affordable Housing Project. Section 3.8 No Third Party Beneficiaries. No person or entity other than the Agency, the Town, the Authority and their permitted successors and assigns, shall have any right of action under this Agreement. Section 3.9 State Law; Venue. The laws of the State of California shall govern this Agreement, and the rights and obligations of the parties hereto. In the event a dispute arises regarding this Agreement, the County of Marin shall be the venue for resolving that dispute. Section 3.10 Records. The Authority shall maintain complete and accurate financial accounts, documents and records with respect to the performance of its obligations under this Agreement, and shall make same available to the Agency's or Town's authorized agents for copying and auditing upon reasonable prior notice. Such accounts, documents and records shall 7 Coop Ag MHA 2-24-11 final (2) be retained by the Authority for ten (10) years following completion of any applicable Affordable Housing Project. Section 3.11 Inspection of Documents. During the regular office hours and upon reasonable prior notice, the Town and the Agency, by their duly authorized representatives, shall have the right to inspect and make copies of any books, records or reports of the Authority pertaining to this Agreement. Section 3.12 Additional Acts. The parties each agree to take such other and additional actions and execute and deliver such other and additional documents as may be reasonably requested by the other party for purposes of consummating the transactions contemplated in this Agreement. Section 3.13 Litigation Regarding Agreement Validity. In the event litigation is initiated attacking the validity of this Agreement, each party shall in good faith defend and seek to uphold the Agreement. Section 3.14 Severability; Validity of Agreement. If any provisions of this Agreement, or the application thereof to any person, party, transaction, or circumstance, is held invalid, the remainder of this Agreement, or the application of such provision to other persons, parties, transactions, or circumstances, shall not be affected thereby. Notwithstanding the foregoing, in the event that the State of California determines that this Agreement is void as beyond the powers of the Agency, the Authority will return the Grant to the Town for disposition according to law. Section 3.15 Entire Agreement; Modification and Amendment. This Agreement contains all of the agreements and understandings of the parties pertaining to the subject matter contained herein and supersedes all prior or contemporaneous agreements, representations and understandings of the parties. Except as otherwise provided in Section 2.2, this Agreement cannot be amended or modified except by written agreement of the parties. Section 3.16 Defaults and Remedies. If any party breaches any other material provision of this Agreement, one of the other parties shall first notify the breaching party and the other party in writing of the purported breach or failure, giving the breaching party thirty (30) days from receipt of such notice to cure or, if cure cannot be accomplished within thirty (30) days, to commence to cure such breach, failure, or act. In the event the breaching party does not then so cure within such thirty (30) days, or if the breach or failure is of such a nature that it cannot be cured within thirty (30) days, the breaching party fails to commence to cure within such thirty (30) days and thereafter diligently complete such cure within a reasonable time thereafter but in no event later than one hundred twenty (120) days, then the non-breaching parties shall be afforded all of their rights at law or in equity, by taking all or any of the following remedies: (a) terminating in writing this Agreement (provided, however, that the indemnification provisions of this Agreement shall survive such termination); (b) return of unused or improperly used Grant funds to the Agency; and (c) prosecuting an action for damages or specific performance. 8 Coop Ag MHA 2-24-11 final (2) Section 3.17 Binding Upon Successors. This Agreement shall be binding upon and inure to the benefit of the heirs, administrators, executors,'~successors in interest and assigns of each of the parties to this Agreement, whether by agreement or operation of law, and including, without limitation, any Successor to the Agency. Any reference in this Agreement to a specifically named party shall be deemed to apply to any successor, heir, administrator, executor or assign of such party who has acquired an interest in compliance with the terms of this Agreement, or under law. Section 3.18 Time Of The Essence. Time is of the essence in the performance of all duties and obligations under this Agreement. IN WITNESS WHEREOF, this Agreement has been executed as of the date set forth in the opening paragraph of this Agreement. TOWN OF TIBURON REDEVELOPMENT AGENCY Approved as to Form Ann R. Danforth, Agency Counsel Margaret A. Curran, Executive Director Approved as to Form TOWN OF TIBURON Ann R. Danforth, Town Attorney Approved as to Form Natalie Gubb, Counsel for the Authority Margaret A. Curran, Town Manager HOUSING AUTHORITY OF THE COUNTY OF MARIN Dan ackerman, Executive Director HOUSING AUTHORITY OF MARIN COUNTY Executive Director 9 Coop Ag MHA 2-24-11 final (2) Section 3.17 Binding Upon Successors. This Agreement shall be binding upon and inure to the benefit of the heirs, administrators, executors, successors in interest and assigns of each of the parties to this Agreement, whether by agreement or operation of law, and including, without limitation, any Successor to the Agency. Any reference in this Agreement to a specifically named party shall be deemed to apply to any successor, heir, administrator, executor or assign of such party who has acquired an interest in compliance with the terms of this Agreement, or under law. Section 3.18 Time Of The Essence. Time is of the essence in the performance of all duties and obligations under this Agreement. IN WITNESS WHEREOF, this Agreement has been executed as of the date set forth in the opening paragraph of this Agreement. TOWN OF TIBURON REDEVELOPMENT AGENCY Approved as to Form Ann R. Danforth, Agency Counsel Approved as to Form Ann R. Danforth, Town Attorney Margaret A. Curran, Ex tive Director TOWN OF TIBURON Margaret A. Curran, To Manager Approved as to Form Natalie Gubb, Counsel for the Authority HOUSING AUTHORITY OF THE COUNTY OF MARIN Dan Nackerman, Executive Director HOUSING AUTHORITY OF MARIN COUNTY , Executive Director 9` Coop Ag MHA 2-24-11 final