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HomeMy WebLinkAboutAgr 2011-02-24 (Town of Tiburon/Tiburon Redevelopment Agency)COOPERATION AND FUNDING AGREEMENT FOR IMPROVEMENT OF TIBURON BOULEVARD RIGHT OF WAY NEAR THE LYFORD DRIVE INTERSECTION AND OTHER IMPROVEMENT PROJECTS CONSISTENT WITH THE TIBURON REDEVELOPMENT PLAN This Agreement, dated February, 2011, is by and between the Redevelopment Agency of the Town of Tiburon ("Agency") and the Town of Tiburon (the "Town") (collectively, the "Parties"). WITNESSETH WHEREAS, the Agency is vested with the responsibility for formulating and carrying out necessary redevelopment projects within the Town; and WHEREAS, on September 2 1983, the Agency adopted the Redevelopment Plan for the Tiburon Redevelopment Project ("Redevelopment Plan") to eliminate and reduce aspects of physical and economic blight within the Tiburon Redevelopment Project Area (the "Project Area") by, among other things, improving Tiburon Boulevard and providing public parking; and WHEREAS, the Agency currently is in possession of unallocated funds in the amount of $290,000; and WHEREAS, the Town is currently in the planning stages of a project ("Lyford Drive Project") located on the south side of Tiburon Boulevard near the intersection with Lyford Drive ("Project Site"), which site lies primarily within the Project Area and is the gateway to the Tiburon downtown and; WHEREAS, the Town Council of the Town has found that (1) the construction of the Project is of benefit to the Project Area by helping to eliminate blight within the Project Area; (2) no other reasonable means of financing the Project are available to the community; and (3) the payment of funds for the Project is consistent with the implementation plan adopted pursuant to Section 33490. WHEREAS, the purpose of the Lyford Drive Project is to enhance the aesthetic appeal of the Project Site and improve the parking available in that location; WHEREAS, the Parties desire to formally provide for the Agency to partially finance the costs and expenses incurred by the Town prior to and following execution of this Agreement in connection with the portion of the Lyford Drive Project that lies within the Project Area, including, without limitation, Project planning, engineering and design, environmental review of Pagel of 3 183\23\846775.1 the Project, the preparation of the Redevelopment Plan and reports related thereto, including consultant contract and administrative costs, and related planning matters; and WHEREAS, the Town and the Agency are each ready and willing to assume the relationship described herein. NOW, THEREFORE, the Agency and the Town, for and in consideration of the mutual promises and agreements herein contained do agree as follows: 1. PURPOSES The purpose of this Agreement is to provide for the Agency to contribute $290,000 ("Agency Contribution") to partially finance costs and expenses incurred by the Town prior to and following the execution of this Agreement in connection with the portion of the Lyford Drive Project that lies within the Project Area. Reimbursable expenses include, without limitation, Project planning, engineering and design, environmental review of the Project, the preparation of the Redevelopment Plan and reports related thereto, including consultant contract and administrative costs, and related planning matters. In the event that the Town Council decides not to proceed with the Lyford Drive Project, the Town shall be authorized to use the Agency Contribution for other projects or purposes consistent with the objectives of the Tiburon Redevelopment Plan; 2. TERM OF AGREEMENT This Agreement shall be in full force and effect for a period beginning as of the date first above written and continuing until all repayment and reimbursement obligations of the Agency to the Town are satisfied in full in accordance with the terms of this Agreement. 3. PAYMENT OF PROJECT CONTRIBUTION The Town has advanced, and expects to advance in the future, funds necessary to develop the Project in excess of the Agency Contribution. The Agency will pay the Agency Contribution to Town within 5 days of the execution of this Agreement, 4. SUBORDINATION It is agreed by the parties that all repayments and reimbursements to the Town pursuant to this Agreement are hereby subordinated to any and all payments necessary to satisfy the Agency's obligations in connection with any existing or future bonded indebtedness or obligation which may be incurred by the Agency for the benefit of the redevelopment program or to the extent necessary for any bonded indebtedness for which the Agency has pledged as a security or source of repayment tax increment generated within the Project Area. Page 2 of 3 183\23\846775.1 5. 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. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date written above. APPROVED AS TO FORM: AGENCY: REDEVELOPMENT AGENCY OF THE TOWN OF TIBURON, a public body, corporate and politic B B Agency Counsel Its: - ~k c L d c l~ -z- f2 Data: A'~/j ATTES / By:_ r Agency Secretafy~ APPROVED AS TO FORM: BG'( Y• Town Attorney Dated: / ATTES "i By. Town Clerk TOWN: THE TOWN OF TIBURON, a political subdivision of the State of California Its: , r 7 14 ol 't Page 3 of 3 183\23\846775.1 RESOLUTION NO. 04-2011 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TIBURON AUTHORIZING THE TOWN MANAGER TO EXECUTE A COOPERATION AND FUNDING AGREEMENT WITH THE TIBURON REDEVELOPMENT AGENCYTO FUND A STREET AND PARKING IMPROVEMENT PROJECT AND OTHER IMPROVEMENT PROJECTS CONSISTENT WITH THE TIBURON REDEVELOPMENT PLAN Recitals 1. The right of way area on the south side of Tiburon Boulevard near the intersection with Lyford Drive ("Project Site") is unsightly and is commonly used for informal head-in parking on the dirt shoulder, which results in potentially hazardous turning motions across the boulevard. 2. The Project Site serves as a gateway to the downtown shopping area of the Town. 3. In 1983, the Town formed the Tiburon Redevelopment Agency ("Agency") to eliminate blight and formulate and carry out redevelopment projects to permit orderly residential, commercial and open space development in the planning area. 4. On September 2 1983, the Agency adopted the Redevelopment Plan for the Tiburon Redevelopment Project ("Redevelopment Plan") to eliminate and reduce aspects of physical and economic blight within the Tiburon Redevelopment Project Area (the "Project Area") by, among other things, improving Tiburon Boulevard and providing public parking. 5. The Agency currently is in possession of unallocated funds in the amount of $290,000. 6. The Town is currently in the planning stages of a project ("Lyford Drive Project") located on the south side of Tiburon Boulevard near the intersection with Lyford Drive ("Project Site"), which site lies within and contiguous to the Project Area and is the gateway to the Tiburon downtown. 7. The Town Council of the Town has found that (1) the construction of the Project is of benefit to the Project Area by helping to eliminate blight within the Project Area; (2) no other reasonable means of financing the Project are available to the community; and (3) the payment of funds for the Project is consistent with the implementation plan adopted pursuant to Section 33490. Reso Lyford Coop TC 2-16-11 finaLdoc Page 1 of 3 8. The Lyford Drive Project will enhance the aesthetic appeal of the Project Site, improve the parking available in that location and improve the safety of motorists using the parking area. 9. In light of recent public works projects, prevailing and anticipated revenue shortfalls, the Town's available funding for the project is less than anticipated costs. The Town will not be able to finance the Lyford Project without assistance from the Agency as provided herein. 10. The Parties desire to formally provide for the Agency to contribute $290,000 ("Agency Contribution") to the Town to fund a portion of the costs and expenses incurred by the Town prior to and following execution of this Agreement in connection with the portion of the Lyford Drive Project that lies within the Project Area, including, without limitation, Project planning, engineering and design, environmental review of the Project, the preparation of the Redevelopment Plan and reports related thereto, including consultant contract and administrative costs, and related planning matters, all as set forth in the Cooperation and Reimbursement Agreement for Improvement of Tiburon Boulevard Right of Way Near the Lyford Drive Intersection ("Cooperation Agreement") attached to this resolution as Exhibit A. 11. In addition, the parties wish to provide that in the event that the Town decides not to proceed with the Lyford Drive Project, the Town is authorized to use the Agency Contribution for other purposes or projects consistent with the Tiburon Redevelopment Plan. 12. Approval of the Agreement is not a project subject to the California Environmental Quality Act ("CEQA"), because the Agreement does not commit the Town to take any action that could cause any physical change in the environment. NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Tiburon: 1. The facts set forth in this Resolution are true and correct. 2. The Council finds as follows: (a) That the acquisition of land or the installation or construction of the buildings, facilities, structures, or other improvements that are publicly owned, as contemplated by this Resolution, are of benefit to the project area by helping to eliminate blight within the project area or providing housing for low- or moderate-income persons. (b) That no other reasonable means of financing the acquisition of the land or installation or construction of the buildings, facilities, structures, or other improvements that are publicly owned, are available to the community. Reso Lyford Coop TC 2-16-11 final. doc Page 2 of 3 (c) That the payment of funds for the acquisition of land or the cost of buildings, facilities, structures, or other improvements that are publicly owned as contemplated by this Resolution, is consistent with the implementation plan adopted pursuant to Section 33490. 3. The Town Manager of the Town of Tiburon is authorized to execute the Cooperation Agreement, attached hereto and incorporate herein by reference, and any other documents that may be necessary or appropriate to complete the transaction described herein. PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Tiburon on February 16, 2011 by the following vote: AYES: COUNCILMEMBERS: Collins, Fraser, Fredericks, O'Donnell, Slavitz NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None JEFF SUVT Z, "MAYOR Town of Tiburon ATT~ST: i , DIANE CRANE IACOPI, TOWN CLERK Reso Lyford Coop TC 2-16-I]final. doc Page 3 of 3