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Home My WebLink AboutC33030A - El Paseo Prjct Bond Proceeds Funding AgmtCITY OF PALM DESERT/SUCCESSOR AGENCY OF THE PALM DESERT REDEVELOPMENT AUTHORITY STAFF REPORT 2013-56 REQUEST: APPROVE RESOLUTION NO. AND RESOLUTION NO. SARDAois - A RESOLUTION APPROVING THE EXECUTION OF AN EL PASEO PROJECT BOND PROCEEDS FUNDING AGREEMENT BETWEEN THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY AND THE CITY OF PALM DESERT AND TAKING CERTAIN RELATED ACTIONS SUBMITTED BY: DATE: Veronica Tapia, Management Analyst II September 12, 2013 CONTENTS: Resotution No. 2013-56 Resolution No. SARDA ol$ Reimbursement Agreement-C33030A Recommendation By Minute Motion that the City Council and Successor Agency Board: 2013-56 1. Waive further reading and adopt Resolution No. and Resolution No. SARDA- ois approving the execution of an EI Paseo Project Bond Proceeds Funding Agreement between the Successor Agency to the Palm Desert Redevelopment Agency and the City of Palm Desert and taking certain related action. 2. Approve and authorize the Mayor/Chair to execute the EI Paseo Project Funding Agreement. Backqround On August 22, 2013, City Council approved Contract No. C33030 with Cove Electric to improve existing electrical on the EI Paseo median between Highway 74 and Portola Avenue. At that same time, Council also authorized the City Manager to draft a reimbursement agreement between the City and the Successor Agency in order to recoup expenses for the improvements from the Bond Proceeds available in Project Area No. 1. The attached resolution and agreement have been drafted and are being brought back for their approval. Staff will submit the agreement to the Oversight Board for their consideration, and subsequently to the Department of Finance. If there are no objections to the expenditures, costs for the electrical improvements can be drawn from G:\rda\Veronica Tapia\Word Files\Staff Reports\Successor Agency�SR-Cove Electric for EP Median Electric Reimb Agmt 9-12-13 � m reV.d�C,X Staff Report EI Paseo Median Electric Retrofit Page 2 of 2 September 12, 2013 available bond proceeds and reimbursed to the City upon Obligation Payment Schedule (ROPS) 13-14B for the period of 30, 2014. Fiscal Analvsis approval of Recognized January 1, 2014 to June Although the General Fund would initially advance the funds for this work, it is the intention of the Successor Agency to reimburse the City for the costs from bond proceeds which include a project for the EI Paseo improvements in the bond covenant. Only in the event there are no funding sources available from the Successor Agency would the General Fund have to pay for the work. Prepared By: Department Head: ��/ �� ' ; � �A ' '�►� I � � _,% . ..��i _� �' i � � � �� ,� � .�- ` � •• � • • • • i/ � � . � . � // , , , , . „ �� ---_ + � :L`��:'i' Paul S. Gibson, Director of Finance proval: ,d' hn M. Wohlmuth ity Manager/Executive Director of the uccessor Agency of the Palm Desert Redevelopment Agency AYESs �_�::r�:�.� :•�.L` NOESs �/ e ._...._.__ ABSENI: � ABSTAIN:� VERIFIED BY: ari�inal on Fite with City rk's Oftice � �" �.�._.._.I�Y SA.-�DA. � ��' �� 1;� -� � �0%-3 �� Bx �'�J�_ Original on Ei�� wi� �',�t3��' _�€��:� C��'sc�. G:\rda\Veronica Tapia\Word Files\Staff Reports\Successor Agency\SR-Cove Electric for EP Median Electric Reimb Agmt 9-12-13 � m reV.d�CiX RESOLUTION NO. 2oi3-56 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT APPROVING THE EXECUTION OF AN EL PASEO PROJECT BOND PROCEEDS FUNDING AGREEMENT BETWEEN THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY AND THE CITY AND TAKING CERTAIN RELATEp ACTIONS RECITALS: A. The Palm Desert Financing Authority (the "Financing Authority") previously issued its Tax Allocation Revenue Bonds (Project Area No. 1, As Amended), 2006 Series A, in the principal amount of $37,780,000 (the "2006A Bonds"), pursuant to an Indenture of Trust, dated as of July 1, 2006, by and between the Financing Authority and Wells Fargo Bank, National Association, as trustee (the "Trustee"). B. Pursuant to the Loan Agreement, dated as of July 1, 2006 (the "Loan Agreement"), by and among the Financing Authority, the former Palm Desert Redevelopment Agency (the "Former RDA"), and the Trustee, proceeds of the 2006A Bonds were lent to the Former RDA as a loan (the "Loan"). C. The Former RDA caused a portion of the proceeds of the 2006A Bonds received as part of the Loan to be deposited into a Project Fund (the "2006A Project Fund"), which was established, and is held by, the Trustee pursuant to the Loan _ Agreement. D. Pursuant to the Loan Agreement, moneys in the 2006A Project Fund shall be disbursed from time to time to finance the cost of redevelopment projects in or of benefit to the Former Agency's Project Area No. 1, As Amended (the "Project Area"). E. As documented by the Official Statement, dated June 22, 2006, and the Certificate Regarding Compliance with Certain Tax Matters, dated as of July 6, 2006 (the "Tax Certificate"), it was intended, at the issuance of the 2006A Bonds, that the projects to be financed from moneys deposited in the 2006A Project Fund include, among others, the EI Paseo (west of Highway 74) extension and upgrade project (including median work, landscaping, lighting and other related improvements) (the "EI Paseo Project"). F. Pursuant to AB X1 26 (which became effective at the end of June 2011) and the California Supreme Court's decision in California Redevelopment Association, et al. v. Ana Matosantos, et al., 53 Cal.4th 231(2011), the Former RDA was dissolved as of February 1, 2012, and the Successor Agency was constituted. G. AB 1484, which became effective at the end of June 2012, amended and supplemented the provisions of AB X1 26. Together, AB X1 26 and AB 1484 are referred to in this Agreement as the "Dissolution Act." G:\rda\Veronica Tapia\Word Files\Staff Reports\City reso re EI Paseo Project Bond Proceeds Funding Agree 8-22-13.doc RESOLUTION NO. 2oi3-56 H. Pursuant to Section 34175(b) of the California Health and Safety Code ("HSC"), all assets, properties, contracts, leases, books and records, buildings, and equipment of the Former RDA, including all unspent proceeds of the 2006A Bonds remaining in the 2006A Project Fund (the "2006A Bond Proceeds"), transferred to the control of the Successor Agency by operation of law. I. According to HSC Section 34191.4, after the receipt by the Successor Agency of a finding of completion (the "Finding of Completion") issued by the California State Department of Finance (the "DOF") pursuant to HSC Section 34179.7, the 2006A Bond Proceeds shall be used for the purposes for which the 2006A Bonds were sold, in a manner consistent with the original bond covenants. J. By DOF's letter, dated May 15, 2013, the DOF informed the Successor Agency that the DOF has issued a Finding of Completion to the Successor Agency. K. There remains a balance of 2006A Bond Proceeds in the 2006A Project Fund (in the amount of $15,611,156 as of August 16, 2013). L. The Successor Agency desires to use a portion of the 2006A Bond Proceeds for completion of work with respect to the EI Paseo Project. M. Because of the limited staffing of the Successor Agency and the traditional role and the established procedures of the City of Palm Desert (the "City") with respect to the awarding of public works contracts, the Successor Agency and the City desire to enter into the EI Paseo Project Bond Proceeds Funding Agreement, pursuant to which the City will agree to perform or cause to be performed all work required to complete the EI Paseo Project, with payment therefor to be made from the 2006A Bond Proceeds. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Recitals. The above recitals, and each of them, are true and correct. Section 2. EI Paseo Bond Proceeds Fundinq Aqreement. The EI Paseo Project Bond Proceeds Funding Agreement, in the form attached hereto as Exhibit A, is hereby approved. Each of the Mayor (or in the Mayor's absence, the Mayor Pro Tem) and the City Manager (each, an Authorized Officer"), individually, is hereby authorized to execute and deliver, for and in the name of the City, the EI Paseo Project Bond Proceeds Funding Agreement, in substantially such form, with changes therein as the Authorized Officer executing the same may approve (such approval to be conclusively evidenced by the execution and delivery thereofl. Section 3. Other Acts. The Authorized Officers and all other officers of the City are hereby authorized, jointly and severally, to execute and deliver any and all necessary documents and instruments and to do all things which they may deem necessary or proper to effectuate the purposes of this Resolution and the EI Paseo Project Bond Proceeds Funding Agreement. Any actions previously taken by officers G:\rda\Veronica Tapia\Word Files\Staff Reports\City reso re EI Paseo Project Bond Proceeds Funding Agree 8-22-13.doc RESOLUTION NO. 2013-56 of the City consistent with the purposes of this Resolution, the EI Paseo Project Bond Proceeds Funding Agreement are hereby ratified and confirmed Section 4. Effective Date. This Resolution shall take effect immediately upon adoption. APPROVED and ADOPTED this day of , 2013. AYES: NOES: ABSENT: ABSTAIN: JAN C. HARNIK, MAYOR ATTEST: RACHELLE D. KLASSEN, CITY CLERK G:\rda\Veronica Tapia\Word Files\Staff Reports\City reso re EI Paseo Project Bond Proceeds Funding Agree 8-22-13.doc RESOLUTION NO. oi8 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY APPROVING THE EXECUTION OF AN EL PASEO PROJECT BOND PROCEEDS FUNDING AGREEMENT BETWEEN THE SUCCESSOR AGENCY AND THE CITY OF PALM DESERT AND TAKING CERTAIN RELATED ACTIONS RECITALS: A. The Palm Desert Financing Authority (the "Financing Authority") previously issued its Tax Allocation Revenue Bonds (Project Area No. 1, As Amended), 2006 Series A, in the principal amount of $37,780,000 (the "2006A Bonds"), pursuant to an Indenture of Trust, dated as of July 1, 2006, by and between the Financing Authority and Wells Fargo Bank, National Association, as trustee (the "Trustee"). B. Pursuant to the Loan Agreement, dated as of July 1, 2006 (the "Loan Agreement"), by and among the Financing Authority, the former Palm Desert Redevelopment Agency (the "Former RDA"), and the Trustee, proceeds of the 2006A Bonds were lent to the Former RDA as a loan (the "Loan"). C. The Former RDA caused a portion of the proceeds of the 2006A Bonds received as part of the Loan to be deposited into a Project Fund (the "2006A Project Fund"), which was established, and is held, by the Trustee pursuant to the Loan Agreement. D. Pursuant to the Loan Agreement, moneys in the 2006A Project Fund shall be disbursed from time to time to finance the cost of redevelopment projects in or of benefit to the Former Agency's Project Area No. 1, As Amended (the "Project Area"). E. As documented by the Official Statement, dated June 22, 2006, and the Certificate Regarding Compliance with Certain Tax Matters, dated as of July 6, 2006 (the "Tax Certificate"), it was intended, at the issuance of the 2006A Bonds, that the projects to be financed from moneys deposited in the 2006A Project Fund include, among others, the EI Paseo (west of Highway 74) extension and upgrade project (including median work, landscaping, lighting and other related improvements) (the "EI Paseo Project"). F. Pursuant to AB X1 26 (which became effective at the end of June 2011) and the California Supreme Court's decision in California Redevelopment Association, et al. v. Ana Matosantos, et al., 53 Cal.4th 231(2011), the Former RDA was dissolved as of February 1, 2012, and the Successor Agency was constituted. G. AB 1484, which became effective at the end of June 2012, amended and supplemented the provisions of AB X1 26. Together, AB X1 26 and AB 1484 are referred to in this Agreement as the "Dissolution Act." 12812-0001\1610500.1 1 - RESOLUTION NO. o�s H. Pursuant to Section 34175(b) of the California Health and Safety Code ("HSC"), all assets, properties, contracts, leases, books and records, buildings, and equipment of the Former RDA, including all unspent proceeds of the 2006A Bonds remaining in the 2006A Project Fund (the "2006A Bond Proceeds"), transferred to the control of the Successor Agency by operation of law. I. According to HSC Section 34191.4, after the receipt by the Successor Agency of a finding of completion (the "Finding of Completion") issued by the California State Department of Finance (the "DOF") pursuant to HSC Section 34179.7, the 2006A Bond Proceeds shall be used for the purposes for which the 2006A Bonds were sold, in a manner consistent with the original bond covenants. J. By DOF's letter, dated May 15, 2013, the DOF informed the Successor Agency that the DOF has issued a Finding of Completion to the Successor Agency. K. There remains a balance of 2006A Bond Proceeds in the 2006A Project Fund (in the amount of $15,611,156 as of August 16, 2013). L. The Successor Agency desires to use a portion of the 2006A Bond Proceeds for completion of work with respect to the EI Paseo Project. M. Because of the limited staffing of the Successor Agency and the traditional role and the established procedures of the City of Palm Desert (the "City") with respect to the awarding of public works contracts, the Successor Agency and the City desire to enter into the EI Paseo Project Bond Proceeds Funding Agreement, pursuant to which the City will agree to perform or cause to be perFormed all work required to complete the EI Paseo Project, with payment therefor to be made from the 2006A Bond Proceeds. P. Pursuant to HSC Sections 34178(a) and 34180(h), with the approval of the Oversight Board of the Successor Agency (the "Oversight Board"), the Successor Agency may enter into agreements with the City. NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Recitals. The above recitals, and each of them, are true and correct. Section 2. EI Paseo Bond Proceeds Fundinq Aqreement. The EI Paseo Project Bond Proceeds Funding Agreement, in the form attached hereto as Exhibit A, is hereby approved. Each of the Chair of this Board, the Vice Chair of this Board and the Executive Director of the Successor Agency (each, an Authorized Officer"), individually, is hereby authorized to execute and deliver, for and in the name of the Successor Agency, the EI Paseo Project Bond Proceeds Funding Agreement, in substantially such form, with changes therein as the Authorized Officer executing the 12812-0001\1610500.1 RESOLUTION NO. ois same may approve (such approval to be conclusively evidenced by the execution and delivery thereofl. Section 3. Request for Oversiqht Board Approval. The Oversight Board is hereby requested to approve the Successor Agency's execution and delivery of the EI Paseo Project Bond Proceeds Funding Agreement. The Secretary of the Successor Agency is hereby directed to transmit this Resolution to the Oversight Board for consideration at the earliest possible date. Section 4. Other Acts. The Authorized Officers and all other officers of the Successor Agency are hereby authorized, jointly and severally, to execute and deliver any and all necessary documents and instruments and to do all things which they may deem necessary or proper to effectuate the purposes of this Resolution and the EI Paseo Project Bond Proceeds Funding Agreement. Section 5. Effective Date. This Resolution shall take effect immediately upon adoption. APPROVED and ADOPTED this day of , 2013. AYES: NOES: ABSENT: ABSTAIN: JAN C. HARNIK, CHAIR ATTEST: RACHELLE D. KLASSEN, SECRETARY SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY 12812-0001\1610500.1 Contract No. C33030A EL PASEO PROJECT BOND PROCEEDS FUNDING AGREEMENT This EL PASEO POJECT BOND PROCEEDS FUNDING AGREEMENT (this "Agreement"), dated as of , 2013, is entered into by and between the City of Palm Desert (the "City") and the Successor Agency to the Palm Desert Redevelopment Agency (the "Successor Agency," and together with the City, the "Parties"). RECITALS: A. The Palm Desert Financing Authority (the "Financing Authority") previously issued its Tax Allocation Revenue Bonds (Project Area No. 1, As Amended), 2006 Series A, in the principal amount of $37,780,000 (the "2006A Bonds"); pursuant to an Indenture of Trust, dated as of July 1, 2006, by and between the Financing Authority and Wells Fargo Bank, National Association, as trustee (the "Trustee"). B. Pursuant to the Loan Agreement, dated as of July 1, 2006 (the "Loan Agreement"), by and among the Financing Authority, the former Palm Desert Redevelopment Agency (the "Former RDA"), and the Trustee, proceeds of the 2006A Bonds were lent to the Former RDA as a loan (the "Loan"). C. The Former RDA caused a portion of the proceeds of the 2006A Bonds received as part of the Loan to be deposited into a Project Fund (the "2006A Project Fund"), which was established, and is held, by the Trustee pursuant to the Loan Agreement. D. Pursuant to the Loan Agreement, moneys in the 2006A Project Fund shall be disbursed from time to time to finance the cost of redevelopment projects in or of benefit to the Former Agency's Project Area No. 1, As Amended (the "Project Area"). E. As documented by the Official Statement, dated June 22, 2006, and the Certiiicate Regarding Compliance with Certain Tax Matters, dated as of July 6, 2006 (the "Tax Certificate"), it was intended, at the issuance of the 2006A Bonds, that the projects to be financed from moneys deposited in the 2006A Project Fund include, among others, the El Paseo (west of Highway 74) extension and upgrade project (including median work, landscaping, lighting and other related improvements) (the "El Paseo Project"). F. Pursuant to AB X1 26 (which became effective at the end of June 2011) and the California Supreme Court's decision in California Redevelopment Association, et al. v. Ana Matosantos, et al., 53 Cal.4th 231(2011), the Former RDA was dissolved as of February 1, 2012, and the Successor Agency was constituted. G. AB 1484, which became effective at the end of June 2012, amended and supplemented the provisions of AB X1 26. Together, AB X1 26 and AB 1484 are referred to in this Agreement as the "Dissolution Act." H. Pursuant to Section 34175(b) of the California Health and Safety Code ("HSC"), all assets, properties, contracts, leases, books and records, buildings, and equipment of the Forrner RDA, including all unspent proceeds of the 2006A Bonds remaining in the 2006A -1- 12812-0001 \ 1610512.1 Contract No. C33030A Project Fund (the "2006A Bond Proceeds"), transferred to the control of the Successor Agency by operation of law. I. According to HSC Section 34191.4, after the receipt by the Successor Agency of a finding of completion (the "Finding of Completion") issued by the California State Department of Finance (the "DOF") pursuant to HSC Section 34179.7, the 2006A Bond Proceeds shall be used for the purposes for which the 2006A Bonds were sold, in a manner consistent with the original bond covenants. J. By DOF's letter, dated May 15, 2013, the DOF informed the Successor Agency that the DqF has issued a Finding of Completion to the Successor Agency. K. There remains a balance of 2006A Bond Proceeds in the 2006A Project Fund (in the amount of $15,611,156 as of August 16, 2013). L. The Successor Agency desires to use a portion of the 2006A Bond Proceeds for completion of work with respect to the El Paseo Project. M. Pursuant to HSC Section 34177(1), the Successor Agency must prepare a Recognized Obligation Payment Schedule ("ROPS") for each six-month fiscal period ("ROPS Period"). The ROPS must be submitted to the Oversight Board of the Successor Agency (the "Oversight Board") and the DOF for approval. N. Pursuant to HSC Section 34191.4(c)(2), the expenditure of 2006A Bond Proceeds for an obligation must be listed on a ROPS. O. Because of the limited staffing of the Successor Agency and the traditional role and the established procedures of the City of Palm Desert (the "City") with respect to the awarding of public works contracts, the Successor Agency and the City desire to enter into this Agreement, for the City to perform or cause to be performed all work required to complete the El Paseo Project, with payment therefor to be made from the 2006A Bond Proceeds. P. Pursuant to HSC Sections 34178(a) and 34180(h), with the approval of the Oversight Board, the Successor Agency may enter into agreements with the City. Q. Resolution No. adopted by the Oversight Board on , 2013 approving the Successor Agency's execution and delivery of this Agreement was approved [deemed approved] by the DOF pursuant to HSC Section 34179(h) on , 2013. NOW, THEREFORE, THE PARTIES DO HEREBY AGREE AS FOLLOWS: Section 1. Subject to the provisions of this Agreement and with the funding provided pursuant to this Agreement, the City agrees to perform or cause to be performed all work required for the completion of the El Paseo Project, including but not limited to the preparation of designs, plans and specifications and all demolitions, construction and installations. The City shall perform such work in accordance with all applicable federal, state and local laws, rules and regulations. Subject to the covenants set forth herein, the City shall have the sole discretion with -2- 12812-0001\1610512.1 Contract No. C33030A respect to the design, planning, specification and the timing with respect to all components of the El Paseo Project. Section 2. (a) The City and the Successor Agency currently estimate that the dollar amount to be spent for the El Paseo Project during the period from January 1, 2014 through June 30, 2014 (the "ROPS 13-14B Period") is $ (the "ROPS 13-14B Project Estimate"). (b) The Successor Agency shall list the ROPS 13-14B Project Estimate on its ROPS for the ROPS 13-14B Period ("ROPS 13-14B"), in as many line items on ROPS 13-14B as the Successor Agency deems appropriate. (c) Subject to the approval (and any modification) by the Oversight Board and the DOF of the ROPS 13-14B item(s) described in Section 2(b), at the commencement of the ROPS 13-14B Period, the Successor Agency shall transfer or caused to be transferred to the City an amount equal to the ROPS 13-14B Project Estimate from the 2006A Bond Proceeds on deposit in the 2006A Project Fund. Section 3. (a) The Parties acknowledge and agree that the 2006A Bond Proceeds shall be the sole source of the Successor Agency's payment for the completion of the El Paseo Project pursuant to this Agreement. The Parties also agree that the City's obligation with respect to the work for the El Paseo Project under this Agreement shall be limited to the extent that funding therefor is available from the 2006A Bond Proceeds. (b) At any time, if the City determines that the amount previously transferred by the Successor Agency pursuant to this Agreement is insufficient for the completion of the El Paseo Project, the City's Finance Director shall notify the Successor Agency, specifying the estimated dollar amount necessary for the completion of the El Paseo Project (the "Additional Funding Amount"). To the extent that sufficient unspent 2006A Bond Proceeds remain available, the Successor Agency shall list the Additional Funding Amount on the ROPS for the next available ROPS Period. Upon obtaining the Oversight Board's and the DOF's approval for such ROPS item(s), the Successor Agency shall transfer or caused to be transferred to the City the Additional Funding Amount from the 2006A Bond Proceeds as soon as practicable upon the commencement of the applicable ROPS Period. (c) Before the transfer of any Additional Funding Amount pursuant to Section 3(b) above, the City may, but is not obligated to, advance funds from sources available to City for the work necessary for the El Paseo Project (each such advance being a"City Advance"). Any Additional Funding Amount transferred by the Successor Agency pursuant to Section 4(b) shall first be used to reimburse the City for outstanding City Advances, and then to pay for other expenditures of the El Paseo Project. Section 4. To the extent the City still holds unspent 2006A Bond Proceeds transferred pursuant to this Agreement after the completion of the El Paseo Project (as determined by the legislative body of the City), the City shall return such unspent 2006A Bond Proceeds to the Successor Agency within a reasonable time after such determination. -3- 12812-0001\1610512.1 Contract No. C33030A Section 5. The City covenants that it shall use the 2006A Bond Proceeds in a manner consistent with the covenants in the Loan Agreement and the Tax Certificate, including, but not limited to, any covenants regarding the tax-exempt status of interest on the 2006A Bonds under the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder. Section 6. Each Party shall maintain books and records regarding its duties pursuant to this Agreement. Such books and records shall be available for inspection by the officers and agents of the other Party at all reasonable times. Section 7. The Parties agree to take all appropriate steps and execute any documents which may reasonably be necessary or convenient to implement the intent of this Agreement. Section 8. This Agreement may be amended from time to time by written instrument executed by both Parties. Section 9. No official, agent, or employee of the Successor Agency or the City, or members of the City Council, or members of the Successor Agency Board of Directors or Oversight Board shall be individually or personally liable for any payment hereunder in the event of any default or breach by the Successor Agency or the City, or for any amount which may otherwise become due to the City or Successor Agency, or successor thereto, or on any obligations under the terms of this Agreement. Section 10. This Agreement is made in the State of California under the Constitution and laws of the State of California, and is to be so construed. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURES TO FOLLOW] i� 12812-0001\1610512.1 Contract No. C33030A IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized officers. SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY By JOHN WOHLMUTH, EXECUTIVE DIRECTOR ATTEST: RACHELLE D. KLASSEN, SECRETARY TO THE SUCCESSOR AGENCY OF THE PALM DESERT REDEVELOPMENT AGENCY CITY OF PALM DESERT By JAN C. HARNIK, MAYOR ATTEST: RACHELLE D. KLASSEN, CITY CLERK APPROVED: OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY By BOB A. SPIEGEL, CHAIR Date: -5- 12812-0001\1610512.1