SUCCESSOR AGENCY (FORMER COMMUNITY REDEVELOPMENET AGENCY OF CITY OF SANTA ANA) - 2012

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obligations of the Agency and otherwise unwind the Agency's affairs, all subject to the review and approval by a seven member Oversight Board formed thereunder. City as Successor Agency is engaged in activities necessary and appropriate to winding down the activities of the former Agency's Merged Project Area consisting of six (6) project areas that were originally adopted and amended by ordinances of the City Council. G. Employees of the City will perform day-to-day administration and operation of the Successor Agency's duties and functions. Since the Agency was originally formed, and upon Successor Agency's effectiveness as of February 1, 2012, the City has provided and shall continue to provide services to the Successor Agency, including but not limited to administrative, accounting, auditing, planning, purchasing, engineering, legal, risk management, financial, clerical, record keeping, and other services necessary for the Successor Agency to carry out its responsibilities. H. The City and Successor Agency desire to affirm and document an on-going cooperative arrangement regarding administrative, financial, and operational services and payment for services and goods by entering into a new contract whereby City agrees to provide operational and administrative services and Successor Agency agrees to pay City for the cost of said services to be provided by City for Successor Agency in an amount equal to the Successor Agency Administrative Budget prepared pursuant to Health and Safety Code Section 34177 0) and program and project expenses defined hereinbelow for each six-month fiscal period under the term of this Agreement, and approved by the Oversight Board. 1. The parties agree and acknowledge that this Agreement is subject to Oversight Board review and approval and that the Oversight Board's actions shall not become effective for three business days, pending any request for review by the California Department of Finance ("DOF"). If DOF requests review of the Board action, it shall have ten days from the date of its request to approve the Board action or return it to the Board for reconsideration, and the action, if subject to review by DOF, shall not be effective until approved by DOF. NOW THEREFORE, for and in consideration of their mutual covenants and promises, hereinafter set forth, and subject to the terms, conditions and other provisions of this Agreement hereinafter set forth, the parties hereto do hereby agree as follows: 1. Reimbursement of Administrative Expenses. The Successor Agency shall be liable to the City for the payment of its Administrative Expenses as set forth in this Agreement and as adopted as part of an Administrative Budget by the Successor Agency, as approved by the Oversight Board, as such Administrative Budget may be amended, revised or reconciled from time to time. These Administrative Expenses shall be in addition to any direct program or project expenses ("Project Expenses") incurred and noted on the Enforceable Obligations Payment Schedule ("EOPS") and in the Recognized Obligation Payment Schedule ("ROPS"), including salary and benefits of employees, and any contracts for goods and services funded by the Successor Agency for Project Expenses. The Successor Agency shall also be liable to the City for payment of these Project Expenses where they are adopted as part of the EOPS or ROPS. 2