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HomeMy WebLinkAbout2016-080 - Bond Expenditure AgreementRESOLUTION NO. 2016 -080 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA (1) APPROVING A PLAN FOR SPENDING EXCESS TAX ALLOCATION BOND PROCEEDS (TAX ALLOCATION BONDS, 2011 SERIES A), (2) AUTHORIZING A BOND EXPENDITURE AGREEMENT WITH THE SUCCESSOR AGENCY TO THE FORMER COMMUNITY AGENCY OF THE CITY OF SANTA ANA TO RECEIVE SUCH FUNDS FOR BOND - ELIGIBLE PURPOSES, AND (3) MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH WHEREAS, the City of Santa Ana is a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California; and WHEREAS, the Successor Agency to the former Community Redevelopment Agency of the City of Santa Ana is a public body, corporate and politic, organized and operating under Part 1.85 of Division 24 of the Dissolution Law (defined below); and WHEREAS, the Community Redevelopment Agency of the City of Santa Ana ( "former Agency ") previously was a California public body, corporate and politic, duly formed by the City Council of the City ( "City Council ") and was organized, existed and exercised the powers of a community redevelopment agency under the California Community Redevelopment Law, Health & Safety Code Section 33000, at seq.; and WHEREAS, Assembly Bill x1 26 ( "AB x1 26 "), effective on June 28, 2011, added Parts 1.8 and 1.85 to Division 24 of the California Health & Safety Code and which laws were modified, in part, and determined constitutional by the California Supreme Court in the petition California Redevelopment Association, et al. v. Ana Matosantos, et al., Case No. S194861 ( "Matosantos Decision "), which laws and court opinion caused the dissolution of all redevelopment agencies and winding down of the affairs of former redevelopment agencies; thereafter, such laws were amended further by Assembly Bill 1484 ( "AB 1484 ") that was effective on June 27, 2012 and thereafter further amended by subsequent legislation (together AB x1 26, the Matosantos Decision, AB 1484 and such subsequent legislation are referred to as the "Dissolution Law "); and WHEREAS, as of February 1, 2012, the former Agency became a dissolved community redevelopment agency pursuant to the Dissolution Law; and WHEREAS, as of and on and after February 1, 2012, the Successor Agency is performing its functions as the successor agency under the Dissolution Law to administer the enforceable obligations of the former Agency and is engaged in activities necessary and appropriate to wind down the affairs of the former Agency, all subject to the review and approval by a seven - member Oversight Board formed thereunder; and Resolution No. 2016 -080 Page 1 of 14 WHEREAS, Section 34191.4(c) of the Dissolution Law allows a successor agency that has received a finding of completion to use bond proceeds from bonds issued prior to 2011, as well as a limited portion of bond proceeds from bonds issued after December 31, 2010, for the purposes for which the bonds were sold, provides that such proceeds in excess of amounts needed to satisfy approved enforceable obligations shall be expended in a manner consistent with the original bond covenants, and further provides that such expenditures shall constitute "excess bond proceeds obligations" that shall be listed separately on the successor agency's Recognized Obligation Payment Schedule; and WHEREAS, the Successor Agency received its Finding of Completion under Health and Safety Code Section 34179.7 from the California Department of Finance on November 26, 2014; and WHEREAS, the California Community Redevelopment Law (Health and Safety Code Section 33000, et seq.) provides for a cooperative relationship between cities and their redevelopment agencies, as well as their successor agencies who have assumed the duties and obligations of the former redevelopment agencies; and WHEREAS, under Health and Safety Code Section 33220, a city may aid and cooperate in the planning, undertaking, construction, or operation of redevelopment projects; and WHEREAS, Health and Safety Code Section 33220(e) specifically authorizes a city to enter into an agreement with its redevelopment agency or any other public entity to further redevelopment purposes; and WHEREAS, Health and Safety Code Section 34178(a) allows a successor agency and its sponsoring city to enter into agreements, subject to Oversight Board approval pursuant to Health and Safety Code Section 34180(h); and WHEREAS, the Successor Agency has and will have proceeds of its Community Redevelopment Agency of the City of Santa Ana, Tax Allocation Bonds (Merged Project Area), 2011 Series A (the "2011A Bonds ") that are not otherwise obligated for a project or other enforceable obligation as more fully described below; and WHEREAS, the Successor Agency desires to transfer such Excess Bond Proceeds (defined in the 2011 Agreement, as described below) to the City to enable the City to expend such Excess Bond Proceeds for redevelopment purposes consistent with all applicable bond covenants; and WHEREAS, the Successor Agency desires to transfer its Excess Bond Proceeds to the City and City is willing to accept such Excess Bond Proceeds to enable the City to use such Excess Bond Proceeds in a manner consistent with the original bond covenants and to undertake projects and programs that were not previously funded and obligated by the Successor Agency or the City; and Resolution No. 2016 -080 Page 2 of 14 WHEREAS, City and Successor Agency staff have prepared a spending plan for using such Excess Bond Proceeds ( "2011 Bond Spending Plan ") to advance the City's community development goals while maximizing fiscal and social benefits flowing to the taxing entities from successful development; and WHEREAS, in order to facilitate the use of Excess Bond Proceeds consistent with all applicable bond covenants, the Successor Agency and the City have negotiated the terms of that certain Bond Proceeds Expenditure Agreement ( "2011 Agreement ") requiring the transfer of current and future Excess Bond Proceeds by the Successor Agency to the City, and the City's use of such proceeds consistent with all applicable bond covenants; and WHEREAS, upon receiving Oversight Board approval, the Successor Agency will transfer the Excess Bond Proceeds as referenced in the 2011 Agreement to the City; and WHEREAS, the City desires to approve the 2011 Agreement and the 2011 Bond Spending Plan in substantially the form attached hereto as Exhibits A and B, respectively. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1. Each of the foregoing recitals is true and correct. Section 2. The City Council hereby finds and determines, based on all evidence and testimony contained in the record before it, that the use of Excess Bond Proceeds will be accomplished in accordance with the 2011 Bond Spending Plan to fund projects referenced therein. Section 3. The City Council hereby finds and determines, based on all evidence and testimony contained in the record before it, as follows: A. That the acquisition of land and the installation or construction of the projects will be of benefit to the Successor Agency's redevelopment project area by helping to eliminate one or more blight conditions within the project area; B. That due to fiscal constraints on the City's general fund and various capital projects competing for limited City funds, the City's capital improvement budget is unable to provide funding for the projects, and therefore no other reasonable means of financing the projects are available to the City other than Successor Agency funding; and C. Approval of this Resolution and the transfer of the Excess Bond Proceeds, as more fully described in the 2011 Agreement substantially in the form submitted herewith will facilitate the expenditure of the Excess Bond Proceeds. Resolution No. 2016 -080 Page 3 of 14 Section 4. The City Council hereby approves the 2011 Agreement in substantially the form attached hereto as Exhibit A and incorporated herein. Section 5. The City Council hereby approves the 2011 Bond Spending Plan in substantially the form attached hereto as Exhibit B and incorporated herein. The City may amend the 2011 Bond Spending Plan, subject to compliance with all applicable bond covenants. Section 6. The City Manager and the Clerk of the Council are hereby authorized and directed as follows: A. Execute the 2011 Agreement substantially in the form presented herewith with such changes, insertions and omissions as may be approved by the City Manager and City Attorney, said execution being conclusive evidence of such approval; B. Take such other and additional actions as may be necessary or convenient to the implementation of the 2011 Agreement. Section 7. This Resolution shall take effect immediately upon its adoption by the City Council, and the Clerk of the Council shall attest to and certify the vote adopting this Resolution. ADOPTED this 4th day of October, 2016. APPROVED AS TO FORM: Sonia R. Carvalho City Attorney , M nt 01ity Attorney Resolution No. 2016 -080 Page 4 of 14 AYES: Councilmembers: Amezcua, Benavides, Martinez, Pulido, Reyna, Sarmiento (6) NOES: Councilmembers: None (0) ABSTAIN: Councilmembers: NOT PRESENT: Councilmembers: Tinaiero (1) CERTIFICATE OF ATTESTATION AND ORIGINALITY I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached Resolution No. 2016 -080 to be the original resolution adopted by the City Council of the City of Santa Ana on October 4, 2016. Date: l 1571 Maria . Huizar Clerk of the Council City of Santa Ana Resolution No. 2016 -080 Page 5 of 14 EXHIBIT A BOND PROCEEDS EXPENDITURE AGREEMENT Resolution No. 2016 -080 Page 6 of 14 .BOND PROCEEDS XXJ?ENDITURE AGREE CHEW f2011A Bonds This BOND PROCEEDS EXPENDITURE AGREEMENT (2011A Bonds) ( "Agreemont") is entered into as of October 4, 2016, by and between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized and existing under the Constitution and laws of fhe State of California ( "City„), and the SUCCESSOR AGENCY TO TIM V01MER CON MUNITY REDEVELOPMENT AGENCY OF THE CITY Oi+ SANTA ANA, a public body corporate and politic, pursuant to Patti 1,8 and 1.85 of Division 24 ofthe CalifoialaHealth & Safety Code ( "Successor Agency "). RECITALS A. The City Is a charter city and municipal corporation duly organized and existing under the, Constitution and laws ofthe State of California, B. The Successor Agency is a public body, corporate and politic, organized and oporating under Part 1.85 o1'Division 24 of the Dissolution haw (as dofmod in Recital D below). C. The Community Redevelopment Agency of the City of Santa Ana ( "former Agency") previously was a California public body, corporate and politic, duly formed by the City Cotmcil of the City ( "C "ity Council') and was organized, existed and exercised the powers of a community redevelopment agency under the California Community Redevelopment Law, Health anti Safety Code Section 33000, et sea. D. Assembly Bili xl 26 ( "AB x1 26 "), efl'edive on June 28, 2011, added Parts 1,8 and L85 to Division 24 of the California Health and Safety Code axed which laws wero modified, hi part, and d,ewnnincd constitutional by lite Califlinaia Supreme, Court in the petition Calprna Redevelv„r:mem Association, ed al. v, Ana Matosatntos, at a4, Case No, 5194861 {"Matosanrvs 'Decision "), which laws and coma opinion, caused the dissolution of all redevelopment agencies and winding down of the affairs of Former redevelopment agencics. Thorcafter, inch laws were amended liirther'by Assembly Bill 1484 ( "AB 1484 ) that was effective an Aine 27, 2012, and thereafter further amended by subsequent legislation (together AB xi 26, the Matosantav .Decioien, AB 1484, and subsequent legislation thereto are referred to as the "Dissolution haw "). All statutory references heroin arc to the Dissolution Law unless otborwise stated.. L. As of February 1, 2012, the Former Agency became a dissolved community redovelopment agency pursuant to the Dissolution Law. F. As of and on and after February 1, 2012, the ;Successor Agency is performing its functions as the successor agency under the Dissolution Luw to administer the cuforeeahle obligations of the former Agonoy turd is engaged in activities necessnuwy and oplrropriato to wind down the affairs of tine former Agency, all subject to the review and approval by a seven- member "Oversight Hoard" formed thorounder. Cl. Section 34191 A(c) of the Dissolution Law allows a successor agency (list has received a Finding of Completioa ( "Finding ") to Use bond proceeds From bonds issued prior to 2011, as well as a limited portion of bond proceeds from bands issued after December 31., 2010, for the purposes for which the bonds were sold, provides that such proceeds in excess of amounts needed to satisfy approved enforceable obligations shall be expended in a manacr consistent with the original bond Resolution No. 2016 -080 Page 7 of 14 cowlealts, and further provides that such expenditures shall corrsthuto "excess bond proceeds obligations " that shalt be listed separately on the successor agency's 1?eoognized Obligation Payment Schedule ( "R©PS "). H. The Successor Agency rcQeivcd the finding ITlern the State of California Department of finance dated as of Noveniber 26, 2014, 1. Tho CRL pre-dissolution. provided] for, and the Dissolution Law post-dissolutian continues to provide fur, a cooperative relationship between sponsoring cities tend their redlevelopunent agencies, as well as tlreir successor agencies who have assumed the duties and obligations of the Cberner redevelopment agencies. Under ML Section 39220, a city may aid and cooperate in tite planning, undertaking, constiraotian, or lrpera€ian ofredevclapmetttl>rc�jocts. CRL Section 3322,0(e) specifically authorizes a city to enter into an agmenaent with its redevulopment agency or any other public entity to iirrtaerrcdevelopnaentpsrrpases. Section 34178( a) of the Dissolution Law allows a successor agency and its sponsoring city to enter into agrecrnanta, subject to Oversight Board approval under Section 34180(h) of the Dissolution Lahr. 3, The Successor Agency has and will have proceeds of its Community Redevelopment Agencyof the Cityof Santa Ana, Tax., Allocation Bonds ( Merged Project Area), 2011 Series A ("'20t'IA Bonus ")(together with other funds described in Section It below, "°£loud Pro,0eds ") that axe snot otherwise obligated for a project or other enfarccable obligation. lino Successor Agency desires to trausfer:frean such Bonin Proceeds those amount, to the extent allowed under Section 34191.4(c)(2) of theDissolutian Law (as so deliined, " Lxcess Bond proceeds") to the City to enable the City to expend such Excess Bond Proceeds for, redevelopment and other public: purposes cousistentw"ith all applicable covenants of the 201.1 A Bonds. K. 'Cho Successor ! agency desires to transfer its Excess Bond 'Proceeds to the City to dyeable the City to use such Excess Bond Proceeds In a manner consistent with the covenants of the 2011A Bonds and to undertake projects and progtarns 'that wetw not previously funde d atul abligatad by the former Agencypre- dissolution or by the Successor Ageneypost- diissoludon, or by the City pro - orpost- dissoluli(yat. The City has adopted a spending plan for using such Excess Bond Proceeds ( "Bond Sponding Plan ") to advance the City's community development goals while maximizing fiscal and social. benefits flowing to the affected taxing entities from successful development, The City Council and Successor Agency Board have found that the use of Excess Bond Proceeds are in accordance with the Bond Spending Plan to fiend various capital improvements within and outside the forever Santa Ana Merged Project Area (for which a benefit resolution shall have been adopted by the Successor Agency) and are in aocordanuc with CRL Sections :13445, 31445, 1, and 33679 and other applicable law. L. In order to facilitate the tiso of Excess Bond 'Proceeds consistent with all applicable ti -ans fer of current and future excess bond proceeds by the Successor Agency to the City, and tho City's agreement to use such proceeds consistent with all applicable covenants, conditions, restrictions and obligations under the 201 IA Bonds. The parties intend that this Agreement shall constitute an excess bond proceeds obligation within the meaning of the Dissolution Law to be paid Sion Excess Bond Proceeds. With Oversight Board approval, the Successor Agency has listed this A.gpoment, and the requirement to transfer excess bond proceeds herein, on its R.OPS 2016 -17 as an obligation to be ilinded with Excess Bond Proceeds, and as and if applicable, will list on successive BOPS if required by the Dissolution Law. Resolution No. 2016 -080 Page 8 of 14 NOW, THEREFORE, the parties hereto do mutually agree as follows: 1. RECITALS The recitals above are an. integral part of this Agreement and set forth the intentions of the parties and the promises on which the parties have decided to enter into this Agreement. 2. l +or purposes of this Agreement, the following terms strap have the indicated meaning; 21 "Dissolution Law" is defined in Recital D, 12 "Bond Proceeds" is defined in Radial J and also includes (1) proceeds f1•arn'the 2011A Bonds and interest earned thereon, (2) rents, sale proceeds and other revenues generated by properuos acquired and/or improved with proceeds from the 2011A Bonds, (3) interest acrd prhicipal paid an loans Randod by proceeds from the 2011A Bonds, (4) moneys hold by the trustee in connection with the issuance of the 2011A Bonds, and (5) other income or revenues generated from assets acquired or funded with proceeds from the 2011A Bonds, 2.3 "Excess Bond Proceeds" means Bond Proceeds that are not needed to satisfy Enforceable Obligations listed on tin approved POPS and which are available pursuant to Health & Safety Code Section 34191.4(c)(2). 2.4 "hlnibrccabl.e Obligations" mean enforceable obligations, athct than Excess Bond Proceeds obligations, as defrnod under the Dissolution Law, 2.5 ".pond Spending Plan" is defined In Recital K. SUCCESSOR AGENCY OBLIGATIONS The Successor Agenoyshall.have the following obligations under this Agreement, 31 Curroat Excess Bond Proceeds. 'rho Successor Agency shall transfer to the City, as soon as practicable and no later than January 1, 2017, Excess Bond Proceeds currently hold by the Successor Agency in an amount not to exceed (i) $260,695, together with any additional amounts as may be authorized pursuant to Health & Salbly Code Section 34191A(c)(2) (which armnut, as so determined, constitutes the "Base Amount "), and any . intorest accrued thereon., together with (ii) such amounts as ore held by the trustee for the 2011A Bonds which represent any portion of the Base Amount (the 'Trustee Amount' 3.2 Fataro Excess Bond Proceeds, The Strocossor• Agency shall transfer to the City all future Excess Bond Proceed.% hold or received by the Successor Agency. Such future Excess Bond Proceeds shall inoludo, without limitation, (1) Bond Proceeds previously obligated to a ptr)ject orother Enforceable Obligation that become unobligated for any reason, and interest earned thereon, (2) Bond Proceeds that become available in the lbnn of rants, sale proceeds, loan repayments, other income, or other revenues that are generated by properties or other assets acquired and/or improved with Bond Proceeds and that are not otherwise obligated to a project, progr arn, or other Enforceable Obligation, and (3) any other fiuids held by the Successor Agency that qualify as Excess Bond Prooeods under this Agroemarit. Resolution No. 2016 -080 Page 9 of 14 The parties intend that payrnents of future Excess Bond Proceeds be made to the Cry as soon as possible after such Excess Bond Proceeds become available, 'fhe transfer oriature Excess Bond Proceeds to the City shall be inudelimsuarn to an approved RODS within 30 days of the conrrtteneement Of the relevant BOPS period. The Successor Agency shall be responsible for ensuring that payments of fnnaro Excess -Bond Proceeds to the City, as such fined-, become available, are included on the nest possible ROPS. 3.3 Pruiects Funded By .Excess }fond Proceeds. 'i'be Successor Agency assigns to the City all xosponsibllitfea in relation to the ad- ministration and irnpicmentaton of any projects or programs fttnde,d by Excess Boated Proceeds; provided that a in percent (10 %) reserve will be held by the trustee for the 2011 A Bonds 'The Successor Agency assigns to the City all contracts entered into by the Successor Agency post - dissolution or the former Agcn.cy pre - dissolution related to t e expendituro of Excess Bond Proceeds and any activities to be funded by Excess Bond Procoods, with the exception of those contracts relating to Enforceable Obligations, including, the bond documents for the 2011.A Bonds, which shall be retained by the Successor Agency. The transfer of moneys held by the trustee for the 2011 A Bonds shall remain subject to the terms of the indenture of trust prepared in cormcetiorr, wills the issuance of the 2011A Bonds (the 112011 A fndontum "). 4. CVIT OBLK xi:Pd4ims rite City shall havo rite following obligations under this Agreement: 4.1 Excess Bond Proceeds. The City shall accept, hold;, disburse and administer Hxoess Bond Procceds transferred to the City by the Successor Agency tinder this Agreennont, inahuliug corrent Excess Bond Proceeds end f Jaye Excess Bond Proceeds. `Ibe City sball, retain any Excess Bond Proceeds that it reocivos, such as revenue generated ikon properiics acquired or improved with .Excess Bond Proceeds or payments on loans winded from Excess Bourg Proceeds, without any obligaliun to return such,T"unda to the Successor Agency, and shall use such funds for uses consistent with applicatble covenants of the 201 IA Bonds. The City may spend Pxcesa Dond:Proccods received or retained tinder this Agreement on ally project, program, or activity authorized under the Bond Spending Plan. Notwitlhytrundinarr anytlting to the contrary in this Agreement or the Bond Spending Plante, the City shall spend Exem Bond Proceeds consistent with all covenants of the 2011A Boiuls applicable to the particular Excess Bond Proceeds. 'I'he City shall be solely responsible for ensuring that Excess Bond Proceeds are maintained and spent in accordance with all covenants of the 2011A Bonds and other applicable laws. The City tinny trarndbr funds between approved ,projects, programs and setivities. The Trustee Amount tomsins subject to tine terms of the 2011 A Indenture. - -TPie Cfty- Erarelny <rssurncs -all - cozatraa6s- enter ©d . ill: crar- sssurtfed- by-the Sueeessor>�geney - -- post dissolution or entered into by the former Agency pro - dissolution related to the expenditure of hxae98 Bond Proceeds and any activities to be funded by Excess Bond Prcceedg, with the exception of those contracts relating to Enforceable Obligations, which shall be retained by the Successor Agency. '('he City shall perform its obligations hereunder, and tinder such assumed contracts, in accordance with the atpplieabte provisions of federal, state and local laws, including the obligation to comply with envir•omnental laws such as CEQA and /or NFPA, and shall timely complete the work required for each project commonood by the City pursuant to this Agreement and the Bond Spending Plan. 4 Resolution No. 2016 -080 Page 10 of 14 41 BOND SPENDING PLAN, The City shall be solely responsible for maintaining, administering, and implementing the Bond Spending Plan. The City may amend the Bond Spending Plan as the City deems reasonably necessary in its sole discretion. Any amendments to the adopted Bond Spending Plan will consider rises that advance the City's community development ,goals while maximizing fiscal and social benefits flawing to the affected, taxing entities from successful development, Notwithstanding any contrary provision hereof, unless the City expressly agrees otherwise, the City shall not be obligated to provide funding for any program or project in an amount exceeding the Excess Bond Proceeds provided to the City pursuant to this Agreement, 5, ENTIRE AG = { MENT; WAIVERS; AND AMENDMENTS 5, l This Agreement constitutes the entire understanding and agreement of the patties with respect to the transfer and use of Excess Bond Proceeds. This Agreement integrates all of the terms and conditions mcutioned herein or incidental hereto, and supersctles all negotiations or previous agreements between the parties with respect to the subject matter of this Agreement. 5.2 This Agreement is Intended solely for the benefit ofthe City and the Successor Agency. Notwithstanding any reference in this Agreement to persons or entities other than the City and the Successor Agency, there shall be no thirst party boncfieiarfes under this Agreement. 5.3 All waivers of the provisions of this Agreement and all amendments to this Agreement trust be in writing and signed by the authorised representatives of the parties. 6, SEI ERABII.ITY If any tarn, provision, covenant or condition of this Agrec cent is held by a court of coanpetent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions shall continue in full force and effect unless the rights nerd obligations of the parties have been materially at tared or abridged by such invalidation, voiding or tmenCmccability. In addition, the parties shall. cooperate in good faith in an effort to wr end or modify this Agreement in a manner such that the purpose of any invalidated or voided provision, covenant, or condition can be accomplished to the maximtnn extent legally permissible. 7. DEFAULT if either party fails to adequately perform an obligation required by this Agreement within thirty (30) calendar days of receiving written notice from the non - defaulting party, the party failing to perform shop be in. default hereunder. In the event of default, the non- defaulting panty will have all, the rights and remedies available to it at law or in equity to enforce the provisions of this contract, inclrodurg without limitation the riglit to sue for damages for broach of contract or to seek speeifrc performance., The rights and remedies of the non - defaulting party enumerated in this paragraph are cumulative and shall not limit tho non - defaulting patty's rights under any other provision of this Agreement, or otherwise waive or deny any right or remedy, at law or in equity, existing as of the date of the Agroomotit or hareinatter onnoted or established, that may be available to the non - defaulting party against the defaulting party. Resolution No. 2016 -080 Page 11 of 14 8. BINDING ON SUCCESSORS This Agarernent: shall be binding on and shall inure to the benefit of all successors and assigns of the parties, whodier by ayreoomnt or alteration of law. 9. NON- I,IAIIILITX OF NI1C1uT13ERS, OFFICIALS, IALS, EMPLOYELS AND AGENPS; XON- Rl:000tRST OBLIGATION No member, officer, official, employee, agent or representative of the Successor Agency orthe City shall be personally liable forperfortnanee by bite Successor Agency or City hereunder, for breach or default by the City or Successor Agency hereunder, for any amounts which may be payable or become due hereunder, or far any Judgment or execution thereon entered in tiny action, to. I ?IIRTIIMI ASSURANCES Each party agrees to execute, aelomwledgo and dollver all, additional documents said instrurricot , and to take such other actions as maybe reasonably necessary to caxry out the intent of this Agreement. IS'1GN ATURE5 ON N7,Y"17 PAGE Resolution No. 2016 -080 Page 12 of 14 in witness whereof; the irralersigned parties have executed this road Proeeocls Expenditure Agreement as of the date firit above written. ATTEST: Clerk of the Council APPROVED AS TO FORM: SONIA R. City AtW1 By: Attorney ATTEST- Clerk or the Conned APPRWED AS TO FORM: "CITY" CITY OF SANTA ANA DAVID CAVA70S City Manager I'S LJCCESSO.R AGENCY" SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT' AGENCY, OF THE CITY OF SANTA ANA DAV.fl)CAVAZ,OS City Manager Resolution No. 2016-080 Page 13 of 14 EXHIBIT B BOND SPENDING PLAN Community Redevelopment Agency of the City of Santa Ana, Tax Allocation Bonds (Merged Project Area), 2011 Series A Project Description Estimated Costs Capital improvements to public parking structures in the $260,695 Downtown area Total $260,695 Resolution No. 2016 -080 Page 14 of 14