HomeMy WebLinkAboutC-2548(A) - Agreement Regarding Collection of Impact Fees (for the San Joaquin Hills Transportation Corridor Agency)AGREEMENT REGARDING COLLECTION OF IMPACT FEES
SAN JOAQUIN HILLS TRANSPORTATION CORRIDOR AGENCY
THIS AGREEMENT REGARDING COLLECTION OF IMPACT FEES is
entered into this / day °fit 1995, by and between the San Joaquin Hills
Transportation Corridor Agen ' an3 the City of Newport Beach.
WHEREAS, Newport Beach ("Member") is a member of the San Joaquin Hills
Transportation Corridor Agency ("Agency"), a joint powers authority duly formed
pursuant to Government Code Sections 6500 et seq. and a First Amended and Restated
Joint Exercise of Powers Agreement Creating the Agency ("JPA"),
WHEREAS, the Agency was formed for the purpose of studying, designing,
financing, constructing and operating a toll facility in the County of Orange ("Corridor");
WHEREAS, approximately half of the cost of the Corridor is expected to be paid
from development impact fees ("DIFS") collected on behalf of the Agency by the
Member at the time of the issuance of a building permit with respect to development of
land within the area of benefit of the Corridor and remitted to the Agency in accordance
with the Major Thoroughfare and Bridge Fee Program attached to the JPA and
incorporated therein ("Program");
WHEREAS, in Section 4.3 of the JPA the Member agrees to collect and hold the
DIFS in trust for the Agency and the holders of the Agency's bonds and financial
institutions providing credit enhancement with respect to the Agency's bonds and to pay
the DIFS to the Agency in quarterly installments, within forty five days after the end of
each quarter;
WHEREAS, the parties hereto want to modify the procedures for the collection
and remittance of DIFS to give additional assurances to the holders of the Agency's
bonds and such financial institutions that DIFS will be collected on behalf of and remitted
to the Agency in a timely manner;
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
contained herein, the parties hereto agree as follows:
SECTION 1. Member shall collect all DIFS in the form of cash, check or
cashier's check made payable to the Agency or, if funds have been deposited in trust for
payment of fees by developer, the Member shall issue a warrant for those DIFS, and shall
remit DIFS collected for the previous week(s) at least monthly to -;.- cy lockbox at:
E�
JUL 17 1995
CITY CLERK
CITY 0E
NEWPORT $EACH
San Joaquin Hills Transportation Corridor Agency
Department No. 7537
Los Angeles, CA 90084-7537
After July 1, 1995, the remittance address is:
San Joaquin Hills Transportation Corridor Agency
Trust Account Number 8116158-019
c/o First Interstate Bank of California
Corporate Trust Department
707 Wilshire Blvd., W11-1
Los Angeles, CA 90017
SECTION 2. Member hereby ratifies and reaffirms its obligations under the JPA,
the Program and local law to collect the DIFS in trust and to remit the DIFS to the
Agency, except as modified herein.
SECTION 3. In the event that the Agency is unable to convert any instrument
used to pay the DIFS to cash for any reason, the Agency shall immediately provide
telephonic notice of such nonpayment, and on the same day, mail written notice of such
nonpayment, to the Member which collected the DIFS. Upon such telephonic notice, the
Member shall endeavor to not undertake any further activity to process or otherwise
approve the development or any permits relating thereto. The Member shall not, for any
reason, be liable to the Agency should the Member fail to cease such activities. The
Agency shall defend and indemnify any Member for and against any claim or legal action
arising from that Member's cessation of such activities. The Agency shall be directly
responsible for collecting any DIFS after providing notice of nonpayment as set forth in
this Section and the Member shall cooperate with Agency in such collection effort,
including but not limited to assigning or authorizing Agency the right to directly collect
unpaid DIFS on behalf of the Member. The Agency shall provide written notice to the
Member that the DIFS have been paid prior to the Member's resumption of any activity
in connection with approval of the development.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
Regarding Collection of Impact Fees as of the date first -above written.
Newport Beach
By:
Its:
San Joaquin Hills Transportation Corridor Agency
B J� t�'L�L ' Cji
Its: Chief Executive Officer
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