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HomeMy WebLinkAboutCDC/2007-24A 1 2 3 4 5 6 7 8 RESOLUTION NO. CDC/2007-24A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE EXECUTIVE DIRECTOR OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO ("AGENCY") TO EXECUTE (1) A REDEVELOPMENT COOPERATION AGREEMENT BY AND BETWEEN THE AGENCY AND INLAND V ALLEY DEVELOPMENT AGENCY ("IVDA") AND (2) A REDEVELOPMENT PROJECT STUDY AGREEMENT BY AND BETWEEN THE AGENCY AND STREET-MANCHESTER, LLC (FAIRWAY HOMES PROJECT - IVDA REDEVELOPMENT PROJECT AREA) WHEREAS, Street-Manchester, LLC (the "Developer"), controls approximately 20 acres of 9 vacant and/or underutilized property generally located west of Waterman Avenue, south of East 10 Dumas Street and north of the San Bernardino Golf Course ("Project No. I"), in the Inland Valley 11 Development Agency ("IVDA") Redevelopment Project Area ("IVDA Project Area"); and 12 WHEREAS, the Developer has proposed a project on the Project No. I area consisting of 13 102 single-family condominium homes and 94 paired condominium homes ranging in size from 14 1,400 to 2,200 square feet for private home ownership; and 15 WHEREAS, the Developer desires to study the feasibility of developing approximately 30 16 acres which is adjacent to Project No. I and generally located west of Waterman Avenue, south of 17 Orange Show Road and north of East Dumas Street ("Project No.2"); and 18 WHEREAS, on October 8, 2003, the IVDA Board adopted a policy allowing member 19 jurisdictions to undertake redevelopment activities within the IVDA Project Area pursuant to a 20 generic Redevelopment Cooperation Agreement adopted through Resolution No. 2003-1 I; and 21 WHEREAS, the Developer's Project No. I and Project No.2 are located within the IVDA 22 Project Area; and WHEREAS, the Agency and the IVDA will enter into a Redevelopment Cooperation 23 24 Agreement ("Cooperation Agreement") to receive the IVDA's authority and powers relative to the Agency's obligations under the Redevelopment Project Study Agreement ("Agreement"); and 25 26 WHEREAS, the Community Development Commission of the City of San Bernardino ("Commission"), as the governing board of the Agency, has determined that the Agreement is 27 categorized as Statutory Exemption under the California Environmental Quality Act ("CEQA"), 28 I P:\Agcndas\Rcsolution,\Re,olulions\2001\08-06-07 Slrm-Manchcster (Fairway Homes) ERN COC Reso.doc 1 per Public Code Sections 21102 and 21150. The Executive Director of the Agency is authorized to 2 file an appropriate Notice of Determination Exemption with the County Clerk for the approval of 3 the Agreement; and 4 WHEREAS, it is appropriate for the Commission to take action with respect to the 5 Cooperation Agreement and the Agreement. 6 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY 7 OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER, AS FOLLOWS: 8 Section 1. The Commission hereby approves (1) the Cooperation Agreement by and 9 between the Agency and the IVDA and (2) the Agreement by and between the Agency and the 10 Developer in the form as presented at the meeting of the Commission at which this Resolution is 11 adopted, and the Commission further authorizes the Executive Director of the Agency to execute 12 said Cooperation Agreement and Agreement and to take all actions set forth in the Cooperation 13 Agreement and Agreement and make such technical and conforming changes as may be approved 14 by the Agency Counsel. 15 Section 2. 16 Notice of Determination Exemption with the County Clerk for the approval of the Agreement. The Executive Director of the Agency is authorized to file an appropriate 17 Section 3. 18 11/ 19 /11 20 /11 21 11/ 22 11/ 23 11/ 24 /11 25 /11 26 11/ 27 11/ 28 /11 The Resolution shall become effective immediately upon its adoption. P:\Agendas\Resolution,lResoluliom\1007\08_06_07 Slree\-Manch.,ter (Fairway Homes) ERN CDC Reso.doc 2 8 thereof, held on the 6th day of 9 Connnission Members: Aves 10 ESTRADA X 11 BAXTER ~ 12 BRINKER X 13 DERRY X 14 KELLEY X - 15 JOHNSON 16 MC CAMMACK 17 18 1 2 3 4 5 6 7 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE EXECUTIVE DIRECTOR OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO ("AGENCY") TO EXECUTE (1) A REDEVELOPMENT COOPERATION AGREEMENT BY AND BETWEEN THE AGENCY AND INLAND VALLEY DEVELOPMENT AGENCY ("IVDA") AND (2) A REDEVELOPMENT PROJECT STUDY AGREEMENT BY AND BETWEEN THE AGENCY AND STREET-MANCHESTER, LLC (FAIRWAY HOMES PROJECT - IVDA REDEVELOPMENT PROJECT AREA) I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community Development Commission of the City of San Bernardino at a joint regular meeting August ,2007, by the following vote to wit: Navs Abstain Absent ~ ~ ~Mf~~ Secretary ! 19 ~ The foregoing Resolution is hereby approved this D' - day of August 20 21 22 23 ,2007. ............... atrick . Morris, Cha son Co unity Development Commission of the City of San Bernardino 24 Approved as to Form: 25 By: 26 27 28 ~~ Agency C unse ~~ 3 P:\AgendasIRe,olut;ons\Resolutions\2007\08_06_07Street_:vlanchester(FairwayHome,) ERN CDCRe'o.doc . . . REDEVELOPMENT COOPERATION AGREEMENT BY AND BETWEEN THE INLAND VALLEY DEVELOPMENT AGENCY AND mE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO (Street-Manchester, LLC - Fairway Homes) This Redevelopment Cooperation Agreement (this "Agreement") is dated as of August 6, 2007, by and between the !oland Valley Development Agency, a joint powers authority, established under the laws of the State of California (the "IVDN'), and the Redevelopment Agency of the City of San Bernardino, a public body, corporate and politic (the "Agency"), and is entered into with respect to the following facts set forth in the Recitals: - RECITALS- WHEREAS, Street-Manchester, LLC (the "Developer''), bas proposed a project on approximately 20.6 acres generally located west of Waterman Avenue, south of East Dumas Street and north of the San Bernaroino Golf Course consisting of 102 single-family condominiwn homes and 94 paired condominium homes ranging in size from 1,400 to 2,200 square feet (the "Project No. I ''); and WHEREAS, the City of San Bernardino (tbe "City") and the Agency have been engaged in efforts to address blighting conditions in a portion of the City generally located west of Watenoan Avenue, south of Orange Show Road and north orthe San Bernardino Golf Course; and WHEREAS, the Developer desires the assistance of the Agency to study the feasibility of developing approximately 30 acres adjacent to Project No. I generally located west of Waterman Avenue, south of Orange Show Road and north of East Ownas Street with residential uses of varying densities (the "Project No.2''); and WHEREAS, the project is one (I) or more OPA'sffiDA's for Project No. I and Project No. 2 (the "Project''); and WHEREAS, it is necessary and appropriate for the Agency to enter into this Agreement between the Agency and the IVDA in order to provide for the IVDA to transfer authority to the Agency to undertake the implementation of the Project with the Developer; and WHEREAS, the Project, as defined herein, is situated within the IVDA Redevelopment Project Area ("Project Area'') which is a special redevelopment project area administered by the IVDA; and I P,~AII~~~7Shcc.~,u.c(F......)'Komeo).rvDA~"""""""doc . . . WHEREAS, the IVDA has been ~tablished pursuant to a joint exercise of powers agreement in January 1990, for the purpose of assisting in the conversion, redevelopment and civilian reuse of the former Norton Air Force Base CNAFB") located within the City; and WHEREAS, the member governmental entities of the IVDA include the County of San Bernardino, a political subdivision of the State of California, the City of Colton, a municipal corporation, the City of Lorna Linda, a municipal corporation, and the City, a charter city; and WHEREAS, the IVDA has been granted specific powers by the State Legislature in 1989 (Stats. 1989 c.545 and See Now Stats 1997, c.580 and Health and Safety Code Section 33492.40, et seq.) to assist in the redevelopment of the NAFB and the lands in proximity thereto pursuant to the Community Redevelopment Law (Health and Safety Code Section 33000, et seq., hereinafter referred to as the "CRL"); and WHEREAS, the IVDA has adopted the Redevelopment Plan for the Project Area (the "Redevelopment Plan") in accordance with the provisions of the CRL, and the Redevelopment Plan provides for certain redevelopment activities to be undertaken within the Project Area as more fully described in the Redevelopment Plan; and WHEREAS, at the present time, substantially all the financial and administrative staff resources availshle to the IVDA are devoted to the implementation of certain agreements affecting the NAFB, including an agreement entitled "Agreement between the Department of the Air Force and the Inland Valley Development Agency," dated March 7, 1995, as amended, and an agreement entitled "Master Disposition and Development Agreement", dated November 6, 2002, both of which specifically relate to the civilian reuse and redevelopment of the lands comprising the NAFB; and WHEREAS, the Agency seeks to initiate certain redevelopment activities affecting the Project, as defmed herein, which is situated within the Project Area but which is not part of the NAFB; and WHEREAS, the IVDA and the Agency deem that the approval and implementation of this Agreement are.onsistent with the Redevelopment Plan and the purposes and intent of the CRL and in particular, Health and Safety Code Section 33492.40, et seq., to expeditiously accomplish the redevelopment of certain lands located in the City which are also within the Project Area. NOW, THEREFORE, THE INLAND V ALLEY DEVELOPMENT AGENCY AND THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO DO HEREBY MUTUALLY AGREE AS FOLLOWS: Section 1. Recitals. The parties acknowledge and agree that the recitals as set forth above are accurate and correct in all respects. Section 2. Accomolisbment of Public Purooses. The parties acknowledge and agree that this Agreement provides the IVDA, and the Agency with a means to foster the redevelopment of a portion of the Project Area located within the municipal boundaries of the City of which could not otherwise be accomplished within the foreseeable future unless the parties to this Agreement agree 2 ,.;~~..AttadtnaMlV\pnb-Amcnd2001'tOI-06-07S1red~.u.c("""'yKomnJ -(vDlr.C~Ap'HII'IIM.'" . . . to exercise certain responsibilities as set forth herein. This Agreement is intended to be consistent with the intent and legal requirements of the CRL and in particular, Health and Safety Code Section 33413, et seq., and shall be considered as an agreement entered into by and between the IVDA and the Agency to accomplish the removal of blighting conditions within the Project Area and to compliment the civilian reuse and redevelopment of certain lands near the NAFB in the Project Area. This Agreement shall provide the IVDA with additional assistance from .the Agency to undertake redevelopment activities in the portion of the Project Area where the Project is located, as more fully depicted in Exhibit "A" attached her~to. The parties presently anticipate that a Redevelopment Project Study Agreement (the "Study Agreement") for the feasibility study for the redevelopment of the Project site shall be executed with Street-Manchester, LLC by the Agency. Section 3. Grant of Redevelooment Powers to the Aeencv for the Proiect. (a) Except as set forth in Section 3(b) and Section 3(c) of this Agreement, the IVDA hereby grants to the Agency, acting by and through the Commtmity Development Commission of the City of San Bernardino (the "Commission") and to the legislative body of the Agency acting by and through the Mayor and Common Council of the City of San Bernardino (the "Council"), as applicable, the right, power and authority to act for and on behalf of the IVDA for the purpose of exercising all redevelopment powers legally available. to the IVDA as set forth in the Redevelopment Plan, the CRL and in particular, the provisions of Health and Safety Code Section 33492.40, et seq., affecting any lands and property situated within the Project. In addition to any other powers which the City and/or the Agency may have, the Agency may, either in its name or on behalf of the IVDA, exercise all of the powers, rights and authorities of the IVDA as set forth in the Redevelopment Plan with respect to the lands and property situated within the Project, including, but not limited to, the right to acquire and dispose of real and personal property, to either exercise the power of eminent domain diTeclly on behalf of the IVDA or request the IVDA to consider the exercise of such powers in support of the Agency and at the sole discretion of the IVDA, sue and be sued, enter into agreements and undertake such other actions as appropriate to the intent of this Agreement. No such action of the City or the Agency, as applicable with respect to the exercise of such redevelopment powers affecting the Project. needs to be consented to, ratified or confirmed by the IVDA unless such ratification, consent or confirmation by the IVDA is otherwise requested at the discretion of the City or the Agency. In the event the IVDA is so requested in writing by either the City or the Agency to ratifY, consent or confirm any action or intended action of the City or the Agency with respect to the Project pursuant to this Agreement, the IVDA shall consider such matter as soon as practicable after receipt of such written request. The City and the Agency shall be solely responsible for the payment of all costs and expenses as may be associated with the implementation of any redevelopment activity as may hereafter be undertaken by the City and thc Agency in the Project as authorized by this Agreement. (b) Notwithstanding the provisions of Section 3(a), the City and the Agency shall not initiate any amendment of the Redevelopment Plan or any amendment or supplement to the Implementation Plan for the Project Area without first obtaining the written approval of the IVDA in its sole and absolute discretion. 3 ".\A~~A~\Apm-^1fIe'Ild2007lOl-06-01Strttt.M.~ICr.I.l.C(F.;...yHome!)_IVDACoopelU.~do.: . . . (c) Notwithstanding the provisions of Section 3(a) or any other part of this Agreement, the City and the Agency shall take no action under this Agreement which causes the IVDA to incur an indebtedness which is payable from any funds, revenues or assets of the IVDA. except from "Transfer Revenues", if any, as this term is defined in Section 4. Seetion 4. Transfer of a Certain Portion of the IVDA Tax Increment Funds for the Redevelooment of the Proiect. (a) In addition to the meaning of certain words and phrases as set forth in the preceding Recital paragraphs and sections of this Agreement, the following definitions shall apply to usage of the terms set forth in this Agreement: (i) "Project Properties Base Year" means and refers to the secured property tax roll assessed valuation of the properties within the Project Properties for ad valorem property lax purposes, for the 2006-2007 fiscal year of the NDA as shown on the secured property laxassessmeot rolls of the County Assessor; (ii) "Project Properties Indebtedness" means and refers to the indebtedness which the Agency may incur on or after the date of this Agreement with respect to the Project; . (iii) "Project Properties" means and refers to the approximately 50 acres of land in the Project which is also depicted in Exhibit "A"; (iv) "Street-Manchester, LLC - Fairway Homes" means and refers to a community redevelopment project of the Agency, and the related activities which may hereafter be undertaken by the Agency in the Project. The Project shall be more particularly identified in the written notice provided to the NDA by the Agency under Section 4(e); (v) 'Tax Increment Revenue" means and refers to those revenues, if any, received by the NDA under Article VII, Section B(702) of the Redevelopment Plan as related to the Project Properties; (vi) "Transfer Revenue" means and refers to a portion of the tax increment revenue of the NDA attributable to the Project Properties .described in Section 4(b) which the IVDA shall pay to the Agency each year during the term of this Agreement with respect to indebtedness incurred by the Agency in connection with the redevelopment of the Project Properties subject to the conditions set forth in Section 4. (b) Transfer Revenue is a portion of the lax increment revenue of the NDA generated by the Project Properties by virtue of the Project, if any, each fiscal year, in excess of such lax increment revenue of the IVDA attributed to the Project Properties Base Year, net of the low- and moderate-income housing set-aside obligation of the NDA with respect to such tax increment revenue in each such fiscal year, and further net of the portion of such lax increment revenue of the IVDA with respect to the Project Properties which is payable by the NDA in such fiscal year under the School District Agreements as set forth in Section 4(1). 4 P~AIuc~AlncM2(I(l7'lOI-()6.S_.NIlIchall!l".u.c(FIirwayHclnaJ.IVDACoopcnliDn.......dDc. . . . (c) Provided the Agency has given the IVDA the notice described in Section 4(e), commencing no sooner than the 2007-2008 fiscal year of the NDA, and for each fiscal year of the NDA thereafter during the term of this Agreement, the NDA hereby agrees to pay to the Agency, the Transfer Revenue attributable to the Project Properties, if any, for each such fiscal year following the Project Properties Base Year. The obligation of the IVDA to pay the Transfer Revenue to the Agency is a special fund obligation of the NDA payable solely from the portion of the tax increment revenue of the NDA generated by the Project Properties by virtue of the Project, if any, in the amount as calculated each fiscal year under the formula set forth in Section 4(b). No Transfer Revenues shall be payable by the NDA to the Agency for any fiscal year of the IVDA after June 30, 2030. Any unpaid balance of the Project Properties Indebtedness as may exist as of July I, 2030, shall be discharged, released and forgiven by the Agency. (d) The IVDA shall only remit the Transfer Revenues calculated pursuant to Section (b) to the extent that the Agency has incurred on or after July I, 2007, funds, or incurred indebtedness in connection with the redevelopment of all or any portion of the Project Properties Indebtedness, including, without limitation, indebtedness incurred under one (I) or more separate agreements by and between the Agency and the City or indebtedness to a noteholder, bondholder, trustee or other creditor of the Agency related to costs incurred or paid by the Agency for the redevelopment of the Project. The Agency shall, as a condition precedent to the receipt of Transfer Revenue on each May I, commencing on May I, 2008, submit to the NDA, a suitably detailed written statement of the outstanding unpaid balance of Project Properties Indebtedness incurred by the Agency, including the relevant terms of repayment of such Project Properties Indebtedness. (e) By a date not later than October 31, 2008, the Agency shall give notice to the NDA that the Agency entered into one (I) or more written agreements with third-parties for a redevelopment feasibility study of at least one-half (Y,) of the acres of land included in the Project. Such notice shall contain a suitably detailed description of the Project and the current balance, as of the date of such notice of the Project Properties Indebtedness. Concurrently with such notice, the Agency shall also deliver to the NDA, a copy of such written agreements. In the event that such. notice is not given by the Agency, then in such event, no Transfer Revenues shall be payable to the Agency by the IVDA under this Agreement. (f) This Agreement and the amounts of Transfer Revenue to be remitted by the NDA to the Agency shall, at all times, be subject to the provisions of the various school district pass-through agreements between the NDA and the San Bernardino City Unified School District, Colton Joint Unified School District, Redlands Unified School District, County Superintendent of Schools and the San Bernardino Valley College District (collectively, the "School District Pass-Through Agreements") as the same are applicable to the increases in the tax increment revenues generated by the Project Properties. The calculation of the amount of the Transfer Revenue to be remitted by the NDA to the Agency shall be a net of all amounts required to be paid by the IVDA to the various school districts pursuant to the School District Pass- Through Agreements. The NDA shall be solely responsible for the administration of the School District Pass-Through Agreements and the NDA may charge a proportion of fee against the Tax Revenues for third-party costs associated with such administration. (g) The NDA has established the Low- and Moderate-Income Housing Fund for tlte Wand Valley Redevelopment Project, and twenty percent (20%) of tax increment revenues received 5 P;~^a.clImnD\AI"fU-~2007llll-lJ6..01Slrect.M..u....:r.UC{Fu-rtwmal_rvDAc:..:.pm.ian~_,* . . . by the IVDA are deposited into such fund each year, subject to certain decreases authorized under applicable law. Said twenty percent (20%) figure may be decreased pursuant to Health and Safety Code Section 33334.2(a) (1) and (2) from time-to-time by the IVDA. lfthe IVDA determines for the entire Project Area, inclusive of the Project Properties, to deposit less than said twenty percent (20%) figure for a particular fiscal year, as permitted by Health and Safety Code Section 33492.40(e) and 33334.2(a)(2)(A), or if the IVDA determines to make no deposit into the Low- and Moderate-Income Housing Fund for the entire Project Area, inclusive of the Project Properties, as permitted by Health and Safety Code Section 33334.2(a)(i)(A), then in any such event, the Transfer Revenue calculation as set forth in Section 4(b) of this Agreement for the particular fiscal year or fiscal years, as applicable, in which such a finding is made by the IVDA, shall not be subject to any off-set or adjustment corresponding to any amounts of such tax increment revenue that the IVDA has not deposited into the IVDA Low- and Moderate-Income Housing Fund. (h) The obligation of the IVDA to remit any portion of the Transfer Revenue to the Agency pursuant to this Agreement is, at all times, subordinate to the ohligations of the IVDA incurred pursuant to any and all tax allocation bonds, notes or other forms of indebtedness, and all refinancings of any of these, issued or incurred by the IVDA to the holders of publicly issued bonds, notes or other forms of indebtedness considered municipal securities sold in the municipal bond market. (i) The IVDA and the Agency will eooperate in each year during the term of this Agreement in the preparation of the Statement of Indebtedness for the IVDA as it relates to the Project Properties indebtedness and the Transfer Revenue payable by the IVDA to the Agency for the Project Properties indebtedness. The IVDA and the Agency further agree, upon thirty (30) days written request, to exchange suitably detailed and written accounting and audit records related to the Project Properties indebtedness and the Transfer Revenue, including the estimates and final remittance amounts of Transfer Revenue each fiscal year as calculated by the IVDA, and the Project Properties indebtedness amounts incurred by the Agency with respect to the redevelopment of the Project Properties. (j) Except as set forth in this Agreement as it relates to Transfer Revenues, no other tax increment revenue or other funds or assets of the IVDA are subject to this Agreement. The IVDA may, but shall not be required, unless subsequently approved by the IVDA on a case-by-case basis, advance, loan or otherwise transfer to the Agency other tax increment revenue as may then be available to the IVDA from the Project Area, subject to applieable law. Seetion 5. Pre-June 30.2007 Indebtedness of the Agencv Relating to the Proiect. As of June 30, 2007, the Agency has incurred no debt in redevelopment indebtedness with respect to its efforts to address conditions of blight in the Project, including indebtedness incurred for the acquisition of the property. No cost, expense or indebtedness incurred by the Agency with respect to the Project prior to June 30, 2007, shall be deemed to be an eligible cost or indebtedness of the Agency for purposes of calculating the Project Properties indebtedness. Section 6. Notices. Formal notices, demands and communications between the IVDA and the Agency shall be deemed sufficiently given if (i) dispatched registered or certified mail via United States Postal Service, postage prepaid, return receipt requested, as designated. in this Section 6; (ii) by personal delivery; (iii) express delivery service with written verification of delivery; or (iv) 6 P:~"n"""""lI\AcnrB-~10Cl1\llS.06.(11S-.~hnwt.u..c(hlrwayHomDI_rvDACaaponciooo~dDc . . . by electronic tnmsmittal, including fax transmissions with telephonic verification of receipt. Such written notices, demands and communications may be sent in the same manner to such other addresses as any party may, from time-to-time, designate by written notice to the other parties. Copies of all notices, demands and communications shall be sent as follows: IVDA: Inland Valley Development Agency Attention: Executive Director 294 South Leland Norton Way San Bernardino, California 92408 AGENCY: Redevelopment Agency of the City of San Bernardino Attention: Maggie Pacheco, Executive Director 201 North "E" Street, Suite 301 San Bernardino, California 9240 I Notices which are dispatched by registered or certified mail through the United States Postal Service shall be deemed to be given three (3) business days after deposit with the United Slates Postal Service, and notices which are given by personal delivery shall be deemed given upon such personal delivery. Notices dispatcbed by express delivery service shall be deemed to have been given upon receipt by the party receiving such notice and execution of the delivery receipt, and notices dispatched through electronic transmittals shall be deemed to have been given upon telephonic verification of receipt. Section 7. Indemnification and Hold Harmless. The Agency hereby agree to indemnify, defend and hold harmless, the IVDA and each ofits officers, officials and employees from any and all loss, liability, claim, cost, expense or judgment, including attorney's fees, that may result from the implementation of this Agreement by the Agency. The Agency will also defend, indemnify and provide the cost of defense on behalf of the IVDA with respect to any third party challenge to the legality or enforceability of this Agreement pursuant to the CRL. Such indemnification and hold harmless shall apply whether or not the City and/or the Agency, or either of them was at fault or in any manner contributed to any such loss, liability, claim, cost, expense or judgment. Section 8. Entire Agreement of the Parties. This Agreement represents the entire agreement by and between the IVDA and the Agency with respect to the transfer of the redevelopment powers of the IVDA affecting the Project. Section 9. Invaliditv of Anv Provision. In the event it is determined that any provision of this Agreement is invalid or unenforceable as between the parties, the remaining provisions which are determined to be valid and enforceable shall remain in full force and effect. Section 10. AoDroval and Effective Date of Alrreement. This Agreement has been duly approved and authorized for execution and delivery by the governing board of the IVDA and by the Commission on behalf of the Agency, and this Agreement has been duly executed and delivered by the parties hereto. This Agreement may be executed in counterparts and when fully executed by the parties, it shall be effective for all purposes as of the date set forth in the introductory paragraph. 7 ':~~"",""",,:1OO~SneI~.u.c(Fu-)'Ho.r.)_rvDA.~~"'" . . . THIS AGREEMENT HAS BEEN DULY EXECUTED BY THE AUTHORIZED REPRESENT ATNES OF THE PARTIES HERETO AS SET FORTH BELOW. IVDA Inland Valley Development Agency, ajoint powers authority Date: By: Co-Chair By: Co-Chair (SEAL) ATTEST: By: Clerk of the Board Approved as to Fonn: By: General Counsel AGENCY Redevelopment Agency of the City of San Bernardino, a public body, corporate and politic Date: By: Maggie Pacheco, Executive Director Approved as to Fonn and Legal Content: By: ~/4I~~ Agenc ounse . ~ 8 p.\ApndIo............~Aml:ad2OO1'oll&-lJ6.OSRIa-Mlnchelur,u.c(J'anqHana)-IVDACDapniml~....