5A(1) - Laserfiche WebLink

Home Browse Search

WHEREAS, the University and the City desire to memorialize the agreement among the parties hereto regarding the allocation of the CTP Revenues to be used to (i) reimburse the City for expenditures by the City or pay expenditures designated by the City for permitted purposes under the Act at Ignition Park, and (ii) reimburse the University for expenditures by the University or pay expenditures designated by the University for permitted purposes under the Act at Innovation Park. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: SECTION 1: Recitals. The representations, covenants and recitations set forth in the foregoing recitals are material to this Agreement and are hereby incorporated into and made a part of this Agreement by this reference. SECTION 2: Agreement on Use of CTP Revenues. The City and the University agree that the aggregate of all CTP Revenues collected by the State and remitted to the Redevelopment Commission as provided by the Act and the CTP Agreement shall be divided equally between Innovation Park and Ignition Park and used for permitted purposes under the Act and the CTP Agreement, such that one -half of all such CTP Revenues will be expended at Innovation Park and one -half of all such CTP Revenues will be expended at Ignition Park. The City and the University further agree that on an annual basis during the term of this Agreement they shall provide one another with a list of the permitted purpose expenditure items for Innovation Park and Ignition Park and that the Redevelopment Commission shall approve, subject to further proceedings required by law, the expenditure of one -half of the CTP Revenues for that year for such expenses at Innovation Park and one -half of the CTP Revenues for that year for such expenses at Ignition Park. In the event that expenditures for permitted purposes under the Act at either Innovation Park or Ignition Park do not constitute fifty percent (50 %) of the CTP Revenues available in any given year, the unused CTP Revenues for such year may be used for permitted purpose expenditure items in the other location within the Park, to the extent that such other location has additional expenditures for permitted purposes under the Act for that year. Nonetheless, (i) the aggregate CTP Revenues expended for permitted purposes under the Act within Innovation Park may not exceed Two Million Five Hundred Thousand Dollars ($2,500,000) without the approval of all of the parties to this Agreement, and (ii) the aggregate CTP Revenues expended for permitted purposes under the Act within Ignition Park may not exceed Two Million Five Hundred Thousand Dollars ($2,500,000) without the approval of all of the parties to this Agreement. SECTION 3: Mutual Assistance. The Parties agree, subject to further proceedings required by law, to take such actions, including the execution and delivery of such agreements, certifications, documents, instruments and petitions (and, in the case of the City, the adoption of such ordinances and resolutions), as may be necessary or appropriate, from time to time, to carry out the terms, provisions and intent of this Agreement and to aid and assist each other in carrying out the terms, provisions and intent of this Agreement. SECTION 4: Future Actions and Good Faith. The parties acknowledge and understand that the City and the University may be required by applicable law to take certain 2