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Community Development Agency, Administration & Finance Division, recommending the Board authorize the Chair to sign the Second Amendment to the Funding, Credit and Reimbursement Agreement between West Valley, LLC and the County to change the reimbursement terms for County repayment of cash advances from annually to not less than quarterly and to allow for other minor administrative revisions as required.
FUNDING: Silva Valley Interchange Traffic Impact Mitigation Fee Fund. (No Federal Funds)
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DEPARTMENT RECOMMENDATION
Community Development Agency (CDA), Administration & Finance Division, recommending the Board authorize the Chair to sign the Second Amendment to the Funding, Credit and Reimbursement Agreement between West Valley, LLC and the County to change the reimbursement terms for County repayment of cash advances from annually to not less than quarterly and to allow for other minor administrative revisions as required.
DISCUSSION / BACKGROUND
On November 8, 2005 (Item 21), the Board approved a Funding, Credit and Reimbursement Agreement between West Valley, LLC and the County (Agreement), which established reimbursement terms for the repayment of any cash advances made by West Valley, LLC, as Developer, to fund the Silva Valley Interchange Project (Project).
A First Amendment to this Agreement was approved by the Board on April 10, 2012 (Item 17), which documented the County’s modification of the 2004 General Plan Traffic Impact Mitigation Fee Program (Program) and addressed any resulting delays in reimbursement if the Program modifications resulted in insufficient cash flow to meet annual scheduled reimbursement payments.
This proposed Second Amendment to the Agreement would further modify the original Agreement as it pertains to Section 6, Silva Valley Interchange Improvements and Set Aside Fund. The original Agreement states that an annual payment will be made no later than March 1st of each year after the acceptance of the Project by ...
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