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Home My WebLink About1992-11-10 - RESOLUTIONS - SOLEDADCYN FIN ASMT DIST 92-4 (2)RESOLUTION NO. 92-210 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA ORDERING THE LEVY OF CONTINGENT ASSESSMENTS FOR ITS SOLEDAD CANYON INTEGRATED FINANCING ASSESSMENT DISTRICT NO. 92-4 AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the City Council ("City Council") of the City of Santa Clarita, California ("City") on July 14 , 1992, adopted Resolution No. 92-143 declaring its intention to proceed with the construction of certain improvements and payment of incidental expenses by creation of its Soledad Canyon Integrated Financing Assessment District No. 92-4 ("District"), as shown on that certain map designated "Proposed Boundaries of Soledad Canyon Integrated Financing Assessment District No. 924", attached hereto and incorporated herein as Exhibit "A"; and WHEREAS, the City Council of the City has considered all matters relating to the proposed financing and construction of certain public improvements in the vicinity of Soledad Canyon Road pursuant to the Integrated Financing District Act ("Financing District Act") and the Municipal Improvement Act of 1913 ("Improvement Act"), and specifically for the levy of contingent assessments ("Assessments") against properties within the District, a description of the rate and method of apportionment for such Assessments contained in the Final Engineer's Report being attached hereto and incorporated herein as Exhibit "B"; and WHEREAS, the City previously provided funds to finance said improvements by the execution and delivery of "Certificates of Participation (Capital Improvement Projects) Evidencing A Proportionate Interest Of The Owners Thereof In Lease Payments To Be Made By the City of Santa Clarita (Los Angeles County, California) to the Redevelopment Agency of the City of Santa Clarita" ("Certificates") dated October 1, 1991, in the original principal amount of $22,940,000; and WHEREAS, the City has determined that the public interest and convenience require construction of certain improvements described in Exhibit "B" attached hereto and incorporated herein at an estimated cost of $3,000,000, and proposes to proceed with construction of said improvements with a portion of the proceeds of the Certificates; and WHEREAS, the City finds that it is in the best interest of the City, is in the public interest and is for the public benefit that the City seek full or partial payment or reimbursement of certain lease payments related to the Certificates from the proceeds of the Assessments; and WHEREAS, the Financing District Act provides an alternative method of financing the improvements, by authorizing the Assessments which are contingent upon the development of land and which may be made payable at the time of approval of a tentative subdivision map, vesting tentative subdivision map, final subdivision map, zoning change, or upon receipt of a building permit for any parcels which have already received all other required approvals for development; and WHEREAS, the Financing District Act authorizes proceedings to create an integrated financing district to be combined with formation proceedings under the Improvement Act; and WHEREAS, following completion of a duly called and noticed public hearing and pursuant to Ordinance No. 92-16 (the "Ordinance"), the City Council of the City approved and confirmed the Final Engineer's Report, the assessment and the diagram and ordered formation of the District; NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND DECLARED by the City Council of the City of Santa Clarita, California, as follows: SECTION 1. Pursuant to Government Code Section 53196.5, this Resolution shall be final as to all persons and the assessment is hereby levied upon the respective subdivisions of land in Assessment District No. 92-4 according to Resolution No. 92-ZLQ_ and the Final Engineer's Report. SECTION 2. The assessment shall be recorded in the office of the Superintendent of Streets. SECTION 3. The City Clerk shall file a copy of the assessment diagram in the office of the County Recorder and cause to be paid the filing fee therefor. SECTION 4. The City Clerk shall execute and record a Notice of Assessment in the office of the County Recorder, pursuant to Division 4.5 of the Streets and Highways Code, commencing with Section 3100. SECTION 5. The City Clerk shall publish once a week for two consecutive weeks in a newspaper of general circulation and also mail to each property owner of record a Notice of Recordation of Assessment. SECTION 6. Pursuant to Government Code Section 53198, the Assessments shall constitute a lien upon the real property, and the lien shall continue until the charge and all penalties are fully paid or the property is sold to satisfy the lien. The lien shall have the same force, effect, priority and duration as would a delinquent lien under the Improvement Act. SECTION 7. The City may bring an action in any court of competent jurisdiction against the owners of any property to collect delinquent Assessments and penalties. The enforcement and remedies provisions of Government Code Sections 53198.5 and 53199 shall apply to the Assessments. -2- SECTION 8. Pursuant to Government Code Section 53190 and the Ordinance, the reimbursement agreement (the "Agreement") in substantially the form attached hereto as Exhibit is hereby approved and the Mayor and the City Clerk are hereby authorized and directed to execute the Agreement in substantially the form hereby approved, with such additions thereto and changes therein as are recommended or approved by Counsel to the City, Special Counsel to the District and the officers executing the same, with such approval to be conclusively evidenced by the execution and delivery of the Agreement. SECTION 9. All actions heretofore taken by officers and agents of the City Council with respect to the Agreement are hereby approved, confirmed and ratified, and the Mayor and City Clerk and the other officers of the City responsible for the fiscal affairs of the City are hereby authorized and directed to take any actions and execute and deliver any and all documents as are deemed necessary or appropriate to the City and its officers taking such actions or executing such documents, to accomplish the purposes of the Agreement. In the event that the Mayor is unavailable to sign any document authorized for execution herein, the City Manager, or his written designee, may sign such document. Any document authorized herein to be signed by the City Clerk may be signed by a duly appointed deputy clerk. SECTION 10. The City Clerk shall certify the adoption of this Resolution. PASSED AND ADOPTED by the City Council of the City of Santa Clarita, California at a regular meeting held on the th day of November, 1992. ATTEST: ITY CLERK -3- CITY OF SANTA CLARITA, CALIFORNIA MAYOh, STATE OF CALIFORNIA ) SS. COUNTY OF LOS ANGELES ) I, DONNA GRINDEY, City Clerk of the City of Santa Clarita, California, do hereby certify that the foregoing Resolution No. 92- 210 was adopted at a regular meeting of the City Council on the th day of November, 1992. AYES: COUNCILMEMBERS Boyer, Darcy, Beidt, Pederson, Klajic NOES: COUNCILMEMBERS None ABSENT: COUNCILMEMBERS None ABSTAIN: COUNCILMEMBERS None -4- MWIZAI � A� EXHIBIT "A" REPORT OF ENGINEER FOR CITY OF SANTA CLARITA SOLEDAD CANYON INTEGRATED FINANCING ASSESSMENT DISTRICT NO. 92-4 �It]�I. :_I�� • • : • AIS: ; I • 1� M :: M • 1►: ► I� • M: •• The general description of the boundaries of the Integrated Financing District are as follows: All parcels of land within Tract No's. 47803,34466,47324, 45148, 45113, 32519, 46005, 49426 and P.P. 89-122. ■WLOF65E 11 p91S5s �f'�b 1C NIDTHLS�DAI YF FILED IN THE OFFICE OFTIE SUPERINTENDENT OF STREETS OFTIIECETYOFSASTACLARITATIIIS_ DIAGRAMr- BOOK - uM'B OE MAP II;mFl AHD TR. 3Fd66 INTERGRA TED FINANCING .AGS ;�l 11'_ L" FD L(11TH T CIII NTV (IR 7 ASSESSMENT DISTRICT COUNTY RE(TIRDER OF THE USAN(1ELi5.STATEOfCALOORN'A NO. 92-4 OECOS EIR NTY §(ALE: MTS AN COUNTY IIF LOS ANI:EI35 24 CITY OF SANTA CLARITA 23 4' , q� 6 Y' -`_.• q'.._...` "��I COUNTY OF LOS ANGELES I F(:F\D• TR. ii INX19_ STATE OF CALIFORNIA COUNTY BOUNDARY SOLEDAD CANYON ROAD RX L.Tl COLF.N � CITI'OF SANTA CLANRA SAND CANYON ROAD TO SHADOW PINES BLVD. ■ TA N. ;13 vl OYM RO pPG�� OS 0F L 2�\ n ABELId OR 460D5 PADS 6 POPPY MEADOW 5 TA. 49426 td ' is TR.� 1313 i3 3251404N SPRINGS RD FEE VALE 2 ■ TR. 45113 : OL ¢ ■� �LPPP ti-✓ 89-122 PG JI p91S5s �f'�b 1C FILED IN THE OFFICE OFTIE SUPERINTENDENT OF STREETS OFTIIECETYOFSASTACLARITATIIIS_ @$ ■ TR. 3Fd66 MDAI'OF 19_ e w 7 a ■ YF PAGE4 W V = 5L'YENINTENDEN7 OF STREETS R' \ 24 a 23 4' , q� 6 Y' -`_.• q'.._...` "��I < FILED INTHE OFFICF.Oi T11E CRY CLERK OF TIIF.CITY g OF SANTA CLARRA THIS QDAY OF I F(:F\D• TR. ii INX19_ COUNTY BOUNDARY 45148 ME nADE 5 Nis' RX L.Tl COLF.N � CITI'OF SANTA CLANRA ■ TR OBO3 � ---CITY BOVNDART BOUNDARY ■ TR.NT3T4 ;.� SEEPAGE 3 F Z DISTRICT -� V AV ASSESSME]T NAS LEVIED 114 THE CRY COUNCIL IIIGIM Al' l ROAD ON THE LUTS. PIECES. AIA PANC6LS OF LANDSHOWN THIS DIAGRAM SAID A55FSSMEM i11-i'/1'F1 RAILROAD (1�—� -�.."..r —UN I'Ro UI THEY .,'I SAID . AS LEVIED O\THE_DATID 19_. SAID ASSESS OIAGNAM A.VO ti5E55NEST ROLL V yp. a -T ASSESSOR MAP BOON I PAGE I PARCEL i NER6 NEC (DRDE0 IS THE UE'SA OF TH SUPER-M'TE.SDENT OF ST0.EET5 IF SAID CITS OF O PARCELNUMBER T,4 H. TIIE_DA\I1F 1Y_ BEFERENCE IS MA DF TO THE ASSE4MFNT ROLL RFCORDE.D IN THE OFFICE OF THE SCPEIONTENDENT OF STREETS FOR THE EXACT AMOUNT OF EACH ASSESSME9T LEVIED AGAINST EACH PARCEL OF LAND SHAWN ON S THIS ASSESSMENT DIAGRAM. ¢i5 FITS LENF CRY OF SANTA CLARETA Lor 6 SHEETS DIAGRAM INTERGRA TED FINANCING ASSESSMENT DISTRICT SCALE: A200' NO. 92-4 CITY OF SANTA CLARITA COUNTY OF LOS ANGELES STATE OF CALIFORNIA SOLEDAD CANYON ROAD SAND CANYON ROAD TO SHADOW PINES BLVD. SCLIDAD A, RD • TRACT LEGELIL •♦• 2839-008-052 ♦♦ TRACT —••— covN BOUNDARY / ---- cm BOUNDARY ♦♦♦ N0. TRACT 45115 r ■p■ Di9PRICTBOUNOARY ♦♦♦ mcowAYiROAD 2839-006-02/ r N0. ♦♦♦ •� p 32519 ------------- / i}NH RAILROAD ♦♦♦♦ 2839-005�WARFW)R MAP BOOK/PAGE/PARCEL ) 49426 /00 OPARCEL NUMBER 2839-005-030 SCLIDAD A, RD )• ' 2839-008-052 l TRACT / i ze39az-osa N0. 45115 r / l soc 6-O.S3 2839-006-02/ r / ------------- / SCLIDAD A, RD WIEET3 Of 6 $11EFf8 DIAGRAM INTERGRA TED FINANCING ASSESSMENT DISTRICT NO. 92-4 SCALE: 1%200, CITY OF SANTA CLARITA COUNTY OF LOS ANGELES STATE OF CALIFORNIA SOLEDAD CANYON ROAD SAND CANYON ROAD TO SHADOW PINES BLVD. nw — 89�122ICL_P BFDdI y ••••• • CD Or- JP��E ` J 2837-007-WJ • `Y I I . ice! Oy z ■ z �!! 1 a N I EC.FNO. —•• COUWY BOUNDARY -- CRY BOUNDARY ..... DISTRICT BOUNDARY RIGRwAY/ROAD RAILROAD 2837-Gb7.02i ANN&MOR MAP BOOK I PACE/ PARCEL OPARCEL NUMBER SHEET ♦ pF E SHEET■ _ DIAGRAM INTERGRA TED FINANCING ASSESSMENT DISTRICT ■CAFE: ,:.00, NO. 92-4 CITY OF SANTA CLARITA COUNTY OF LOS ANGELES STATE OF CALIFORNIA SOLEDAD CANYON ROAD SAND CANYON ROAD TO SHADOW PINES BLVD. �y Fa ANTELOPE V% -LEY I MEND -- COUNTY BOUNDARY -- - CRY BOUNDARY DL RIOT BOUNDARY HIGH W AY / ROAD y-1-µ RAILROAD ASSESSOR MAP BOOK / PAGE / PARCEL OPARCEL NUMBER C EQUESTRIAN p XIKIN .R.IL■n zeoo-oa-1/B zeoo-o/s-as T R A C T �=2"aoa-04 ' y` �- ,:� . P i "�` P // - -JUN-PO I � E9�o-ois-oss • 76<aas-a�2; -r' co - 81 zePo-asa3o AN 2e000-oc-au UP ■ p"-'- N 0. II I. I � I ■I ■ ■I ■ r ■ I ■I .I 3 4 4 6 6 r--- ■, ■' I. I I zeoo-o/s-aT/ ■ I �I ■ I MEND -- COUNTY BOUNDARY -- - CRY BOUNDARY DL RIOT BOUNDARY HIGH W AY / ROAD y-1-µ RAILROAD ASSESSOR MAP BOOK / PAGE / PARCEL OPARCEL NUMBER C U7=Of °R„EE,Y DIAGRAM INTERGRATED FINANCING in I ASSESSMENT DISTRICT NO. 92-4 ,CUE. CITY OF SANTA CLARITA COUNTY OF LOS ANGELES STATE OF CALIFORNIA P31i BDl l "A"', 1110141B51 son@oilgas MPIYllBIolle � .11Ya] RMa i0 All] M tl SOLEDAD CAVY -7N ROAD SAND CANYON f)AD TO SHADOW PI1:--S BLVD. IFr FN COUNTY BOUNDARY -— CM BOUNDARY DISTRICT BOUNDARY HIGHWAY I ROAD rr+++ RAILROAD AS MSON MAP BOOK I PAGE I PARCEL OPARCELNLAMER F UU Q Z Z � M fl- y C ® b O O N 9 :i a i a i a a ti o ,I e . � o o N f OOo m m U Z i 9 :i SHEETg OFgSMEETS DIAGRAM INTERGRA TED FINANCING ASSESSMENT DISTRICT SCALE: 1'rZOO' NO. 92-4 CITY OF SANTA CLARITA COUNTY OF LOS ANGELES STATE OF CALIFORNIA CIIL'y f1n( IIKTRICT I IIIGIMA)1 !M-4+ RAH ROAD AW11OR I SOLEDAD CANYON ROAD SAND CANYON ROAD TO SHADOW PINES BLVD. EXHIBIT "B" REPORT OF ENGINEER FOR CITY OF SANTA CLARITA SOLEDAD CANYON INTEGRATED FINANCING ASSESSMENT DISTRICT NO. 92-4 METHOD OF ASSESSMENT Soledad Canyon Road is a required condition placed on nine developers, which will extend from Sand Canyon Road east to Shadow Pines Boulevard. The costs and incidental expenses to improve Soledad Canyon Road will be spread throughout the developments according to their benefit received. The total costs of construction for Soledad Canyon Road will be separated into two zones for reimbursement purposes: Zone A, the portion of construction from Sand Canyon Road to Oak Springs Canyon Road and Zone B, the portion from Oak Springs Canyon Road to Shadow Pines Boulevard. These costs will be placed under the Integrated Financing District to be paid through a reimbursement process as the conditioned tracts develop. The Municipal Improvement Act of 1913 provides that the costs and incidental expenses of a project be assessed in proportion to the estimated "benefit" received by each of the lots or parcels of land within the assessment district. The Act, however, does not provide a specific benefit formula, hence that determination is made by the Assessment Engineer for consideration by the legislative body. The formula used should be one that reflects benefit received by each parcel and results in the most equitable proration of the costs to each of the lots or parcels within the assessment district. ZONE A Original Type Number of Assessment Assessors of Actual DeveloRment Number Number 1L1111 Dwelling Units Tr 32519 100 2839-005-030 S.F.D. 147 Tr 34466 200 2840-015-031 S.F.D. 299 2840-015-032 2840-015-033 2840-015-035 2840-001-118 2840-001-104 Tr 45113 500 2839-006-021 COMM 5 acres/500 units 2839-006-052 M.F.D. 304 2839-006-053 2839-006-054 Tr 45148 700 2840-013-005 S.F.D. 10 8/25/92 Original Type Original Type Number of Actual Assessment Assessors of Actual Development Num i3umbet IZOlI Dwelling Units Tr47324 800 2840-013-013 S.F.D. 72 2840-013-014 2840-013-015 2840-014-022 2840-016-002 2840-016-021 Tr 47803 900 2840-016-032 S.F.D. 140 Tr 49426 1,100 2839-005-030 CONDO 24 PP 89-122 1,200 2840-007-023 COMM 5 acres/500 units TOTS 1,996 Original Type Number of Assessment Assessors of Actual Development Numbel Num ILWI Dwelling Units Tr 46005 1,400 2854-006-002 S.F.D. 86 2854-006-013 0 TOTALS 86 To facilitate future assessment apportionments, each developer is assigned an assessment number in groups. For example, when Tract 47324 develops, their revised number sequence will be 800 to 872. In making the analysis, it was necessary to identify the benefits that the public improvements rendered to the properties within the boundaries of the Assessment District and to determine that the properties received a direct and special benefit distinguished from that of the general public. It was determined that the improvements are necessary and required for the development of the properties within the Assessment District. The properties within the District have been conditioned as a result of the development process to establish a reimbursement mechanism to widen Soledad Canyon Road. For residential property, the benefit to each property as a result of the widening of Soledad Canyon Road is the right for each property owner to construct a specific number of dwelling units. The benefit to a property with twice as many units would be to benefit twice as many future owners who would use Soledad Canyon Road. Therefore, benefit is based on the number of units each developer is allowed to construct. For commercial property the benefit to each property would be based on the number of vehicle trips generated by the development, or the equivalent of 100 residential units per acre. Since some properties were conditioned for the portion of Soledad Canyon Road from Sand Canyon Road to Oak Springs Canyon Road, they will be in Zone A. Zone B, which will be from Oak Springs Canyon to Shadow Pines Boulevard will only involve one development. 8/25/92 2 Those developers within Zone A which is largely undeveloped will be assessed on a per unit basis while the single tract in Zone B will be assessed their portion of traffic volume of the developed area bounded by Shadow Pines Boulevard, the Antelope Valley Freeway, Oak Springs Canyon Road and Sierra Highway. Figures used to determine the costs of improvements were obtained from the engineer of work and reflect costs at the time of the award of bid. The assessment engineer then reviewed the costs for completeness and eligibility under the 1913 Act proceedings. The assessments as placed on the parcels of land within this report will be subject to a 5% annual interest rate. The cumulative interest rate adjustment shall not exceed 100 percent. These assessments will be contingent upon the development of the land and will be made due and payable at the time of approval of a final subdivision map as a whole or pro -rated on a basis of units (phased) recordation. Example: If a tract records phase one at 50%, then 50% of the assessment plus interest at the time of recordation is due and payable. Should any development fail to record their subdivision map, the subsequent assessment will remain with the applicable parcel(s) until such time as a map does record. Any assessments not collected will not be placed on the remaining parcels. At the time when assessments become due and payable, it will be determined if there will be credit to the developers bridge and thoroughfare fees. If it is determined that Soledad Canyon Road is no longer covered under the B&T District, then there will be no credit. If Soledad Canyon Road is still covered with B&T fees, a credit will be given to the development in the amount of the B&T fees which apply to Soledad Canyon Road. All residential development will be assessed based on their equivalent number of buildable units. All commercial development will be assessed based on their equivalent traffic counts. Residential equivalent units - 1 unit =1 Unit 996 Units = 996 units Commercial equivalent units - 1 acre = 100 SFD units* 10 acres = 1.000 units Total Zone A 1,996 units One acre of commercial property generates an amount of vehicle trips per day equivalent to what 100 S.F.D. units generate per day. The development in Zone B will be assessed 816 of 24,000 traffic units or an equivalent of 3.441% of the improvement costs for Zone B. The remainder of the improvement costs for Zone B will be covered by the City. 8/25/92 ^ A.D.U. - Actual Dwelling Units; the actual number of dwelling units to be constructed as stated on the approved tract map. S.F.D. - Single Family Dwelling M.F.D. - Multi -Family Dwelling CONDO - Condominiums COMM - Commercial 8/25/92 4 17164.3 EXHIBIT C REIMBURSEMENT AGREEMENT REGARDING INTEGRATED FINANCING ASSESSMENT DISTRICT N0. 92-4 (SOLEDAD CANYON) This Agreement is entered into this _ day of November, 1992, by the CITY OF SANTA CLARTTA, CALIFORNIA (the "City"), a general law city and municipal corpora- tion for itself as investor and on behalf of the City of Santa Clarita Integrated Financing Assessment District No. 924 (Soledad Canyon) (the "District"). In consideration of the promises and covenants set forth in this Agreement, it is hereby agreed as follows: WITNESSETH: Section I Recitals. This Agreement is entered into with respect to the following facts: A. The City Council of the City (the "City Council") has considered all matters relating to the proposed construction of certain public improvements in the vicinity of Soledad Canyon Road (the "Improvements") described in Exhibit "A" attached hereto and incorporated herein by reference. B. The City Council previously adopted Ordinance No. 92-16 ordering the formation of the District, the map for which is attached hereto and incorporated herein as Exhibit "B". C. The District is formed pursuant to the Integrated Financing District Act and the Municipal Improvement Act of 1913 for the purpose of levying contingent assessments (the "Assessments") against properties within the District. D. The City has provided funds to finance the Improvements by the execution and delivery of "Certificates of Participation (Capital Improvement Projects) Evidencing A Proportionate Interest Of The Owners Thereof In Lease Payments To Be Made By the City of Santa Clarita (Los Angeles County, California) to the Redevelopment Agency of the City of Santa Clarita" (the "Certificates") dated October 1, 1991, in the original principal amount of $22,940,000. E. The City Council has determined that the public interest and convenience require construction of the Improvements and proposes to proceed with construction of the Improvements with a portion of the proceeds of the Certificates. 1 F. The City Council finds that it is in the best interest of the City, is in the public interest and is for the public benefit that the City seek full or partial payment or reimburse- ment of certain lease payments related to the Certificates used for the Improvements from the proceeds of the Assessments. G. California Government Code Section 53190, gl =. authorizes the City, on behalf of the District, to enter into a reimbursement agreement (the "Agreement") with an investor for the purposes of obtaining advance funds from such investor to pay the costs of the Improvements or to have such investor construct the Improvements. The City, through the execution and delivery of the Certificates, will finance and construct the Improvements and is hereby referred to in such capacity as the Investor. H. The City Council previously adopted its Resolution No. 92- 210 authorizing this Agreement. Section U. Investor to Construct Improvements. A. The Investor shall with due diligence conduct, as soon as reasonably possible, public bidding pursuant to the California Public Contracts Code and City Ordinances to select a general contractor, land surveyor, soils engineer and other contractors necessary to construct the Improvements. The Investor has already employed a civil engineer to design the Improvements. B. The Investor shall construct the Improvements pursuant to the Agency Agreement dated 1992, and keep records of all costs and expenses in connection with the design and construction of the Improvements (the "Costs and Expens- es"). Costs and Expenses includes all out-of-pocket costs and all City administrative expenses incurred in connection with the construction of the Improvements, including, but not limited to, payments to civil engineers for plans and specifications for the Improvements, payments to contractors for labor, materials, and subcontractors, payments to land surveyors and soils engineers, payments for street lights and utility relocation, City administrative expenses for project management, insurance costs, bonding costs, plan check fees, inspection fees, and costs of licenses and permits. UM91711111r1.1_7nM, 11.11- A. The City hereby agrees to collect the Assessments and interest thereon, pursuant to Ordinance No. 92-16, on the discretionary development of property within the District (the "Benefitted Property"). The Assessments and interest thereon shall be used to reimburse the Investor for the costs of the Improvements. Owners of the Benefitted Property shall be assessed for the costs of construction of the Improvements plus _ percent (_%) per annum from until based on a 360 day, 12 month year. 7164.3 B. Reimbursement as set forth in Paragraph A of this Section shall be paid to the Investor from time to time as the Assessments are collected for the Improvements as set forth herein, except that: 1. All right of reimbursement shall cease (__) years after the date of this Agreement, whether fully paid or not; and 2. The City is not liable to the Investor for any reimbursement set forth in Paragraph A of this Section, if the City fails for any reason, including negligence, to impose the Assessments on the Benefitted Property. Rather, the sole remedy of the Investor in enforcing reimbursement is to participate in, challenge, and appeal, if necessary, the imposition of conditions on the development permit approvals of the Benefitted Property. C. Pursuant to the requirements of California Government Code Section 53190.5(b), the City shall issue the Investor a warrant entitling the Investor to all or a specified portion of the Assessments as determined by Resolution No. 92-_2l 9 and payable pursuant to Section III hereof. D. The warrant issued by the City to the Investor shall include all provisions required by California Government Code Section 53190.5(b)(1)-(9). E. The general fund of the City, its credit, or its taxing power shall not be liable for any obligation to the Investor arising out of this Agreement. The Investor may not compel the exercise of the taxing power of the City or the forfeiture of any of its property to satisfy any obligation arising out of this Agreement. The special improvement fund identified and designated "Soledad Canyon Integrated Financing District No. 92-4 Improve- ment Fund", and created by Resolution No. 92-143, shall be the sole source of funds for the obligation arising out of this Agreement. F. Pursuant to California Government Code Section 53192, any obligation arising from this Agreement is not a debt of the City, or a legal or equitable pledge, charge, lien, or encumbrance upon any of its property, or upon any of its income, receipts, or revenues, except the revenues arising from the Assessments levied pursuant to Resolution No. 92-2—jo G. The City covenants to preserve and protect the security of this Agreement and the rights of the Investor against all claims and demands of all persons. 17161.3 F MY , 1 �i ! = A. This Agreement constitutes the entire understanding between the parties hereto with respect to the District and the Assessments, superseding all negotiations, prior discus- sions, and preliminary agreements or understandings, whether oral or written. B. This Agreement may not be amended except in writing by the parties hereto or their successors or assigns. C. The terms of this Agreement shall be construed in accordance with California law and shall not be construed for or against either party by reason of the authorship of this Agreement. The section headings are for purposes of convenience only and shall not be construed to limit or extend the meaning of this Agreement. D. If any action at law or in equity, including an action for declaratory relief, is brought to enforce or interpret the provisions of this Agreement, the prevailing party shall be entitled to reasonable attorney's fees, court costs and necessary disbursements, in addition to any other relief to which it may be entitled. E. Multiple copies of this Agreement may be executed by the parties hereto, any number of which shall be deemed to be an original and all of which shall constitute but a single instrument. 164.3 IN WITNESS WHEREOF, the City of Santa Clarita for itself as Investor and on behalf of the City of Santa Clarita Integrated Financing Assessment District No. 92-4 (Soledad Canyon) has duly executed this Agreement as of the date first written above. ATTEST: City Clerk Approved as to Form: City Attorney 17164.3 CITY OF SANTA CLARITA, CALIFOR- NIA FOR ITSELF AS INVESTOR AND ON BEHALF OF THE CITY OF SANTA CLARITA INTEGRATED FINANCING ASSESSMENT DISTRICT NO. 92-4 (SOLEDAD CANYON) in Mayor EXHIBIT "C" REPORT OF ENGINEER FOR CITY OF SANTA CLARITA SOLEDAD CANYON INTEGRATED FINANCING ASSESSMENT DISTRICT NO. 92-4 The general description of work consists of the construction of storm drains, street lights, traffic signals, median landscaping, certain grading, clearing and grubbing, asphalt concrete paving, including acquisition of necessary rights-of-way together with appurtenances and appurtenant work necessary to accomplish the above improvements to the specified widths and dimensions and all said work and acquisition is located in all or a portion of the following listed street or easements. SOLEDAD CANYON SAND CANYON ROAD EAST TO SHADOW PINES BOULEVARD EXHIBIT B MAP 17164.3