HomeMy WebLinkAboutProposition A Assignment: City of IndustryPROPOSITION A ASSIGNMENT AGREEMENT
This Assignment Agreement is made and entered into this 12 day of May, 1998
by and between the City of Industry and the City of Arcadia, with respect to the
following facts:
A. The City of Industry proposes to utilize Proposition A Local Return funds
received from the City of Arcadia to finance the expansion of the parking lot
and of the platform at the City of Industry Metrolink Station. Adequate
Proposition A Local Return funding for this project is not available, given the
limited amount the City of Industry's Local Return allocation and the needs
of other transit projects in the City.
B. The City of Arcadia has an accumulation of uncommitted Proposition A Local
Return funds which could be made available to the City of Industry to assist
in providing the project described in Paragraph A of this Agreement. In
exchange for the assignment by the City of Industry of the amount of
General Funds indicated in Section 1 below, the City of Arcadia is willing to
assign uncommitted Proposition A Local Return funds to the City of Industry
for the purpose identified in Paragraph A.
Now, therefore, in consideration of the mutual benefits to be derived by the parties
and of the premises herein contained, it is mutually agreed as follows:
1. Exchange. The City of Arcadia agrees to assign $ 1,500,000 of its
uncommitted Proposition A Local Return funds to the City of Industry.
In return, the City of Industry agrees to assign $975,000 in General
Funds to the City of Arcadia.
2. Consideration. The City of Arcadia shall assign the agreed upon
Proposition A Local Return funds to the City of Industry in one
payment by May 12, 1998. The City of Industry shall assign the
agreed upon General Funds to the City of Arcadia in one payment by
May 12, 1998.
3. Term. This agreement is effective on the date above written and for
such time as is necessary for both parties to complete their mutual
obligations under this Agreement.
4. Termination. Termination of the Agreement may be made by either
party before the date of approval of the project description covering
the funds in question by the MTA, so long as written notice of intent
to terminate is given to the other party at least five (5) days prior to
the termination.
5. Notices. Notices shall be given pursuant to this Agreement by
personal service on the party to be notified, or by written notice upon
such party deposited in the custody of the United States Postal
Service, addressed as follows:
a. Chris Rope, City Manager
City of Industry
15651 East Stafford Street
City of Industry, CA 91744
b. William R. Kelly, City Manager
City of Arcadia
210 West Huntington Drive
Arcadia, CA 91066
6. Assurances:
a. The City of Industry shall use the assigned Proposition A Local
Return funds only for the purpose of providing the project
discussed in Paragraph A of this Agreement and within the time
limits specified in MTA's Proposition A Local Return Program
Guidelines.
b. Concurrently with the Execution of this Agreement, the City of
Industry shall provide MTA with the Standard Assurances and
Understandings Regarding Receipt of Use of Proposition A
funds specified in the Guidelines regarding the use of the
assigned Proposition A Local Return funds.
IN WITNESS WHEREOF, the parties hereto have caused this Assignment
Agreement to be executed by their respective officers, duly authorized, on the day
and year written above.
CITY OF ARCADIA
By:
Mayoj� V
CITY OF INDUSTRY
By:
Mayor
Attest:
�.i Clerk
Approved as to Form:
City Attorney
Attest:
A "
- "
City Clerk
Approved as to Form
66ity Attorney