Authorized Activities. The City and the Agency acknowledge and agree that the Infrastructure, other Improvements, and Qualified Pre-Agreement Costs described in the DDA to be constructed or provided by Developer and that will be ultimately owned by the City or other public agencies may be financed by one or more CFDs formed by the Agency over the Project Site under the ▇▇▇▇▇-▇▇▇▇ Community Facilities Act of 1982, Chapter 2.5 (commencing with § 53311) of Part I of Division 2 of Title 5 of the California Government Code (as amended from time to time, the “CFD Act”). In addition, the CFDs will be formed for the purpose of financing certain services on property to be owned by the City and other public agencies. The CFDs are to be formed by the Agency from time to time in connection with the development of the Project. It is the intention of the Agency and the City that: (a) any CFD may finance Infrastructure or other Improvements that will be owned or controlled by the City and any other public agency; and (b) any CFD may finance services on property owned or operated by the City and any other public agency for the Project, as provided in the Financing Plan. This Agreement constitutes a joint community facilities agreement within the meaning of section 53316.2 of the CFD Act.
Appears in 4 contracts
Sources: Tax Increment Allocation Pledge Agreement, Tax Increment Allocation Pledge Agreement, Tax Increment Allocation Pledge Agreement