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AGREEMENT BETWEEN THE CITY OF MOSCOW, IDAHO and the URBAN RENEWAL AGENCY OF THE CITY OF MOSCOW, IDAHO RECITALS WHEREAS, City of Moscow, Idaho, a municipal corporation of the State of Idaho, is duly organized and existing under and by virtue of Title 50 of the Idaho Code, as amended (herein referred to as "the Citv")· . ' WHEREAS, the Urban Renewal Agency of the City of Moscow, Idaho (herein referred to as "the Agency"), is an independent public body, corporate and politic, and an urban renewal agency organized and existing by virtue of the laws of the State of Idaho (Idaho Code Section 50-2001, et seq., as amended); WHEREAS, the Agency is authorized to undertake and carry out various urban renewal projects to eliminate, remedy, or prevent deteriorated or deteriorating areas through redevelopment, rehabilitation, or conservation, or any combination thereof, within its area of operation and is authorized to carry out such projects jointly with the City; WHEREAS, the Act (as defined below), allows for cooperation by the City for Agency activities, including aid in carrying out the urban renewal plan and related activities; WHEREAS, the Urban Renewal Plan (as defined below), provides for certain actions by the City to fulfill the purposes of the Urban Renewal Plan including agreements with the Agency for administration, supporting services and funding sources; WHEREAS, the City and the Agency hereby find and determine that this Agreement enables them to cooperate to their mutual advantage in a manner that will best accord with the needs and development of the City and of the Agency. NOW, THEREFORE, the City and the Agency do hereby agree as follows: OPERATIVE PROVISIONS Section 1. DEFINITIONS As used in this Agreement, the following words, unless the context dictates otherwise, shall have the following meaning: Act shall mean collectively the Idaho Urban Renewal Law of 1965, being Idaho Code, Title 50, Chapter 20, and the Local Economic Development Act of 1988, being Idaho Code, Title 50, Chapter 29, as amended and supplemented. Agency shall mean the Urban Renewal Agency of the City of Moscow, Idaho, an urban renewal agency created by and existing under the authority of the Act as an independent public body, corporate and politic. CITY - AGENCY AGREEMENT- 1 2001-01 ---PAGE BREAK--- Agency Warrants shall mean the warrants issued by the Agency to the City to evidence loans from the City to the Agency, as enumerated in Exhibit F which is annexed to the Resolution. Agreement shall mean this Agreement between the City and the Agency. Annual Budget shall mean the annual budget of the Agency, as amended or supplemented, adopted or in effect for a particular Fiscal Year. Bank shall mean Bank of Pullman, Moscow, Idaho, a Washington banking corporation, as the original Registered Owner of the Bonds. Board shall mean the Board of Commissioners of the Agency as the same shall be duly and regularly constituted from time to time. Bonds shall mean the Urban Renewal Agency of the City of Moscow, Latah County, Idaho, Revenue Allocation (Tax Increment) Bonds, Series 2000A and Series 2000B, authorized by the Resolution to be issued, sold, and delivered in the aggregate principal amount of $794, 154.74. Debt Service Fund shall mean the fund created by Section 52 by that name referred to in Resolution No. URA 2000-03, adopted on September 29, 2000. Fiscal Year shall mean the fiscal year of the Agency currently commencing on October I of each year and ending on September 30 of the following year, as the same may be altered by the Agency. Ovmer Participation Note or Owner Participation Notes shall have the meaning assigned to that term in the Resolution. Pledged Revenues shall mean, for each Fiscal Year, the incremental tax revenues received by the Agency pursuant to the Act, as provided in the Urban Renewal Plan and all monies in the Debt Service Fund. Project Revenue Allocation Area shall mean the "Revenue Allocation Area" as described in the Urban Renewal Plan related to a Project which is subject to the calculating and pa:,ment of the incremental tax revenues. Refunded Obligations shall mean, collectively, the Series 1997 Bonds, the Owner Participation Note, and the Agency Warrants. Refunding Project shall mean the current refunding of the Refunded Obligations under the procedure set forth in Article 8 of the Resolution. Registered Owner( s) shall mean the person or persons in whose name or names the bonds shall be registered in the Bond Register maintained by the Trustee in accordance with the terms of the Resolution. Resolution shall mean Resolution No. URA 2000-03, adopted on September 29, 2000, pursuant to which the Series 2000 Bonds are being issued. Revenue Allocation Fund shall mean the fund described in Section 5. I of the Bond Resolution. CffY- AGENCY AGREEMENT- 2 ---PAGE BREAK--- Series 1997 A Bonds shall mean the bonds issued pursuant to Section 3.2(A) of Resolution No. URA 97-01, adopted on January 7, 1997. Series 1997B Bonds shaJI mean the bonds issued pursuant to Section 3 .2(B) of Resolution No. URA 97-0 I, adopted on January 7, 1997. Series 2000A Bonds shaJI mean the bonds issued pursuant to Section 3 .2(A) of Resolution No. URA 2000-03, adopted on September 29, 2000. Series 2000B Bonds shaJI mean the bonds issued pursuant to Section 3.2(B) of Resolution No. URA 2000-03, adopted on September 29, 2000. Urban Renewal Plan shall mean that certain document entitled "Research and Technology Park Competitively Disadvantaged Border Community Urban Renewal Plan" approved by the City and the Agency, pursuant to the Act, and City Ordinance No. 96-12, approved July I, 1996. Section 2. PURPOSE The purpose of this Agreement is to assure the continuing independent status of the Agency during the term of the Bonds and the Agency's sole liability for its debts and obligations, and to provide for the administration and implementation of the Urban Renewal Plan. Section 3. BONDS, OR OTHER DEBT ISSUED BY THE AGENCY The Agency has issued its Bonds to finance a portion of the Urban Renewal Project, as outlined in the Urban Renewal Plan and as authorized by the Resolution. The Agency has heretofore undertaken the implementation of a portion of the Urban Renewal Plan, consisting generally of public infrastructure improvements, including public streets, water, sewer, storm drainage, curb, gutter, sidewalk, public park, and related improvements pursuant to the Plan, and, pursuant to Resolution No. URA 97-01, adopted on January 7, 1997, the Agency has heretofore authorized, issued, sold, and delivered its Revenue Allocation (Tax Increment) Bonds, Series 1997, in the principal amount of $600,000, dated February I, 1997 (the "Series 1997 Bonds"), to Bank of Pulhnan in order to finance such improvements. On September 29, 2000, the Agency adopted and approved Resolution No. 2000-03 authorizing the issuance of the Agency's Series 2000A and Series 2000B Bonds for the purpose of refunding its Series 1997 A and Series 1997B Bonds, along with the Agency Warrants and Owner Participation Notes. The Bonds \viii be payable, both principal and interest, solely from the income, proceeds, revenues, and funds of the Agency derived from and in connection with the increased property taxes generated from the Revenue Allocation Area. The Bonds shall be payable, both principal and interest, solely from the Pledged Revenues. The Bonds, or other debt is not an indebtedness within the meaning of any constitutional or statutory debt limitation and is not and will not be a debt of the City, and the City shall not be liable thereon. This Agreement is made for the additional benefit of the O\'