Compensation Arrangement. The City agrees that, consistent with the LRPMP, in connection with the conveyance of the Site, the City will remit the Net Sale Proceeds to the Orange County Auditor-Controller for distribution to the Taxing Entities in accordance with each Taxing Entity’s pro rata share of the Tax Base. “Net Sale Proceeds” shall mean the gross sales price received by the City for the sale of the Site and any rental or other income received by the City not previously remitted to the Orange County Auditor-Controller from the date the Site was acquired by the City from the Successor Agency to the date the Site is disposed of by the City, less actual costs for allowable expenses incurred by the City, as shown in Exhibit B and in connection with the management and disposition of the Site from the date the Site was acquired by the City from the Successor Agency to the date the Site is disposed of by the City. Allowable expenses may include legal fees, brokers’ fees, closing costs and title report costs, but shall not include any holdback amounts, reimbursements to be paid by the City to the Site developer to handle, manage, remove or dispose of any underground storage tanks, or any compensation for City staff performing functions associated with the management, maintenance and disposition of the Site. The City shall not be allowed to charge City staff time as an allowable expense pursuant to Health and Safety Code Section 34171(b)(5).
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Compensation Arrangement. The City agrees that, consistent with the LRPMP, in connection with the conveyance of the Site, the City will remit the Net Sale Proceeds to the Orange County Auditor-Controller for distribution to the Taxing Entities in accordance with each Taxing Entity’s pro rata share of the Tax Base. “Net Sale Proceeds” shall mean the gross sales price received by the City for the sale of the Site and any rental or other income received by the City not previously remitted to the Orange County Auditor-Controller from the date the Site was acquired by the City from the Successor Agency to the date the Site is disposed of by the City, less actual costs for allowable expenses incurred by the City, as shown in Exhibit B and in connection with the management and disposition of the Site from the date the Site was acquired by the City from the Successor Agency to the date the Site is disposed of by the City. Allowable expenses may include legal fees, brokers’ fees, closing costs and costs, engineering fees, title report costs, fencing costs and any other reasonable property maintenance expenses, but shall not include any holdback amounts, reimbursements to be paid by the City to the Site developer to handle, manage, remove or dispose of any underground storage tanks, or any compensation for City staff performing functions associated with the management, maintenance and disposition of the Site. The City shall not be allowed to charge City staff time as an allowable expense pursuant to Health and Safety Code Section 34171(b)(5).
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