HomeMy Public PortalAboutAgreement_2020-05-19_Foothill Transit_Prop A 2020 Fund ExchangeASSIGNMENT AGREEMENT
BETWEEN THE CITY OF TEMPLE CITY AND FOOTHILL TRANSIT
This Fund Exchange Agreement (Agreement) is made and entered into thisl9 day of May
2020, by and between the City of Temple City, California and the Foothill Transit, California
with respect to the following facts:
A. Foothill Transit provides community -oriented, environmentally friendly bus service
throughout Southern California's San Gabriel and Pomona Valleys, including express bus
routes to Pasadena and Downtown Los Angeles.
B. The City of Temple City (City) has uncommitted Proposition A Local Return (Prop A LR)
funds which could be made available to Foothill Transit to assist in providing the services
discussed in Paragraph A of this Agreement. In exchange for the assignment by Foothill
Transit of the amount for its general use funds (non -formula allocation funds) indicated in
Section 1 below, the City is willing to assign uncommitted Prop A LR funds to Foothill Transit
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 agrees to assign a total of $750,000 of its Prop A LR
funding to Foothill Transit from the Fiscal Year 2018-19 and 2019-2020
allocations. In return, Foothill Transit agrees to assign $562,500 of its
general use funds (non -formula allocation funds) to the City.
2. Consideration. The City shall assign the agreed upon Prop A LR funds to
Foothill Transit in one lump -sum payment. Foothill Transit shall assign the
agreed upon general use funds to the City in one lump -sum payment. Each
payment shall be due within 30 days of the first date that both of the following
have occurred: (a) execution of this Agreement, and (b) approval by Los
Angeles County Metropolitan Transportation Authority (LACMTA) of the
Foothill Transit's project description.
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 this Agreement may be made by either party
so long as both of the following are correct: (a) written notice of intent to
terminate is given to the other party at least five (5) days prior to the
termination and (b) the effective date of the termination is before the date
LACMTA approves the Foothill Transit project description.
5. Notice. 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. Bryan Cook
City Manager
City of Temple City
9701 Las Tunas Dr.
Temple City, CA 91780
b. Doran J. Barnes
Executive Director
Foothill Transit Administrative Office, 2nd Floor
100 South Vincent Avenue
West Covina, CA 91790
If notice is provided via personal service, it is deemed "given" on the date of
personal service. If notice is provided via U.S. mail, then the notice is
deemed "given" two days after the notice is properly addressed and placed
in the U.S. mail.
6. Assurances
a. Foothill Transit shall use the assigned Prop A LR funds only for the
purpose of providing the services discussed in Paragraph A of this
Agreement, and within the time limits specified in LACMTA Proposition
A Local Return Program Guidelines.
b. Concurrently with the execution of this Agreement, Foothill Transit
shall provide LACMTA with the Standard Assurances and
Understandings Regarding Receipt and Use of Proposition A funds
specified in the Guidelines regarding the use of the assigned
Proposition A LR funds.
7. This Agreement constitutes the entire understanding between the
parties, with respect to the subject matter herein. This Agreement shall not
be amended nor any provisions or breach hereof waived, except in writing
signed by the parties hereto.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their respective officers, duly authorized, by Foothill Transit on
and the City of Temple City on May 19, 2020.
Page 2 of 3
CITY OF TEMPLE CITY: FOOTHILL TRANSIT:
BY: �'" BY: rt
BY:
Su 'n Paragas
Director of Administrative Services
Bryan Cook
City Manager
ATTEST:
BY:
Peggy Kuo
City Clerk
BY:
Michelle Lopes Caldwell
Director of Finance and Treasurer
Doran J. Bar
Executive Director
ATTEST:
BY:
Page 3 of 3
Christina Lopez
Board Secretary