2nd Amendment to STA - FF- MOU- Green Valley Overcrossing Cost Sharing 10.16.2025 Second Amendment to Cost Sharing Agreement
Green Valley Road Overcrossing
This Second Amendment to Cost Sharing Agreement (“Second Amendment”) is entered into this __the day of ____________, 2026 by and between the City of Fairfield, a California municipal corporation (“City”) and Solano Transportation Authority, a California joint powers authority (“STA”).
RECITALS
A. The Parties entered into a Cost Sharing Agreement (“Agreement”) on September 10, 2014 to establish, amongst other things, a repayment schedule for the City’s $10.4 Million share of the Green Valley Interchange Project.
B. STA identified a need for these funds and requested a guaranteed minimum annual payment amount, and the Parties amended the Agreement on August 19, 2020 (“First Amendment”) to reflect these changes.
C. The Parties agreed payment shall be calculated initially in ten installments over ten years with the initial estimate that each payment will total $1,040,000 ($10,400,000/10).
D. The Parties agreed that in the event that City has collected less than $4,160,000 in TIF in the preceding twelve months, City's payment shall be the greater of $500,000 or 25% of the TIF cash received by City over the preceding twelve months (the "Payment Cap")
E. The Parties agreed in the event of a rollover of principal in the tenth year, the term of the payment shall be extended for so long as it takes to the City to pay the $10.4 Million, subject to the Payment Cap but in no event shall the term be extended beyond September 15, 2029. The original 10-year repayment plan ended in fiscal year (FY) 2023-24 with a rollover of principal of $2.6 million.
F. The Parties now desire to amend the Agreement to extend the 10-year payment term to September 15, 2029 and increase the minimum payment to ensure full repayment of the remaining balance within the repayment term as set forth below.
NOW THEREFORE, the Parties agree to amend the Agreement as follows:
1. This initial 10 year repayment term is extended through September 15, 2029 and the minimum payment increased to $522,193 to pay the remaining balance of the City’s share for the Green Valley Interchange Project as outlined in Attachment 1. The last installment payment should be made no later than September 15, 2029.
2. Except as set forth in this Second Amendment, all other terms and conditions specified in the Cost Sharing Agreement and First Amendment remain in full force and effect.
IN WITNESS WHEREOF, the Parties have executed this Second Amendment as of the date first written above.
CITY OF FAIRFIELD SOLANO TRANSPORTATION AUTHORITY
By: ________________________________
David Gassaway, City Manager
By: ________________________________
Daryl K. Halls, Executive Director
Approved as to Form: Approved as to Form:
By: ________________________________
David Lim, City Attorney
By: ________________________________
Megan J. Callaway, STA Legal Counsel
2nd Amendment to STA - FF- MOU- Green Valley Overcrossing Cost Sharing 10.16.2025