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NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED <br />BY THE CITY COUNCIL OF THE CITY OF COLTON AS FOLLOWS: <br />Section 1. The City Council hereby finds that although <br />the consideration to the Agency from the sale of certain real <br />property in accordance with the Agreement is less than the fair <br />market value of the property interest being conveyed, the City <br />Council is of the opinion that the development of such real <br />property in accordance with the Agreement is necessary to <br />effectuate the purposes of the Redevelopment Plan for the Project <br />Area. <br />Section 2. The City Council hereby approves the <br />Disposition and Development Agreement by and between the <br />Redevelopment Agency for the City of Colton and McNeilus Truck <br />and Manufacturing, Inc., which Agreement shall be in substantially <br />the same form as that attached to this Resolution and <br />incorporated herein by reference, with such non -material changes <br />and revisions, if any, as shall be recommended by Agency <br />Counsel and approved by the Executive Director. <br />Section 3. This Resolution shall take effect upon <br />adoption. <br />ATTEST: <br />yLc�ml Q• 7Yt�/ <br />City Clerk, City of Colton <br />- 2 - <br />Mayor, City o Co , <br />California <br />