1993 R 71 - Laserfiche WebLink

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EXHIBIT "A" AGREEMENT FOR LOAN AND REPAYMENT PROPOSED RANCHO/MILL REDEVELOPMENT PROJECT AREA (City of Colton, California) 1 . Parties and Date. 1.1 This Agreement is entered into this _ day of , 1993, by and between the City of Colton, a municipal corporation ("City") and the Redevelopment Agency for the City of Colton, a public body, corporate and politic ("Agency"). 2. Recitals. 2.1 The Agency is authorized to carry out redevelopment of six project areas (Downtown 1, Downtown 11, Mt. Vernon, Cooley Ranch, Santa Ana, and West Valley Redevelopment Project Areas) pursuant to the Redevelopment Plans for the Project Areas approved and adopted by the City Council of the City of Colton ("Redevelopment Plans"). 2.2 The Agency wishes to enter into a Consultant Services Agreement ("Agreement") for the preparation of a new redevelopment project area and plan ("Rancho/Mill Project Area"). 2.3 The California Community Redevelopment Law authorizes the Agency to borrow funds for redevelopment purposes from private and public sources. NOW, THEREFORE, BE IT RESOLVED, in consideration of the foregoing and the mutual promises and covenants contained therein, the parties hereto mutually agree as follows: 3. Terms. 3.1 Amount of Loan. The City agrees to loan the Agency an amount not to exceed $150,000.00 from the City's Traffic Development Fees ("Loan"). Said Loan shall be in addition to any and all amounts heretofore loaned to the Agency. 3.2 Disbursement of Funds. The City agrees to disburse loan proceeds to the Agency from the City's Development Fees upon receipt of a request in writing from the Agency. The Agency agrees to use such proceeds only for the purpose provided in State Law and within the City of Colton. 3.3 Debt to the City. In consideration of the Loan, the Agency acknowledges a debt to the City in the amount of Loan during the term of such Loan. 3.4 Term. Agency agrees to pay the City any and all funds borrowed within three (3) years from the receipt of the Loan. Agency's obligation of repayment shall terminate when all sums allocated to the Agency from the Loan have been repaid with interest as provided by this Agreement. 3.5 Interest Rate. Agency agrees to pay the City four and one-half percent (4.5%) interest per annum on the Loan in accordance with the terms of this Agreement at the time of payment of the Loan. -1-