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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES <br />HEREBY RESOLVE, AS FOLLOWS: <br />Section 1. The facts set forth in the recitals of this Resolution are true and correct. <br />This Resolution is hereby adopted in order to evidence the consent of the City Council for <br />the Agency to pay for all or part of the value of the cost of the installation and construction <br />of the Intersection Signal Projects identified in Section 2 of this Resolution. This Resolution <br />is further adopted to comply with the provisions of Health and Safety Code Section 33445 and <br />the Agency shall repay the Authority for the loan of funds drawn from the Santa Ana River <br />Bond Account to pay for the cost of the Intersection Signal Projects (either in whole or in <br />part) from certain tax increment revenues of the Santa Ana River Redevelopment Project,, as <br />more particularly described in Section 3 - 01 of the 1998 Santa Ana River Loan Agreement. <br />Section 2. In City Council Resolution No. R-08-00, a list of thirteen (13) public <br />improvement projects was presented, and certain findings were made with respect to each <br />such project that the application of tax increment revenues, including Agency funds on deposit <br />in the Santa Ana River Bond Account, to pay for such improvements, in whole or in part, <br />shall benefit the Santa Ana River Redevelopment Project. The Intersection Signal Projects <br />have been referred to the citizen advisory committee for the Santa Ana River Redevelopment <br />Project for its recommendation. The citizen advisory committee has recommended to the <br />Agency as of November 14, 2000, that the Intersection Signal Projects be installed and <br />constructed at the earliest feasible time: <br />Description of Intersection Signal Projects <br />(A) public street intersection signalization <br />improvements, interconnections and signage <br />at the intersection of Reche Canyon Road and <br />COLT/0001/DOC/355 <br />11/16/00 930 JMM <br />3 <br />Presently Estimated Cost <br />$12531000 <br />