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11 <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 />RESOLUTION N 0 . R-84-01 <br />RESOLUTION OF THE CITY COUNCIL FOR THE <br />CITY OF COLTON APPROVING A REDEVELOPMENT <br />COOPERATION LOAN AGREEMENT WITH THE CITY <br />OF COLTON RELATED FOR THE PURCHASE OF <br />PROPERTY ADJACENT TO AND WITHIN THE WEST <br />VALLEY REDEVELOPMENT PROJECT AREA (SPORTS <br />PARK PROJECT) <br />WHEREAS, the City of Colton, California (the "City" ) <br />is a municipal corporation duly created and existing pursuant <br />to the Constitution and the laws of the State of California; <br />and <br />WHEREAS, the Redevelopment Agency for the City of <br />Colton ( the "Agency") is a public body, corporate and politic <br />of the State of California, organized and existing pursuant to <br />the Community Redevelopment Law commencing with California <br />Health and Safety Code Section 33000; and <br />WHEREAS, the Agency has entered into an Option <br />Agreement to acquire certain properties under consideration for <br />a proposed sports park complex to be developed by the City of <br />Colton (the "City") and is preparing to conduct basic due <br />diligence and predevelopment exercises related thereto; and <br />WHEREAS, the City of Colton has budgeted funding to <br />acquire the properties and conduct necessary due diligence <br />investigations and desires to loan said funds to the Agency for <br />the purpose of completing the land acquisitions; and <br />WHEREAS, the proposed land acquisitions are currently <br />within or immediately adjacent to the West Valley Redevelopment <br />Project Area ("Project Area") and the proposed project would be <br />of benefit to the Project Area by encouraging economic <br />development and the elimination of blight; and <br />1 <br />