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1 <br />2 <br />3 <br />41 <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 />WHEREAS, the City desires that the Agency repay the <br />cost of land assembly and due diligence investigations if and <br />when the Project Area has the capacity to make the repayments; <br />and <br />WHEREAS, the Agency desires to enter into a loan <br />agreement with the City (the "Redevelopment Cooperation Loan <br />Agreement") pursuant to which it will undertake the land <br />assembly activities on behalf of the City using funds advanced <br />by the City in an amount not to exceed $5,120,000 and the <br />Agency will repay the advances from legally available funds in <br />the future; and <br />WHEREAS, the obligation of the Agency to repay the <br />loan pursuant to the Redevelopment Cooperation Loan Agreement <br />constitutes an indebtedness of the Agency for the West Valley <br />Redevelopment Project. <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND <br />ORDERED BY THE CITY COUNCIL FOR THE CITY OF COLTON, AS FOLLOWS: <br />Section 1. The facts set forth in the Recitals of <br />this Resolution are true and correct. <br />Section 2. The Redevelopment Cooperation Loan <br />Agreement, in substantially the form attached hereto as Exhibit <br />"A", is hereby approved, and the City Manager is hereby <br />authorized and directed to execute the Redevelopment <br />Cooperation Loan Agreement, with such changes therein as may be <br />approved by the City Manager, said approval being evidenced by <br />the City Manager's execution of said Redevelopment Cooperation <br />Loan Agreement. <br />2 <br />