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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 />27 <br />28 <br />payments, reimbursements and subventions, if any, specifically attributable to ad valorem taxes lost <br />by reason of tax exemptions and tax rate limitations (the "Pledged Tax Revenues"); and <br />WHEREAS, under Section 33445 of the Redevelopment Law, the City is required to <br />make certain determinations in connection with its approval of the execution and delivery by the <br />Agency of the Loan Agreement. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON, <br />CALIFORNIA, DOES DETERMINE, RESOLVE AND ORDER AS FOLLOWS: <br />Section 1. The development and construction of the Project is of benefit to the <br />Project Area. <br />Section 2. There is no other reasonable means of financing the Project except for <br />obtaining the Loan from Infrastructure Bank pursuant to the Loan Agreement and repaying the <br />Loan from Pledged Tax Revenues as provided in the Loan Agreement. <br />Se�tion 3. The use of Pledged Tax Revenues for the Project will result in the <br />elimination of blighting conditions including but not limited to lack of adequate public infrastructure, <br />depreciated property values and impaired investments and high building vacancy rates caused by, <br />among other things, various structural changes in the local economy. <br />Section 4. The use of Pledged Tax Revenues is consistentwith the Redevelopment <br />Plan for the Project Area adopted by the Agency on July 29, 1975 and the Five Year Plan for the <br />Project Area adopted by the Agency on February 29, 2000. <br />Section 5. The City hereby approves the execution and delivery by the Agency of <br />the Loan Agreement, in substantially the form attached to this Resolution as Exhibit "A", together <br />with such changes therein as may be approved by the Executive Director of the Agency and <br />Agency Special Counsel. <br />Se�tion 6. This Resolution shatl take effect upon the date of its adoption. <br />PASSED, APPROVED AND ADOPTED this 7th day of January, 2003. <br />ATTEST: <br />����= � <br />CAROLINA P. BARRERA, City Clerk <br />..��.i..�•.si.�� � �! �ii <br />� �- : . <br />. .. � �. .�.,. <br />