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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 />RESOLUTION NO. R-100-03 <br />RESOLUTION OF THE CITY OF COLTON APPROVING A LOAN BY AND <br />BETWEEN THE CITY OF COLTON AND THE REDEVELOPMENT AGENCY <br />FOR THE CITY OF COLTON <br />WHEREAS, the City of Colton, California (the "City") is a municipal corporation duly <br />created and existing pursuant to the constitutional laws of the State of California; and <br />WHEREAS, the Redevelopment Agency for the City of Colton (the "Agency"), is a <br />redevelopment agency, a public body, corporate and politic of the State of California, <br />organized and existing pursuant to the Community Redevelopment Law (Part I of <br />Division 24) commencing with Section 33000 of the Health and Safety Code of the <br />State of California; and <br />WHEREAS, pursuant to the Redevelopment Plan, the Agency is authorized and <br />empowered to enter into agreements for the redevelopment of real property within the <br />Project Area; and <br />WHEREAS, the City has agreed to assist the Agency by loaning the Rancho Mill <br />Redevelopment Project Area $500,000; and <br />WHEREAS, the City has funds available to loan the Rancho Mill Project Area in its <br />Traffic Impact Fees Fund; and <br />WHEREAS, the Promissory Note, attached hereto as Exhibit "A" outlines the terms <br />of the loan: $500,000 principal loan, four year term, at current LAIF rate; and <br />WHEREAS, the Agency desires to use tax increment revenues generated from the <br />Rancho Mill Redevelopment Project Area to repay the Loan; and <br />WHEREAS, the Agency finds and determines that the use of tax increment from the <br />Rancho Mill Project Area will be of benefit to the project area and will assist in the <br />elimination of blighting conditions in and around the project area; and <br />