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REDEVELOPMENT AGENCY <br />FOR THE <br />CITY OF COLTON <br />For the City Council Meeting of March 20, 2001 <br />TO: Honorable Mayor and City Council <br />APPROVAL: Henry Garcia, City Manager.�� [ `� <br />FROM: Robb Steel, Redevelopment Direct <br />SUBJECT: Consideration and Approval of a Resolution approving <br />entering into a Construction Management Agreement by and <br />Between the Redevelopment Agency for the City of Colton and <br />the City of Colton for the funding and construction of certain <br />public improvement projects benefiting the Santa Ana River <br />Project Area. <br />DATE: March 12, 2001 <br />Background <br />In April 1998, the Colton Public Financing Authority (the "CPFA") issued $15.2 million in tax <br />allocation bonds secured by tax increment revenues in the Santa Ana Redevelopment Project Area. <br />Approximately $10.5 million was used to refund existing debts from the outstanding 1989 Bonds <br />and 1997 Notes with the remaining $4.43 million available for new projects. Of this $4.43 million, <br />$3.31 million was immediately available for projects and the balance was escrowed until certain <br />financial tests could be satisfied. <br />The Agency entered into a loan agreement with the CPFA on April 1, 1998 to draw down $3.31 <br />million in bond proceeds for eligible projects including the installation and construction of various <br />public improvements, which are publicly owned and situated in or of benefit to the Santa Ana River <br />Project Area. The Agency recently satisfied the release test allowing for the draw down of <br />$280,000 from the $1.12 million in escrowed funds. As shown below, the total amount of funding <br />available to date from the bond proceed equals $3,656,673. Since it issued the bonds in 1998 the <br />Agency has expended approximately $2 million for various projects, leaving a current funding <br />balance of approximately $1,469,025. <br />Funding Sources <br />Original Redevelopment Fund Deposit <br />Release Test 10/01/2000 <br />Accrued Interest (7/00-2/01 estimated) <br />Total Sources <br />Approved Expenditures <br />Centex Homes <br />Dieterich Trucking <br />Kruse/ConAgra <br />Taormina <br />Rancho Med <br />Total Expended/Encumbered <br />Estimated Bond Fund Balance as of 12/31/00 <br />$ 3,316,673 <br />$ 280,000 <br />$ 60,000 <br />$ 3,656,673 <br />$ (767,648) <br />$ (100,000) <br />$ (250,000) <br />$ ( 70,000) <br />$(1,000,000) <br />$($2,187,648) <br />$ 1,469,025 <br />va <br />ITEM ivo.�' <br />TO <br />±€ € , <br />