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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 />Area and will assist in the elimination of blighting conditions in and around the Project Area; <br />and <br />WHEREAS, the City has considered the terms of the loan transaction described herein <br />and desires at this time to approve the terms of said loan transaction in the public interest of <br />the City. <br />NOW, THEREFORE, THE REDEVELOPMENT AGENCY FOR THE CITY OF <br />COLTON DOES HEREBY RESOLVE AS FOLLOWS: <br />Section 1. The foregoing recitals are true and correct and are incorporated herein <br />by this reference. <br />Section 2. The Agency hereby finds and determines that the use of tax increment <br />to repay the loan from the City described in this Resolution will benefit the Agency's <br />Rancho/Mill Project area and the area adjacent thereto by assisting in the elimination of <br />blighting conditions in and around the Rancho/Mill Project Area. <br />Section 3. The Agency approves execution of the promissory note attached hereto <br />for the benefit of the Rancho/Mill Project Area and making a budget adjustment to the <br />Rancho/Mill Project Area Debt Service Fund 872-9000-9500-2500 for $56,943.18 and 872- <br />9000-9500-2510 for $12,457.50. <br />Section 4. The findings and determinations herein shall be final and conclusive. <br />This Resolution shall take effect upon the date of its adoption. <br />PASSED, APPROVED and ADOPTED this 18th day of September 2007. <br />ATTEST: <br />CAROLINA R. PADILLA <br />Assistant Secretary <br />KELLY J. CHASTAIN <br />Chairperson <br />Page 2 of 2 <br />