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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 />21 <br />22 <br />23 <br />24 <br />2511 <br />ON <br />the Agency and the Authority, a form of which is presently on <br />file with the City Clerk; and <br />WHEREAS, pursuant to the Community Redevelopment Law, <br />the Agency has the power and authority to borrow moneys for the <br />purpose of refinancing prior obligations of the Agency incurred <br />for redevelopment activities; and <br />WHEREAS, the Agency has requested that the City assist <br />the Agency with the rehabilitation of the Rancho Mediterrania <br />Mobile Home Estates (the "Park") by providing CDBG funds to the <br />Agency in the amount of $47,000; and <br />WHEREAS, the City desires to assist the Agency with <br />said rehabilitation and finds and determines that said <br />rehabilitation is in the best interests of the City; and <br />WHEREAS, the City has duly considered such transaction <br />and documentation and desires at this time to approve said <br />transaction and documentation in the public interests of the <br />City. <br />- 3 - <br />