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1 WHEREAS, the developer of Spikes has requested that the Agency either pay for or <br />2 cause the City to waive the traffic fees in excess of $25,000; and <br />3 <br />4 WHEREAS, the Agency does not have sufficient funds budgeted for the payment of the <br />5 traffic fees in excess of the first Twenty -Five Thousand Dollars ($25,000) for the Spikes <br />6 development; and <br />7 WHEREAS, 'the City wishes to support and encourage economic development and <br />8 business development in the community, including the creation of new job opportunities. <br />9 NOW, THEREFORE, THE CITY COUNCIL FOR THE CITY OF COLTON DOES <br />10 HEREBY RESOLVE AS FOLLOWS: <br />11 <br />12 Section 1. The foregoing recitals are true and correct and are incorporated herein by <br />this reference. <br />13 <br />14 Section 2. The City Council hereby approves the waiver of traffic impact fees in <br />15 excessive of $25,000 for the Spikes development because it will promote the objectives of the <br />16 Redevelopment Plan, create jobs and sales tax revenue. <br />17 Section 3. The findings and determinations herein shall be final and conclusive. <br />18 This Resolution shall take effect upon the date of its adoption. <br />19 <br />20 PASSED, APPROVED and ADOPTED this 6h day of April 1999. <br />21 <br />22 KARL E. GAYTAN <br />Mayor <br />23 <br />24 ATTEST: <br />25 <br />26 <br />27 CAROLINA BARRERA <br />City Clerk <br />28 <br />