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CITY OF COLTON AGENDA REPORT FOR COLTON/COOLEY ECONOMIC DEVELOPMENT CORPORATION MEETING OF MARCH 2,1999 To: Honorable Mayor and City Cppncil Approval: Henry T. Garcia, City Mana From: Kathy A. Kivley, Assistant t the City Manager Subject: APPOINT TWO COUNCILMEMBERS TO THE COLO OOL NO IC DEVELOPMENT CORPORATION Date: February 23, 1999 BACKGROUND In March 1994, members of the Board of Directors for this Corporation met and adopted Bylaws. According to the Bylaws, the Corporation was formed to promote economic development within the City of Colton, by providing loans, financing and general assistance to the City of Colton, the Redevelopment Agency for the City of Colton and the Colton Public Financing Authority. Due to changes in the board's makeup and several changes in the law, on February 16, 1999, it was necessary for the remaining members of the board of directors to meet. At this meeting the board approved an amendment by resolution to the existing Bylaws. This amendment, among other things, changes the composition of the Board of Directors. DISCUSSION /ANALYSIS One of the reasons the Corporation was formed is to provide general assistance to the Redevelopment Agency. In applying for a grant from the Economic Development Administration, staff recognized the necessity of maintaining this Corporation. In funding scenarios it will be necessary for a nonprofit corporation to hold title to the property in order to receive the grant funding. Based on a review of the Bylaws, it was determined with several modifications and additions the Corporation could effectively meet the criteria required by the funding sources to receive grant monies in the future. In order to accommodate the potential future need by the City, the Bylaws were changed to reflect the board composition of Chairman of the Redevelopment Agency, Redevelopment Director, City Manager, two City Coundimembers and City Treasurer. The responsible party for noticing and other such matters is the City Gerk who will serve as a non-voting member to the board. Currently Councilmember Deirdre Bennett is the dice President of this Corporation. FINANCIAL IMPACT All delinquent financial obligations were paid. The Corporation is current on its obligations. REVIEW BY OTHERS The Bylaws were reviewed and approved by the City Attorney and this action is consistent with the Bylaws. RECOMMENDATION Appoint two City Councilmembers to the Board of Directors for the Colton Cooley Economic Development Corporation.