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Report to Mayor and City Council <br />Tax Allocation Bond Issue, 1999 Mount Vernon and West Valley Projects <br />September 7, 1999 <br />Page 2 <br />To satisfy the tax law requirements and preserve the ability to utilize a qualified non-profit in <br />Rancho Mediterrania, a public hearing is required. After considering public testimony, the <br />City Council will adopt a Resolution (Exhibit B) acknowledging that up to a maximum of $2 <br />million from the Mount Vernon Bond Proceeds may be used to facilitate a transaction in <br />Rancho Mediterrania with a non-profit developer. <br />Financial Impact <br />The City has no direct financial impact caused by the above actions as the Redevelopment <br />Agency bears the sole burden for repayment. The debts noted above are secured solely by <br />tax increment revenues allocated to the Agency. <br />Environmental Impact <br />Not applicable. <br />Recommendations <br />1. Conduct Public Hearing then Adopt Resolution of the City Council of the City of Colton <br />Approving the Issuance by the Redevelopment Agency for the City of Colton of its <br />Mount Vernon Corridor Redevelopment Project 1999 Tax Allocation Bonds and its <br />First Amendment to West Valley Redevelopment Project 1999 Tax Allocation Bonds. <br />Exhibits <br />Exhibit A Public Hearing Notice <br />Exhibit B Resolution <br />