2000 AGN FEB 01 I12 - Laserfiche WebLink

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REDEVELOPMENT COOPERATION LOAN AGREEMENT (La Mesa RV Center, Inc.) THIS REDEVELOPMENT COOPERATION LOAN AGREEMENT (the "Agreement") is made and entered into as of this day of , 2000, by and between the Redevelopment Agency for the City of Colton, a public body, corporate and politic (the "Agency") and the City of Colton, California, a municipal corporation (the "City") with respect to the facts set forth in the following Recitals: --RECITALS-- WHEREAS, the Agency desires to enter into that certain Redevelopment Participation Agreement (La Mesa RV Center, Inc.) dated as of _, 2000 (the "Redevelopment Agreement") with La Mesa RV Center, Inc., a California corporation (the "Participant") pursuant to which the Participant shall undertake the redevelopment of the "Project" and the opening and operation of the "RV Store," as these terms are more fully described in the Redevelopment Agreement; and WHEREAS, the redevelopment of the Project by the Participant, including the creation and maintenance of the "New Jobs," as set forth in the Redevelopment Agreement shall require the Agency to'provide the Participant with a "Site Redevelopment Draw" and certain "Annual Redevelopment Assistance Payments" as these terms are more particularly defined below; and WHEREAS, the City and the Agency deem it appropriate to enter into this Agreement in order to provide the Agency with a special source of funds to pay each Annual Redevelopment Assistance Payment to the Participant when due under the terms of the Redevelopment Agreement. NOW, THEREFORE, THE THE CITY AND THE AGENCY AGREE AS FOLLOWS: Section 1. Defined Terms. In addition to the usage of certain terms which have defined meanings as set forth in the Recitals of this Agreement, or in other sections of this Agreement, certain other words and phrases are used in this Agreement to refer to the following unless the particular context of usage of a word or phrase may otherwise require: COLT/0001/DOC/304 1/11/00 500 jmw 1