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Staff Report to City Council re Annex Transfer Agreement <br />Meeting of Jame 6, 2000 <br />Page 2 of 2 <br />Financial Impact <br />The annex purchase will be completed in two installments: an initial payment to <br />be made during the current fiscal year of $500,000 and a second installment of <br />$350,000 to be made during the next fiscal year. The Agency will deposit the <br />funds in the Cooley Ranch Capital Projects Fund 894. The funds will help offset <br />continuing negative cashflows occurring in the Cooley Ranch Project Funds. <br />This is a partial solution to the long-term problem. <br />The City of Colton will derive the funds from the General Fund. <br />The $500,000 initial payment was added to the General Fund budget on <br />February 29, 2000, and it is anticipated that the $350,000 payment will be <br />provided through new financing in fiscal year 2000/01 with a corresponding <br />budget adjustment at that time. If such financing does not occur, the funds will <br />need to be taken from the General Fund surplus. <br />Al Holliman, Finance Director <br />Recommendation <br />Adopt Resolution approving Asset Transfer Agreement by and between the <br />Redevelopment Agency for the City of Colton and the City of Colton. <br />Attachments <br />Asset Transfer Agreement <br />City Council Resolution <br />Staff Report Prepared BY: Robb R Steel, Redevelopment Director <br />