2000 AGN MAR 21 I01_1175 S. Mt. Vernon_La Mesa RV

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Report to City Council re Redevelopment Loan Cooperation Agreement (La Mesa RV Project) Page 2 of 2 March 7, 2000 Financial Impact Under the Redevelopment Cooperation Loan Agreement, the City of Colton agrees to provide the Agency with a supplemental source of funds, subject to annual appropriation by the City, for the Agency to pay the Participant each of the Annual Redevelopment Assistance Payments as may be due. The maximum amount of such annual Redevelopment Assistance Payments to the Agency is measured by an index or reference to 50% of the actually realized sales taxes generated from the Project subject to certain conditions. The City will only make such indexed amount of funds available to the Agency for each of up to 10 years actually received from the State Board of Equalization. The City has no other obligation to the Project. All sums advanced to the Agency by the City under the terms of the Redevelopment Cooperation Loan Agreement shall be repayable to the City by the Agency from available tax increment revenues (on a subordinated basis) from the Cooley Ranch Redevelopment Project Area by January 1, 2019. The City will need to budget the transfers commencing in the 2000/01 fiscal year. Environmental Impact The proposed development project has been deemed to be categorically exempt. Recommendation Adopt Resolution of the City Council of the City of Colton approving a Redevelopment Loan Cooperation Agreement by and between the City of Colton and the Redevelopment Agency for the City of Colton Attachments: Exhibit A Redevelopment Cooperation Loan Agreement Exhibit B Resolution No. F:\2000 Meetings\Agency BoardWarch 7, 2000\City Council re Cooperation Loan Agreement.doc