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Repoli to City Council regarding County Cooperation Agreement for Single Family Home Finance Programs Page 2 of 2 which is a variation of the SFHMRB program. Under the existing Cooperative Agreement and amendments, all cities within the County currently participate in the SFHMRB, Teacher Program and CCHOA Lease -Purchase Program. Discussion On January 9, 2001, the County Board of Supervisors approved Resolution 2001-23 to update and expand the existing Cooperative Agreements. The County's Economic and Community Development Department (ECD) subsequently sent a copy of that resolution to each of the participating cities, along with a draft Letter of Intent to Continue to Participate with the understanding that a new Cooperative Agreement would be provided by the County to be executed by each City. On November 29, 2001, the ECD provided an information update on the status of its various Countywide Mortgage Programs (Exhibit "A") and provided the resolution (Exhibit `B") and Cooperative Agreement (Exhibit "C"), which were developed by Philip Lee, Esq., of Fulbright & Jaworski, L.L.P., acting as private Bond Counsel for the County. The changes to the Cooperative Agreement authorized in the resolution will: 1) allow the Cooperative Agreement to be renewed automatically each year upon written notification to the City by the Director of ECD; 2) add clarification that the Cooperative Agreement will automatically apply to any additional homeownership programs to be developed by the County, if not otherwise restricted by applicable federal or state program regulations; and 3) require the County to advise the City of any new programs that may be offered countywide under the Cooperative Agreement. Approval of the Resolution will enable the residents of Colton to take advantage of these and future homeownership assistance programs developed under this program. Financial Impact This action has no impact on funds available to or administered by the City of Colton. Recommendation Approve and adopt a Resolution authorizing changes to Cooperative Agreement with the County of San Bernardino and authorize the City Manager to execute the replacement Cooperative Agreement. Exhibits "A' Letter from County "B" Resolution "C" Cooperative Agreement REVIEW TEA O City Attorney: " Finance Director: Q� City Manager: OTHER: G:\ShareRDA\Meetings\2002 Meetings\RDA City Counciffebmary 5, 2002\County Home Loans City Council.doc