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2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 I <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. �g <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY FOR <br />THE CITY OF COLTON APPROVING AND AUTHORIZING THE <br />EXECUTIVE DIRECTOR TO EXECUTE THAT CERTAIN TAX <br />ALLOCATION LOAN AGREEMENT BY AND BETWEEN <br />REDEVELOPMENT AGENCY FOR THE CITY OF COLTON <br />AND CALIFORNIA INFRASTRUCTLJRE AND ECONOMIC <br />DEVELOPMENT BANK <br />WHEREAS, the Redevelopment Agency for the City of Colton, a public body <br />corporate and politic (the "Agency"), organized and existing pursuant to the Community <br />Redevelopment Law (Califomia Health and Safety Code Section 33000, et se�c .) (the <br />"Redevelopment Law"), by Resolution No. 790 adopted November 6, 2001, authorized the <br />submission of an application to the California lnfrastructure and Economic Development Bank <br />("Infrastructure Bank") for a loan under its Infrastructure State Revolving Fund Program in an <br />amount not to exceed $2,OOQ000 (the "Loan") to finance the costs associated with the construction <br />of certain public infrastructure improvements (the "ProjecY') pursuant to that certain Participation <br />Agreement by and between the Agency and East Valley Land Company approved by the Agency <br />on August 13, 1998, as amended by Amendment No. 1 approved by the Agency on July 17, 2001 <br />(each of the foregoing being ratified by the Agency on November 19, 2001) and as amended by <br />Amendment No. 2 approved by the Agency on November 19, 2001; and <br />WHEREAS, Infrastructure Bank has by resolution approved the making of the Loan <br />to the Agency under and pursuant to the terrrts of that certain Tax Allocation Loan Agreement dated <br />as of April 30, 2002 (the "Loan AgreemenY') by and between the Agency and Infrastructure Bank; <br />and <br />WHEREAS, the Loan Agreement provides that the Agency shall repay the Loan from <br />taxes eligible for allocation to the Agency with respect to the Cooley Ranch Redevelopment Proj ect <br />Area (the "Project Area") pursuant to the Redevelopment Law (exclusive of (a) amounts, if any, <br />which may be required by law to be set aside for certain housing purposes, (b) amounts, if any, <br />received pursuant to Section 16ll 1 ofthe Government Code and (c) certain pass-through payments), <br />SB2002:42413. I <br />1 <br />