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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <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 />I together with all payments, reimbursements and subventions, if any, specifically attributable to ad <br />valorem taxes lost by reason of tax exemptions and tax rate limitations (the "Pledged Tax <br />� Revenues"); and <br />WHEREAS, the Agency desires to enter into the Loan Agreement; and <br />WHEREAS, under Section 33445 ofthe Redevelopment Law, the Agency is required <br />to make certain determinations in connection with its approval of the Loan Agreement. <br />NOW, THEREFORE, BE IT RESOLVED AND DETERMINED BY THE <br />I REDEVELOPMENT AGENCY FOR THE CITY OF COLTON, AS FOLLOWS: <br />I Project Area. <br />Section 1. The development and construction of the Project is of benefit to the <br />Section 2. There is no other reasonable means of financing the Project except for <br />obtaining the Loan from Infrastructure Bank pursuant to the Loan Agreement and repaying the Loan <br />from Pledged Tax Revenues as provided in the Loan Agreement. <br />Section 3. The use of Pledged Tax Revenues for the Project will result in the <br />elimination of blighting conditions including but not limited to lack of adequate public <br />infrastructure, depreciated property values and impaired investments and high building vacancy rates <br />caused by, among other things, various structural changes in the local economy. <br />Section 4. The use of Pledged Tax Revenues is consistent with the Redevelopment <br />Plan for the Project Area adopted by the Agency on July 29, 1975 and the Five Year Plan for the <br />Project Area adopted by the Agency on February 29, 2000. <br />sBzooz:aza i 3. � <br />2 <br />