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Report to Redevelopment Agency Board regarding <br />West Valley Loan Agreement with CUA <br />Page 2 o1'2 <br />FINANCIAL IMPACT <br />The Loan Agreement between the Colton Utility Authority and the Redevelopment Agency is <br />subject to the terms and conditions outlined in the 2005 Redevelopment Cooperation Loan <br />Agreement, Attachment "C", but generally provides for a principal loan balance of $2,073,000 <br />that will accrue interest at the LAIF rate and is payable upon the sale of the property. <br />ENVIRONMENTAL IMPACT <br />There is no environmental impact associated with this item. <br />CONFLICT OF INTEREST — Gift Disclosure Requirements <br />None <br />CONSISTENCY WITH IMPLEMENTATION PLAN <br />Creation of debt will allow the Agency to implement the goals and objectives outlined in <br />Section 3.7.5 of the 2005-2009 Implementation Plan, which refers to the West Valley Project <br />Area and the development of the former Frontiertown site. <br />RECOMMENDATION <br />Adopt Colton Utility Authority Resolution No. CUA 2005-02 and Agency Resolution No. 846 <br />which approve a loan by and between the Colton Utility Authority and the Redevelopment <br />Agency for the City of Colton in the amount of $2,073,000. <br />ATTACHMENTS: <br />Attachment "A" — Colton Utility Authority Resolution CUA 2005-02 <br />Attachment "B" — Agency Resolution No. 846 <br />Attachment "C" — 2005 Redevelopment Cooperation Loan Agreement <br />Prepared by: Rod Yahnke, Project Manager II <br />REVIEW TEAM ONLY <br />City Attorney: N - Aw-i fv4�7- Finance Director: <br />City Manager: Water/Waste Water Or-Arctor:L,k-0 <br />R: Administration\Meetings\2005 MF11-AINC S"September 6. 2005 Water Loan Staft' Report 090605.doc <br />Cad U <br />