2005 AGN SEP 06 I27 - Laserfiche WebLink

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RESOLUTION NO. 846 A RESOLUTION OF THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON APPROVING A 2005 REDEVELOPMENT COOPERATION LOAN AGREEMENT BETWEEN THE COLTON UTILITY AUTHORITY AND THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON WHEREAS, the Redevelopment Agency for the City of Colton (the "Agency") is a public body, corporate and politic of the State of California, organized and pursuant to the California Community Redevelopment Law (Part I of Division 24) Health and Safety Code Section 33000, et seq; and WHEREAS, the Agency entered into a 2001 Redevelopment Cooperation Loan Agreement with the City of Colton which was entered into to facilitate the purchase of properties located at the northeast corner of Valley and Meridian for the proposed development of a Big League Dreams Sports Park; and WHEREAS, the City loaned $2,073,000 to the Agency to acquire said properties; and WHEREAS, the City desires that the Agency repay the loan; and WHEREAS, the Agency desires to enter into a loan agreement with the Colton Utility Authority to repay the 2001 Redevelopment Cooperation Loan Agreement with the City of Colton effective June 30, 2005 in an original principal amount of $2,073,000 which will be paid off upon sale of said property; and WHEREAS, the obligation of the Agency to repay the loan pursuant to the 2005 Redevelopment Cooperation Loan Agreement constitutes an indebtedness of the Agency for the West Valley Redevelopment Project. NOW, THEREFORE, THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON DOES HERBY RESOLVE AS FOLLOWS: Section 1. The facts set forth in the Recitals of this resolution are true and correct. Section 2. That certain 2005 Redevelopment Cooperation Loan Agreement in the form presented at the meeting at which this resolution is adopted is hereby approved, and the Chairperson is hereby authorized and directed to execute the 2005 Redevelopment Cooperation Loan Agreement.