1988 NOV 01 REG MIN - Laserfiche WebLink

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ing, Inc., on a 3.18 acre site located north of Steel Road and west of Hunts Lane, in the Santa Ana River Redevelopment Project Area. Mr. Benest continued the Agreement will implement the goals set forth for the site and surrounding area by the Agency and City Council in the Redev- elopment Plan and the Santa Ana River Redevelopment Project Specific Plan. Specifically, the project will contribute toward the redevelopment and modernization of the area's trucking -oriented facilities and increase the property tax increment and sales tax revenues generated to the Agency and City, respectively. Mr. Benest then outlined the major points of the Agreement. Mr. Benest said the proposed reconstruction and expansion of the truck facility will help to fulfill a long-term goal of the Agency and City to rehabilitate the truck facility area, located within view of the Inter- state 10 Freeway, to a more modern and aesthetically pleasing development. Mr. Benest advised the total of the new revenues accruing to the City and Agency from the project is estimated to average approximately $40,500 per year the first five years after completion, resulting in a reasonable re- turn on the Agency's capital. In addition, the Agreement's liquidated damages and use covenants ensure that the Agency recoups its investment in the event of Developer default. Mr. Benest concluded Staff recommends the City Council adopt Resolution No. R-110-88, approving the Disposition and Development/Owner Participa- tion Agreement, and that the Redevelopment Agency adopt Resolution No. 540, approving and authorizing execution of the Disposition and Develop- ment/Owner Participation Agreement. Mayor Gonzales asked if anyone present desired to speak on this matter. Moved by Councilman/Member Rehrer, seconded by Councilwoman/Member Garcia, to close the Joint Public Hearing of the Redevelopment Agency and the City Council. Unanimous vote. Moved by Councilwoman Garcia, seconded by Councilman Rios, to approve Res- olution No. R-110-88. Unanimous vote. RESOLUTION NO. R-110-88 - RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON APPROVING DISPOSITION AND DEVELOPMENT/ OWNER PARTICIPATION AGREEMENT BETWEEN THE RE- DEVELOPMENT AGENCY FOR THE CITY OF COLTON AND JOHN E. DIETERICH AND GALE A. DIETERICH. Moved by Member Rios, seconded by Member Garcia, to approve Resolution No. 540. Unanimous vote. RESOLUTION NO. 540 - RESOLUTION OF THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON APPROVING AND AUTHORIZING EXECUTION OF DISPOSITION AND DEVELOPMENT/OWNER PARTICIPATION 5