1990 OCT 30 ADJ MIN - Laserfiche WebLink

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ADJOURNED CITY COUNCIL MEETING OCTOBER 30, 1990 In accordance with notice duly and legally given, an Adjourned Regular Meeting of the City Council of the City of Colton was held on the above given date at 5:30 p.m., in the Council Chambers of City Hall, Mayor Gonzales presiding. ROT.T. CAT,L Council Members present were Rios, Cisneros, Rehrer, Lofy, and Mayor Gonzales. Also present were City Manager Sotelo, City Attorney Edwards, Economic Development Director Zamora, and City Clerk Ramos. Community Facilities District No. 90-1 Mayor Gonzales declared the Public Hearing open. City Clerk Ramos submitted the Affidavit of Publication and Proof of Mailing. Mr. Rod Gunn, of Rod Gunn Associates, Inc., 3010 Old Ranch Parkway, Suite 330, Seal Beach, stated he is the City's Financial Advisor, and his firm has prepared a revised report concerning the Special Tax Bonds for Community Facilities District No. 90-1, Mt. Vernon Corridor, pur- suant to the Resolution of Intention, No. R-101-90, concerning the two commercial properties, Plaza Las Glorias Shopping Center and Five Points Shopping Center, and related parking facilities. Mr. Gunn briefly outlined the rate and method of apportionment of the 1990 Special Tax Bonds, the sale of bonds and method of repayment for Tax Rate Areas No. 1 and 2 within the District. Economic Development Director David Zamora reported on the formation of the proposed District, Mt. Vernon Corridor, located on the west side of Mt. Vernon Avenue, south of Colton Avenue and north of Olive Street, con- sisting of approximately 15.18 acres. In this area of the City, there is a need to provide public improvements to meet increased demands placed on the City as a result of development which is anticipated to occur within the proposed District. Mr. Zamora continued the proposed public improvements will consist of street improvements - including signalization, grading, paving, curbs and gutters, sidewalks, street lights, medians and landscaping to Mt. Vernon, between Colton Avenue and Olive Street; also, acquisition and construc- tion of public parking lots, including acquisition of land, paving, lighting and landscaping adjacent to Mt. Vernon Avenue and between Colton Avenue and Olive Street. Mr. Zamora also spoke about the levy of special taxes on and within the boundaries of the District, and the District's ability to issue bonds and incur debt. Mr. Zamora referred to the report prepared by Rod Gunn Associates, which identifies the public facilities and services proposed Q \%% 1 -C�