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NANC X -L -a _A - <br />*1E I - ORDINANCE OF THE REDEVELOPMENT AGENCY FOR <br />ORDI ,__qO. RDA -2-93 THE CITY OF COLTON REPEALING ORDINANCE NO - <br />RDA -1-92 AND ENACTING A SALES AND USE TAX. <br />ME'RO--2000 DEVELOPMENT <br />E <br />t conomic Development Director Gabriel presented an ordinance for <br />i <br />'I to amend the Colton municipal <br />'deration by the City Counci <br />conshe sales and use taxes owed to the <br />Code to grant credits against t <br />city relative to the development of the 70 acre site by Metro 2000. <br />Director Gabriel also submitted an ordinance of the Redevelopment <br />t <br />Agency enacing a sales and use to for the Metro 2000 Development <br />and an accompanying Redevelopment Agency resolution. <br />Moved by City Counc i Imember /Agency Member Sandoval t seconded by <br />City Councilmember/Agency Member Rios. to approve first reading and <br />waive full reading of CITY COUNCIL ORDINANCE NO. 0-2S-93 and RDA <br />ORDINANCE No. RDA -3-93. <br />Member Bennett asked by taking this actiono does it mean that the <br />city's General Fund will not receive the to monies. <br />city Manager young responded the City will receive approximately <br />two million dollars per year. This action is to insure for any <br />future delinquencies. All delinquencies are pledged by the <br />I <br />properties themselves. Metro 2000 and the tenants have obligated <br />themselves through a Mello -Roos District. <br />Member Bennett asked at if there is a large vacancy factor. City <br />'d the cityou <br />would still not be obligated. Firstt <br />Manager Young sal ancy factor built in and that figure is <br />the rental fee has an occu.,pSecondr there is a foreclosure vehicle <br />based on an so% occupancy. <br />through the Mello -Roos District. <br />City Treasurer Williams stated that if the tenants donft pays such <br />as the situation with Plaza Las Glorias, there is a reserve fund <br />established for one years taxes and a convenant that provides a <br />City official to proceed with administrative foreclosure. <br />Member Bennett statedo then the City will not be strapped for the <br />entire debt. city Manager Young replied no, the Mello -Roos <br />District Bonds will be about $200 million. The property when <br />developed will be worth $200 million. <br />motion on the ordinances carried by unanimous vote. <br />Moved by Member Sandoval� seconded by Member Gonzalest to approve <br />RDA RESOLUTION NO. 616. Motion carried. Unanimous vote. <br />limember cisnerosr seconded by Councilmember <br />Moved by Cto aounci v e CITY COUNCIL RESOLUTION No. R-125-93. Motion <br />Sandoval, ppro <br />carried. Unanimous vote. <br />2 <br />