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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. 4540 <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON APPROVING THE INSTALLMENT <br />SALE FINANCING OF A COMMERCIAL PROJECT <br />BY THE REDEVELOPMENT AGENCY <br />WHEREAS, the Redevelopment Agency for the City of <br />Colton (the "Agency") is authorized pursuant to the Community <br />Redevelopment Law, being section 33000, and following, of <br />the Health and Safety Code,_of the State of California (the <br />"Act") (i) to purchase property, both real and personal, and <br />any interest therein for purposes of redevelopment in a <br />project area; (ii) to sell or otherwise dispose of any property, <br />both real and personal, and any interest therein for purposes <br />of redevelopment in a project area; and (iii) to make and <br />execute contracts and other instruments necessary or convenient <br />to the exercise of its powers; and <br />WHEREAS, the Agency proposes to assist Las Palomas <br />Associates, a partnership (the "Company") in the financing of <br />the acquisition and construction of a commercial project con- <br />sisting of a theater complex and two office buildings (the <br />"Project") located in Cooley Ranch Project No. 4 of the Agency; <br />and <br />WHEREAS, said financing is proposed to be provided <br />by means of the Agency purchasing the Project pursuant to an <br />installment sale agreement (the "First Installment Sale Agree- <br />ment) between the Agency and a third -party seller (the "Seller") <br />and the subsequent sale of the Project to the Company pursuant <br />to a second installment sale agreement; and <br />WHEREAS, it is further proposed that Certificates of <br />