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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 />NOW, THEREFORE THE CITY OF COLTON DOES HEREBY RESOLVE AND FIND <br />AS FOLLOWS: <br />Section 1. The facts set forth in the recitals of this Resolution are true and correct. <br />This Resolution shall evidence the consent of the City Council to the Agency paying for all or <br />part of the cost of the installation and construction of any of the public improvement projects <br />identified in Section 2 of this Resolution. This Resolution is adopted pursuant to the <br />provisions of Health and Safety Code Section 33445, as the Agency shall repay the Authority <br />for funds drawn from the Santa Ana River Bond Account from certain tax increment revenues <br />of the Santa Ana River Redevelopment Project, pursuant to Section 3.01 of the 1998 Santa <br />Ana River Loan Agreement. <br />Section 2. The City Engineer has recommended to the Agency that the following <br />public improvement projects situated inside or of benefit to the Santa Ana River <br />Redevelopment Project Area be installed and constructed at the earliest feasible time: <br />Description of Public Improvements Projects Estimated Cost <br />(1) Road Reconstruction of Cooley Ranch Wood Street Subdivision $312,000 <br />(2) Road Reconstruction of Cooley Drive from 1-215 to Cooley Lane $189,000 <br />(3) Road Reconstruction of Old Ranch Road $ 80,000 <br />Each of the public improvement projects generally identified in subparagraphs (1) <br />through (3) above, are referred in this Resolution individually as a "Public Improvement <br />Project". A more detailed description of each Public Improvement Project is on file with the <br />Agency Secretary. The City Council acknowledges that the estimated cost of each Public <br />Improvement Project set forth in the right-hand column of the preceding sub -paragraphs is <br />preliminary in nature and is subject to further refinement and confirmation by the Agency, <br />following completion of public works contract bid documents and specifications authorized <br />and at such time as the work of improvement of each specific Public Improvement Project <br />may be commenced. <br />Section 3. The City Council further finds and determines that the use and <br />application of the tax increment revenues of the Agency, including the available balance of <br />funds of the Santa Ana River Bond Account, to pay for the cost of each of the Public <br />Improvement Projects will assist in the elimination of one or more blighting conditions inside <br />the Santa Ana River Redevelopment Project Area and is consistent with the implementation <br />plan adopted for the Santa Ana River Redevelopment Plan, pursuant to Health and Safety <br />Code Section 33490. <br />Section 4. The City Council further finds and determines that no other reasonable <br />means of financing the installation and construction of any of the Public Improvement <br />Projects are available to the community other than the proceeds of the Santa Ana River <br />Bond Account available to the Agency to pay for the cost of the installation and construction <br />of the Public Improvements Projects. Accordingly, the City Council hereby consents to the <br />use and application of the available balance of the funds of the Agency held in the Santa Ana <br />River Bond Account to pay for the cost of the construction and installation of each of the <br />Public Improvement Projects in accordance with this Resolution. <br />Section 5. The City Council further finds and determines that each Public <br />Improvement Project is of benefit to the Santa Ana River Redevelopment Project Area of the <br />immediate neighborhood in which the project is located. <br />K <br />