Laserfiche WebLink
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 />WHEREAS, on April 6, 2004, the Agency added a project to the public improvement <br />projects to be completed for the benefit of the Rancho Mill Redevelopment Project Area; and <br />WHEREAS, the City and the Agency entered into that certain Rancho Mill Public <br />Works Projects Funding and Construction Management Agreement, dated as of April 6, <br />2004, ("Funding and Construction Management Agreement'), pursuant to which the Agency <br />agreed (i) to withdraw certain funds in an aggregate amount of $500,000 from the "Rancho <br />Mill Loan Account" established in connection with the loan from the City and (ii) to deposit <br />such funds in the "Rancho Mill Projects Special Fund" established pursuant to the Funding <br />and Construction Management Agreement (the "Special Fund"), for the purpose of paying <br />the cost of the installation and construction of certain public improvement projects situated in <br />or of benefit to the Rancho Mill Redevelopment Project Area, all as described in Section 2 of <br />the Funding and Construction Management Agreement; and <br />WHEREAS, the installation and construction of the public improvement projects <br />within or of benefit to the Rancho Mill Redevelopment Project Area identified by the City <br />Engineer and more fully described in this Resolution shall implement the Redevelopment <br />Plan for the Rancho Mill Project Area and assist with the elimination of blighting conditions <br />within the redevelopment project area; and <br />WHEREAS, the Agency, with the consent of the City, may draw available funds from <br />the Rancho Mill Loan Account to pay for the installation and construction of the public <br />improvement projects described in this Resolution. <br />NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF COLTON DOES <br />HEREBY RESOLVE AND FIND 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 to the Redevelopment Agency for the <br />City of Colton paying for all or part of the cost of the installation and construction of any of the <br />public improvement projects identified in Section 2 of this Resolution. This Resolution is <br />adopted pursuant to the provisions of Health and Safety Code Section 33445, as the Agency <br />shall repay the City for funds drawn from the Rancho Mill Loan Account from certain tax <br />increment revenues of the Rancho Mill Redevelopment Project, pursuant to Section 3.01 of <br />the 2003 Rancho Mill Loan Agreement. <br />PAI <br />