2007 RES R-62-07 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 2-ru, 2( 21 2f repayable with tax increment revenues from the West Valley Redevelopment Project, in the City's sole and absolute discretion; and WHEREAS, the Agency and the City desire to enter into a loan agreement (the "Redevelopment Cooperation Loan Agreement") pursuant to which they Agency will use funds advanced by the City in an amount not to exceed $4,000,000 to acquire the habitat conservation land and the Agency will repay the advances from legally available tax increment revenues of the West Valley Project Area in the future; and WHEREAS, the obligation of the Agency to repay the loan pursuant to the Redevelopment Cooperation Loan Agreement will constitute an indebtedness of the Agency for the West Valley Redevelopment Project. WHEREAS, purchase of the property is exempt from the requirements of the California Environmental Quality Act (CEQA pursuant to Sections 15313 (Acquisition of Lands for Wildlife Conservation Purposes) and 15325 (Transfer of Ownership in Land to Preserve Natural Conditions) of CEQA Guidelines and the City's Policies for implementing CEQA. Purchase of the property will be used as habitat for the Delhi Sands Flower Loving Fly — Federally listed endangered species. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY OF COLTON, AS FOLLOWS: Section 1. The facts set forth in the Recitals of this Resolution are true and correct. Section 2. The Redevelopment Cooperation Loan Agreement, in substantially the form attached to this Resolution as Exhibit "A", is hereby approved, and the Executive Director of the Agency is hereby authorized and directed to execute the Redevelopment Cooperation Loan Agreement, with such changes therein as may be approved by the Executive Director, said approval being evidenced by the Executive Director's execution of said Redevelopment Cooperation Loan Agreement.