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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of -11 up, 2n i 989 <br />TO: Honorable Mayor and City Council <br />FROM: JENNIFER THORNBERRY, ECONOMIC DEVELOPMENT DIRECTOR <br />SUBJECT: LOAN AND PLEDGE AGREEMENTS BETWEEN THE CITY Date: JUNE 17, 1989 <br />OF COLTON AND THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON <br />Attached are four (4) Agreements for Loans and Repayments which create an obligation <br />between the Redevelopment Agency and the City. The Agency will be requesting the <br />loans from the Electric Utility Fund in the amount of $1,410,800. <br />The reason for the loans is to create debt as required by Redevelopment Law and insure <br />that the Agency can collect next fiscal year all the tax increment due within each <br />Project Area. The loans will fund redevelopment activities in the following project <br />areas: <br />Cooley Ranch Redevelopment Project $ 990,200 <br />Santa Ana River Redevelopment Project 213,300 <br />West Valley Redevelopment Project 109,700 <br />Mt. Vernon Corridor Redevelopment Project 97,600 <br />TOTAL $1,410,800 <br />All of the loans will be repaid by the Agency with tax increment prior to the end <br />of fiscal year 89-90. <br />Recommendation: <br />Staff recommends that the City Council approve the attached Agreements for Loans and <br />Repayments and authorize the Mayor to execute the Agreements. <br />U-K� �AA� <br />Attachments: Agreements (4 ) <br />Page 1 of_—_._ Item No <br />