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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 />$8,000,000.00 and are to be designated as the "Redevelopment <br />Agency for the City of Colton Multifamily Housing Revenue Bonds <br />(Seniors Housing Project) 1990 Seniors A" (the "Bonds"); and <br />WHEREAS, the Agency has adopted redevelopment plans <br />for and is currently receiving tax increment revenues from six <br />redevelopment projects: the Mount Vernon Corridor Redevelopment <br />Project; the West Valley Redevelopment Project; the Downtown <br />Project No. 1; the Downtown Project No. 2; the Cooley Ranch <br />Redevelopment Project; and the Santa Ana River Redevelopment <br />Project (together, the "Redevelopment Projects"); and <br />WHEREAS, the Agency has agreed under a Disposition and <br />Development Agreement dated July 18, 1989 between the Agency and <br />the Developer to assist the Housing Project by means of an <br />initial Agency contribution for a portion of the costs of <br />construction, and to the extent required, annual contributions <br />to meet operating shortfalls of the Housing Project <br />(collectively, the "Agency Obligation"); and <br />WHEREAS, the Agency is required, in accordance with <br />Sections 33334.2, 33334.3, and 33334.6 of the Act, to allocate <br />20% of the tax increment revenues generated by the Redevelopment <br />Projects ("Low and Moderate Income Housing Tax Increment") for <br />the purpose of increasing and improving the supply of low and <br />moderate income housing at affordable housing costs; and <br />WHEREAS, in order to satisfy a portion of its <br />obligations under Sections 33334.2, 33334.3 and 33334.6 of the <br />Act, the Agency proposes to use a portion of its Low and <br />Moderate Income Housing Tax Increment to pay the Agency <br />Obligation; and <br />-2- <br />