1991 AGN OCT 22 I21 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT For Council Meeting of October 22, 1991 TO: Honorable Mayor and City Council FROM: Leslie Keane Stratton, City Manager AD SUBJECT: Acknowledge And Approve Actions Of The Redevelopment Agency For The City Of Colton Regarding The San Bernardino/Colton/Loma Linda Joint Powers Financing Authority BACKGROUND: Date: 10/15/91 In September 1991, the Redevelopment Agency for the City of Colton approved the execution of a Joint Exercise of Powers Agreement by the redevelopment agencies for the Cities of San Bernardino, Colton and Loma Linda, which authorized the creation of the San Bernardino/ Colton/Loma Linda Joint Powers Authority. Pursuant to the terms of the Joint Powers Agreement, the members of the Authority have agreed to contribute certain monies and to guarantee the incurrence of indebtedness by the Authority. The revenues generated by the Joint Powers Authority are to be used in connection with the implementation of the Redevelopment Plan of the Inland Valley Development Agency ("IVDA"). DISCUSSION• The Joint Powers Authority anticipates the issuance of Tax Allocation Notes, not to exceed $7.5 million, in order to fund the activities of the IVDA. The attached resolution acknowledges the obligations of the Colton Redevelopment Agency and consents to the issuance of Tax Allocation Notes. FISCAL IMPACT: The Joint Powers Agreement limits the exposure of the Colton Redevelopment Agency to 3.06% of the obligations incurred by the Authority. Assuming a $7.5 million note issue, Colton's responsibility would be approximately $232,500, plus interest. RECOMMENDATION• Approve a resolution acknowledging the San Bernardino/Colton/Loma Linda Joint Powers Authority, by title as follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON ACKNOWLEDGING THE PAYMENTS TO BE MADE BY THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON IN CONNECTION WITH THE ISSUANCE OF TAX ALLOCATION NOTES BY THE SAN BERNARDINO/ COLTON/LOMA LINDA JOINT POWERS FINANCING AUTHORITY Attachment: Resolution Item No. ` Page 1 of 1