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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 />RESOLUTION NO. R-102-94 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON APPROVING A LOAN TO THE REDEVELOPMENT <br />AGENCY FOR THE CITY OF COLTON AND AUTHORIZING <br />THE MAYOR TO EXECUTE THE LOAN AGREEMENT FOR <br />PREPARATION OF A FEASIBILITY STUDY FOR THE <br />PROPOSED LA CADENA CORRIDOR REDEVELOPMENT <br />PROJECT AREA <br />WHEREAS, the Redevelopment Agency for the City of Colton <br />("Agency") y ) is authorized by California Health and Safety Code <br />Section 33601 to borrow money or accept financial assistance from <br />any other public agency for any redevelopment project within its <br />area of operations; and <br />WHEREAS, the City Council of the City of Colton is authorized <br />by California Health and Safety Code Section 33220 to appropriate <br />to the Agency such amounts as necessary for the preparation and <br />adoption of a redevelopment plan and initial program activities. <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of the <br />City of Colton hereby approves a loan to the Redevelopment Agency <br />for the City of Colton for expenses related to the preparation of <br />a new redevelopment project area and plan to be repaid upon such <br />terms and conditions as are set forth in the Loan Agreement <br />attached and incorporated hereby as Exhibit "A" which shall be and <br />is hereby approved, and the Mayor is hereby authorized to execute <br />same for the City Council of the City of Colton. <br />ADOPTED, SIGNED AND APPROVED this 16th day of August, 1994. <br />ATTEST: <br />Helen Ramos, City Clerk <br />Frank Gonzales, Mayor <br />