1986 CC ADJ MIN OCT 16 - Laserfiche WebLink

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271 AND THE SAN BERNARDINO COUNTY FLOOD CONTROL DIS- TRICT FOR ALLEVIATION OF FINANCIAL BURDEN OR DET- RIMENT CAUSED BY THE WEST VALLEY REDEVELOPMENT PROJECT. West Valley Redevelopment Area Res. Nos. 496 and 497 City Manager Benest reported on the potential for establishment of the First Amendment to the West Valley Redevelopment Area, and referred to a preliminary analysis prepared by Gunn, Russell, Copenhaver & Co., Inc., GRC, identifying the feasibility of establishing the First Amend- ment to the West Valley Project. W-4 Mr. Benest stated upon closer examination of the Survey Area, and the area adjacent to the Survey Area, additional areas were identified as being suitable for inclusion into the proposed amendment to the West Valley Project, and in order to include these areas, the Agency needs to adopt a resolution amending the Survey Area to an expanded version. Mr. Benest referred to an Agreement for Redevelopment Consulting Ser- vices between GRC and the Agency for the amendment, at a cost of O $35,500. Mr. Benest concluded Staff would recommend approval of Resolution No. U) 496, designating the boundaries of an amended First Amendment to the 0 West Valley Project, approval of Resolution No. 497, amending the C 1986-87 Fiscal Year Budget, and authorize the Executive Director to execute the Agreement with GRC for Consulting Services. Moved by Councilman Rios, seconded by Councilman Rehrer, to approve Staff's recommendation as outlined. Motion carried, with Councilwoman Garcia Abstaining. RESOLUTION NO. 496 - RESOLUTION OF THE REDEVELOPMENT AGENCY FOR THE Z"1y CITY OF COLTON, CALIFORNIA, RESCINDING RESOLUTION NO. 492 DESIGNATING THE FIRST AMENDMENT TO THE WEST VALLEY REDEVELOPMENT PROJECT SURVEY AREA AND DESIGNATING THE BOUNDARIES OF AN AMENDED FIRST AMENDMENT TO THE WEST VALLEY REDEVELOPMENT PROJECT SURVEY AREA FOR STUDY AND DETERMINATION OF THE FEASIBILITY OF A REDEVELOPMENT PROJECT OR PROJECTS. RESOLUTION NO. 497 - RESOLUTION OF THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON AMENDING THE 1986-87 FISCAL YEAR BUDGET. Single Family Mortgage Revenue Bonds City Manager Benest advised Staff proposes the City Council consider initiating proceedings for the issuance of Single Family Mortgage Rev- enue Bonds through either the City or the Agency, in order to make low interest rate mortgage loans available to first-time home purchasers in the City of Colton. Mr. Benest stated it is necessary for the City to adopt a resolution indicating its intention to undertake such a program and to cause an application to be filed with the California Mortgage Bond Allocation Committee, MBAC. Mr. Benest concluded Staff recommends the Council adopt Resolution No. R-159-86, and the Agency approve setting aside $50,000, and the expen- diture of $300 filing fee, from the Agency's low and moderate housing ~z funds as a deposit and fee on the proposed issue. �r Moved by Councilman Rios, seconded by Councilman Rehrer, to approve Staff's recommendation as outlined. Unanimous vote. RESOLUTION NO. R-159-86 - A RESOLUTION DECLARING THE INTENTION OF THE CITY OF COLTON TO ESTABLISH A HOME FINANCING PROGRAM AND APPROVING THE FILING OF AN APPLI- CATION WITH THE MORTGAGE BOND ALLOCATION COM- MITTEE. OCT 16.1986