1993 ADJ JT MIN DEC 07 - Laserfiche WebLink

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Director Gabriel stated the financial impact of the proposed action cannot be determined at this stage, since staff and legal counsel are continuing to investigate the specifics on the development. He recommended certification of Summary Report and adoption of the Disposition and Development Agreement with the Colton/Cooley Economic Development Corporation. Member Bennett inquired about Section 2.13 on Page 8, what does this mean? Special Counsel Sabo replied this pertains to taxes accrued during the interim period prior to the property being taken off the Tax Rolls. Moved by Councilmember/Agency Member Rios, seconded by Councilmember/Agency Chairperson Cisneros to close the City Council Public Hearing. Unanimous vote. Moved by Councilmember/Agency Member Sandoval, seconded by Councilmember/Agency Member Cook, approve staff's recommendation. Motion carried. Unanimous Vote. Mt. Vernon Corridor Prosect: Ordinances of the City Council of the City of Colton and the Redevelopment Agency Enacting a Sales and Use Tax for Plaza Las Glorias Center and Resolution and Agreements relating thereto - Economic Development Director Gabriel reported on August 21, 1990, the Agency Board considered and approved documents pertain- ing to the sharing of sales tax with the proprietors of the Plaza Las Glorias Center. Since that time, the Agency has considered the same actions at two other meetings, due to the displacement and misfiling of the documents by former Agency Counsel. Over the past few months, staff has attempted to rectify the matter and forward the documents to the State Board of Equalization for execution. The State has accepted the action adopted by the Board in the past, however, the State has requested that the Board re -approve the documents pertaining to the action, as those have expired since that time. The Agency has been dependent upon tax increment for payment of this "obligation" absent the sales tax revenues for the past three years. Enactment of the Ordinances will eliminate the financial impact to the Agency's tax increment revenues in the Mt. Vernon Corridor Project Area resulting from the sharing of sales tax. Director Gabriel recommend adoption of the City Council Ordinance No. 0-25-93 and Redevelopment Agency Ordinance No. RDA 2-93 and Resolution No. 614 enacting the sales and use tax. Moved by Councilmember/Agency Member Sandoval, seconded by Councilmember/Agency Member Bennett, to approve City Council Ordinance No. 0-25-93, Redevelopment Agency Ordinance No. RDA 2- 93 and Resolution No. 614. Unanimous vote.