2007 RES R-128-07 - Laserfiche WebLink

Browse Search

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17' ]8 19 20 21 23 24 25 26 27 28 RESOLUTION NO. R-128-07 A RESOLUTION OF THE CITY OF COLTON APPROVING A LOAN AGREEMENT BETWEEN THE CITY OF COLTON AND THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON AND A BUDGET ADJUSTMENT FOR FISCAL YEAR 2007/08 WHEREAS, the City of Colton, California (the "City") is a municipal corporation created and existing pursuant to the laws of the State of California; and WHEREAS, the Redevelopment Agency for the City of Colton (the "Agency"), is a redevelopment agency, a public body, corporate and politic of the State of California, organized and existing pursuant to the Community Redevelopment Law (Part 1 of Division 24) commencing with Section 33000 of the Health and Safety Code of the State of California; and WHEREAS, pursuant to the Redevelopment Plan for the Rancho/Mill Project Area ("Project Area"), the Agency is authorized and empowered to enter into agreements for the redevelopment of real property within the Project Area; and WHEREAS, the City has agreed to assist the Agency with redevelopment of the Project Area by loaning the Agency $500,000; and WHEREAS, the City has funds available to make such a loan the Agency from the City's Traffic Impact Fees Fund; and WHEREAS, the promissory note attached hereto as Exhibit "A" outlines the terms of the loan: $500,000 principal loan, four year repayment, with interest at current LAIF rate; and WHERAS, the Agency intends to use tax increment revenues generated from the I Project Area to repay the loan; and WHEREAS, the Agency has determined that the use of tax increment from the Project I Area for redevelopment purposes within the Project Area will be of benefit to the Project Page 1 of 2