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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 />171 <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-129-07 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />APPROVING A BUSINESS ASSISTANCE LOAN GUARANTEE PROGRAM AND <br />MEMORANDUM OF UNDERSTANDING WITH SOUTHERN CALIFORNIA <br />REINVESTMENT CDFI FOR ADMINISTRATION OF SUCH PROGRAM <br />WHEREAS, the City of Colton, California (the "City"), is a municipal corporation <br />Iduly created and existing pursuant to the constitutional laws of the State of California; and <br />WHEREAS, the City wishes to benefit the community by strengthening the local <br />tax base, increasing employment opportunities and aiding in promoting economic <br />development by providing assistance to local businesses; and <br />WHEREAS, the City desires to assist businesses operating in the City of Colton <br />through a "Business Assistance Loan Guarantee Program" funded in the total amount of <br />$50,000; and <br />WHEREAS, the City intends to utilize $50,000 in funds for the Business Assistance <br />Loan Guarantee Program from the $1,000,000 Regional Marketing Campaign Fund; and <br />WHEREAS, the City desires to contract with Southern California Reinvestment <br />CDFI to administer the City's Business Loan Guarantee Program pursuant to the <br />Memorandum of Understanding ("MOU") attached to this Resolution as Exhibit "A"; and <br />WHEREAS, the City has considered the terms of the MOU and desires at this time <br />to approve the terms of the MOU in the public interest of the City. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES <br />HEREBY RESOLVE AS FOLLOWS: <br />Section 1. The foregoing recitals are true and correct and are incorporated into <br />this Resolution by this reference. <br />Section 2. The City Council hereby approves reallocating $50,000 from the <br />Regional Marketing Campaign Fund of the City to fund loan guarantees and the <br />administration of a Business Loan Guarantee Program. <br />