2007 RES R-160-07 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. R-160-07 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, IDENTIFYING ITS ITNETION TO ESTABLISH AN INFRASTRUCTURE FIANNCING DISTRICT FOR PARCELS, ALONG THE SOUTH SIDE OF AGUA MANSA ROAD BETWEEN RIVERSIDE AVENUE AND RANCHO AVENUE. WHEREAS, the Legislature of the State of California has enacted a comprehensive statutory scheme, the Infrastructure Financing District Act (Government Code Sections 53395-53397.11, the "Act"), authorizing a city, county, or city or county, to create an infrastructure financing district as a means of financing the construction of public works and facilities for new development projects through the funding mechanism known as "tax increment financing " under which incremental increases in property taxes are allocated to finance public capital facilities associated with the district; and WHEREAS, the City of Colton is a municipal corporation duly organized and existing pursuant to the Constitution and laws of the State of California ("City") which wishes to Institute the proceedings for the establishment of a district for the Property. I wish to institute the proceedings for the establishment of a district for the Property. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DO HEREBY RESOLVE AS FOLLOWS: 1 . The above recitation are true and correct 2. An infrastructure financing district is proposed to be established under the terms of the Act. 3. The boundaries of the proposed district, consisting of Parcels: located along the South side of Agua Mansa Road, between Riverside Avenue and Rancho Avenue; depicted on the map attached to this Resolution as Exhibit "A," which is a true copy of the map on file in the office of the City Clerk. 4. The type of public facilities proposed to be financed by the district are those described in the Schedule of Proposed Public Facilities attached to this Resolution as Exhibit "B." 5. Incremental property tax revenue from the City and from the County of San Bernardino may be used to finance these public facilities.