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2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />1 <br />21 <br />26 <br />27 <br />K-1 <br />RESOLUTION NO. R-29-11 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON, CALIFORNIA, RATIFYING REPAYMENT BY THE <br />REDEVELOPMENT AGENCY FOR THE CITY OF COLTON OF A <br />LOAN FROM THE CITY OF COLTON RELATING TO ACQUISITION <br />OF REAL PROPERTY LOCATED AT THE SOUTHEAST CORNER OF <br />SOUTH COOLEY DRIVE AND EAST ASHLEY WAY IN THE COOLEY <br />RANCH REDEVELOPMENT PROJECT AREA AND APPROVING <br />CONFORMING MODIFICATIONS TO THE LOAN TERMS <br />WHEREAS, pursuant to the California Community Redevelopment Law (Health & <br />Safety Code Sections 33000, et seq.) ("CRL"), the City Council ("City Council") of the City of <br />Colton, California ("City'), approved and adopted that certain Redevelopment Plan for the <br />Cooley Ranch Redevelopment Project, on July 29, 1975 ("Redevelopment Plan"), covering a <br />certain geographic area within the City specified in the Redevelopment Plan ("Project Area"); <br />and <br />WHEREAS, the Redevelopment Agency for the City of Colton ("Agency") is engaged <br />in activities necessary to implement the Redevelopment Plan for the Project Area; and <br />WHEREAS, on or about September 16, 2008, the City loaned the Agency Four Million <br />Nine Hundred Thousand Dollars ($4,900,000) ("Loan") for the Agency to purchase that certain <br />real property generally located at the southeast corner of South Cooley Drive and East Ashley <br />Way ("Property") in the Project Area from the City; and <br />WHEREAS, the terms of the Loan provided for repayment solely from proceeds from <br />the future sale of the Propertyby the Agency or the proceeds of tax allocation bonds that maybe <br />issued in the future by the Agency; and <br />WHEREAS, on or about June 30, 2009, Agency staff applied available tax increment <br />revenue from the Project Area to repay the Loan in full; <br />NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON, <br />CALIFORNIA, DOES HEREBY RESOLVE: <br />SECTION 1. Recitals. The City Council finds and determines that the recitals of facts <br />preceding this Resolution are true and correct and such recitals are incorporated into this <br />Resolution by this reference. <br />SECTION 2. Ratification and Acceptance of RM%ment. The City Council hereby <br />ratifies and accepts the early repayment of the Loan by the Agency on or about June 30, 2009, <br />from tax increment revenues of the Project Area. In order to avoid any future confusion <br />regarding the Agency's early repayment of the Loan, the City Council hereby agrees to and <br />approves modification of Section 2 of that certain "Promissory Note," dated September 16, <br />23604.09000\5874813.2 <br />