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2 <br />3 <br />4 <br />11 <br />1 <br />21 <br />RESOLUTION NO. R-30-11 <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 FOR DELHI SANDS FLOWER LOVING FLY <br />HABITAT CONSERVATION RELATED TO THE WEST VALLEY <br />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 West <br />Valley Redevelopment Project, dated March 1986 ("Redevelopment Plan"), covering a certain <br />geographic area within the City specified in the Redevelopment Plan ("Project Area"); 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, the City and the Agency previously entered into that certain <br />"Redevelopment Cooperation Loan Agreement," dated May 15, 2007 ("Loan Agreement"), <br />pursuant to which the City agreed to loan the Agency up to Four Million Dollars ($4,000,000) <br />("Loan") for the Agency to purchase certain real property specified in the Loan Agreement for <br />the purpose of Delhi Sands Flower Loving Fly habitat conservation to allow for further <br />redevelopment of the Project Area; and <br />WHEREAS, the outstanding balance of principal and interest due from the Agency to <br />the City under the Loan is One Million Five Hundred Fifty -Four Thousand Thirty -Three Dollars <br />($1,554,033); and <br />WHEREAS, the terms of the Loan provided for repayment solely from tax increment <br />revenue of the Project Area, exclusive of tax increment revenue allocated to pay statutory or <br />contractual pass-through payments owed from the Proj ect Area to affected local taxing agencies, <br />or revenue from the Property; and <br />WHEREAS, in February 2011, Agency staff repaid the Loan in full by applying tax <br />increment revenue from the Project Area that was previously reserved to pay past due <br />contractual pass-through payments owed from the Project Area to certain local taxing agencies; <br />NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON, <br />CALIFORNIA, DOES HEREBY RESOLVE: <br />23604.09000\5874898.3 <br />