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REDEVELOPMENT AGENCY FOR THE CITY OF COLTON For the City Council Meeting of June 19, 2001 TO: Honorable Mayor and City Councilmembers APPROVAL: Daryl Parrish, City Manager FROM: Robb Steel, Redevelopment Director SUBJECT: Consideration and Approval of Quitclaim Deed Conveying Title to a Parcel Owned by the Redevelopment Agency to the City of Colton and Approving a Certificate of Acceptance. DATE: June 12, 2001 Background The Redevelopment Agency acquired an approximate 20,000 square foot parcel in 1987 through an eminent domain action (see Site Map, Exhibit A). A copy of the Final Order of Condemnation is attached hereto as Exhibit B. The Agency contributed this land for construction of the Century electrical substation. The property is located within the Cooley Ranch Redevelopment Project Area, having been annexed into the project area as part of Amendment No.3 in 1986. The Assessor's Parcel No. is 0276-131-74. Discussion/Analysis On December 19, 2000 the City Council approved a lease agreement with Alliance Colton LLC for the development of new generating facilities on the subject property (see Exhibit C). A recent title report revealed that the Agency was the fee owner of the subject property. Consequently, the City will need to acquire title to the property before it can legally convey a leasehold interest to Alliance Colton LLC. Apparently, there is urgency in securing title so that the financing for the project can be obtained and construction commenced. Environmental Impact Conveyance of the property is categorically exempt under Section 15301 of the Public Resources Code (Existing Facilities). Financial Impact The Agency acquired the property using a loan from the City of Colton in the amount of $150,000 (see Loan Agreement attached hereto as Exhibit D). The loan was to be repaid within three (3) years. We have been unable to determine whether the debt has been Item #8