1996 AGN AUG 20 I33 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT for the City Council Meeting of August 6, 1996 TO: Honorable Mayor and City Council APPROVAL: Malik D. Freeman, Interim City Manager FROM: Candace Cassel -Short, Project Manager -5 SUBJECT: Consideration and Adoption of a Resolution of the City Council of the City of Colton, California, Making Findings and Determinations as to the Benefit of Certain Public Facilities for the Cooley Ranch Redevelopment Project Area and the Santa Ana River Project Area DATE: BACKGROUND: 1996 On March 19, 1996 the City Council approved creating an Assessment District to fund flood channel improvements to the San Timoteo Creek Channel. Mayor Fulp requested that funding of this item be brougfrt back for further consideration. DISCUSSION: The total cost of the portion of the project that affects Colton is approximately $1,036,939. Redevelopment funds could be used to fulfill the obligation toward the flood channel improvements, using approximately $503,195 from the Cooley Ranch Project Area Reserves and $533,742 from the Santa Ana River Project Area Reserves. Should the City Council and Redevelopment Agency Board wish to pursue this source of funding, the adoption of the attached Resolution of the City Council of the City of Colton making findings and determinations as to the benefit of certain public facilities for the Cooley Ranch Redevelopment Project Area and the Santa Ana River Project Area would be in order. FINANCIAL IMPACT: The total cost of this project is approximately $1,036,939. Year End Balances County Assessment Up -front RDA Financing (8- 10% reduction) Cooley Ranch #94-0297-00 and #95-0927-00 $1,729,683 546,952 Santa Ana River #96-0297-00 and #97-0297-00 $731,479 580,155 503,196 533,743 an ace rise - ort, ro�ect anager Item No. 33