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Item #10 <br />REDEVELOPMENT AGENCY FOR THE <br />CITY OF COLTON <br />For the City Council and Redevelopment Agency Board Meeting of <br />March 2, 2004 <br />TO: Honorable Mayor and Councilmembers <br />Honorable Chairperson and Boardmembers <br />FROM: Candace E. Cassel, Redevelopment Manage <br />SUBJECT: Consideration and Approval of City Resolution and Agency <br />Resolution No. 823 Making Findings Pursuant to Health and <br />Safety Code Section 33445 and Consenting to the Use and <br />Payment of Tax Increment Funds for the Acquisition, Installation <br />and Construction of Various Public Improvements Which <br />Benefit the Santa Ana River Redevelopment Project Area. <br />DATE: <br />BACKGROUND <br />February 19, 2004 <br />In April 1998, the Colton Public Financing Authority (the "CPFA") issued $15.2 million in tax <br />allocation bonds secured by tax increment revenues in the Santa Ana Redevelopment <br />Project Area. Approximately $10.5 million was used to refund existing debts from the <br />outstanding 1989 Bonds and 1997 Notes with the remaining $4.43 million available for new <br />projects. Of this $4.43 million, $3.31 million was immediately available for projects and the <br />balance was escrowed until certain financial tests could be satisfied. <br />The Agency entered into a loan agreement with the CPFA on April 1, 1998 to draw down <br />$3.31 million in bond proceeds for eligible projects including the installation and construction <br />of various public improvements, which are publicly owned and situated in or of benefit to the <br />Santa Ana River Project Area. After satisfying the release test, the Agency was allowed to <br />draw down $280,000 from the $1.12 million in escrowed funds. The total amount of funding <br />available from the bond proceed equaled $3,656,673. Approximately $2 million was used for <br />the projects identified below, leaving a funding balance of $1,469,025. <br />Fundina Sources <br />Original Redevelopment Fund Deposit $3,316,673 <br />Release Test 10/01/2000 $ 280,000 <br />Accrued Interest (7/00-2/01 estimated) $ 60.000 <br />Total Sources $3,656,673 <br />ADDroved Expenditures <br />Centex Homes $ (767,648) <br />Dieterich Trucking $ (100,000) <br />Kruse/ConAgra $ (250,000) <br />Taormina $ ( 70,000) <br />Rancho Med $(1.000.000) <br />Total Expended/Encumbered $(2,187,648) <br />Estimated Bond Fund Balance as of 12/31/00 $ 1,469,025 <br />R:\ShareRDA\Meetings\2004 MectingsWarch 2, 2004\SAR 33445 staff reportAm <br />