2007 RES R-62-07 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 2a 21 2r, 2. I 2' 21 2' 2 RESOLUTION NO.R-62-07 RESOLUTION OF THE CITY OF COLTON APPROVING A REDEVELOPMENT COOPERATION LOAN AGREEMENT WITH THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON FOR THE INVESTIGATION AND POTENTIAL PURCHASE OF PROPERTY ADJACENT TO AND WITHIN THE WEST VALLEY REDEVELOPMENT PROJECT AREA (Fly Mitigation) WHEREAS, the Redevelopment Agency for the City of Colton (the "Agency') is a public body, corporate and politic of the State of California, organized and existing pursuant to the Community Redevelopment Law commencing with California Health and Safety Code Section 33000; and WHEREAS, the Agency has entered into that certain Real Property Purchase and Sale and Joint Escrow Instructions, dated May 15, 2007 Agreement to potentially acquire certain properties for proposed Delhi Sands Flower Loving Fly Habitat Conservation and is preparing to conduct basic due diligence exercises related to such potential property acquisition; and WHEREAS, the City of Colton has funds to loan to the Agency to conduct necessary due diligence investigations and to complete the land acquisition; and WHEREAS, the proposed land acquisition is within and immediately adjacent to the West Valley Redevelopment Project Area ("Project Area")of the Agency and the proposed habitat conservation will benefit the Project Area by eliminating some impediments to development within the Project Area arising from previous habitat conservation requirements, thereby encouraging economic development and the elimination of blight in the Project Area; and WHEREAS, the City desires that the Agency repay the cost of land acquisition, if and when the Project Area has the capacity to make the repayments from tax increment revenues or revenues from the property; and WHEREAS, the loan of funds from the City to the Agency is subject to a condition that the City adopts an ordinance eliminating the time limit for the Agency to incur indebtedness