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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of <br />TO: Honorable Mayor and City Council <br />FROM: Jennifer Thornberry, Economic Development Director <br />Date: June 13, 1990 <br />SUBJECT: Loan and Pledge Agreements Between the City of Colton and the <br />Redevelopment Agency for the City of Colton <br />Attached are two (2) Resolutions of the Redevelopment Agency requesting <br />loans from the City of Colton Electric Utility Fund in the amount of <br />$450,000. Also attached are two (2) Agreements for Loans and Repayment <br />which create an obligation between the Redevelopment Agency and the City <br />with respect to the agreed upon loans. <br />STATEMENT OF THE PROBLEM: <br />The reason for the loans is to create debt as required by Redevelopment <br />Law and insure that the Agency can collect next fiscal year all the tax <br />increment due within each Project Area. The loans will fund <br />redevelopment activities in the following project areas: <br />Redevelopment Project Amount <br />West Valley Redevelopment Project $150,000 <br />Mt. Vernon Corridor Redevelopment Project 300,000 <br />TOTAL $450,000 <br />FINANCIAL IMPACT: <br />Redevelopment Project revenues are projected to be sufficient to repay <br />all of the loans by the Agency with tax increment prior to the end of <br />Fiscal Year 1990-91. <br />ENVIRONMENTAL IMPACT: <br />None. <br />RECOMMENDATION: <br />Staff recommends that the Council approve the attached Agreements for <br />Loans and Repayments and authorize the Mayor toy <br />o xecute the Agreements. <br />City Manager Concurrence <br />Attachments: Resolutions ( 2 ) <br />Agreements (2) <br />Page 1 of Item No. <br />