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CITY COUNCIL CITY OF COLTON AGENDA REPORT For the City Council Meeting on June 20, 2000 TO: Honorable Mayor and Councilmembers APPROVAL: Henry Garcia, City Manager` FROM: Robb R. Steel, Redevelopment Direc SUBJECT: Consideration and Adoption of Resolution Amending the Joint Powers Agreement By and Between the City of Colton and the Riverside San Bernardino Housing and Finance Agency (RISFA), a Joint Powers Authority. DATE: June 12, 2000 Background On October 5, 1999, the City Council adopted Resolution R-91-99 approving an Agreement By and Between the City and the Riverside -San Bernardino Housing and Finance Agency (RISFA), a Joint Powers Authority (JPA) for the purpose of creating a Lease -Purchase Housing Program. The Lease -Purchase Housing Program provides a vehicle for Colton residents to purchase their home by leasing it from RISFA the first 3 years. The three-year lease period provides an opportunity for homebuyers to enhance their overall credit rating, to accumulate downpayment monies and dosing costs, and to demonstrate the ability to meet their monthly housing expenses. The home is purchased by RISFA, utilizing bond proceeds. Once the homebuyer has completed the three-year lease period, title to the home is transferred from RISFA to the homebuyer at the same monthly lease rate. Discussion The JPA's attorney advises that the current Agreement requires an amendment to allow the JPA to issue the bonds that will finance the program. There are four significant revisions proposed: Designate a member city as the model for legal restrictions. The JPA will utilize the same law governing that city when conducting business. Because most cities RASh=RDA\Mmtings\2000MeetingsWgencyBoard\June20,20WRISFAAmendmentdoc item #8