2002 AGN JUN 04 I13 - Laserfiche WebLink

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Item #13 REDEVELOPMENT AGENCY FOR THE CITY OF COLTON For the Redevelopment Agency and City Council Meeting of June 4, 2002 TO: Honorable Chairperson and Boardmembers Honorable Mayor and Councilmembers FROM: Candace Cassel, Redevelopment Manager' SUBJECT: Consideration and Approval of Agency Resolution No. 802 and City Council Resolution approving Mount Vernon Corridor Public Works Projects Funding and Construction Management Agreement by and Between the City of Colton and the Agency and Authorizing and Directing Execution of a Fiscal Agent Agreement with Union Bank for the Deposit and Disbursement of Certain Agency Funds (Mount Vernon Corridor 1999 Tax Allocation Bonds). DATE: Background May 28, 2002 Back in September 1999, the Colton Public Financing Authority (the "CPFA") issued $5.29 million in Tax Allocation Bonds secured by tax increment revenues in the Mt. Vernon Corridor Project Area. Approximately $2.0 million was used to refund existing debt from outstanding 1996 Notes, $500,000 was set aside for reserve and to pay for the cost of issuance, and the remaining $2.7 was identified and reserved for various Redevelopment projects. On January 18, 2000, the Agency Board approved the following list of public improvement projects which had been identified and recommended for funding by the Mt. Vernon Citizens Advisory Committee. Mt. Vernon Streetscape Residential Curb & Gutters & Sidewalks Residential Lighting Commercial Rehab Grants Fencing Scenic Drive Colton Avenue Underground Colton Avenue Bikepath Fairway Street Widening Demolition of Buildings Abandoned Home Acquisition/Rehab Estimated Total Cost $ 1,469,548 $ 316,250 $ 13,000 $ 350,000 $ 24,000 $ 63,000 $ 100,000 (Partial) $ 330,438 $ 50,000 $ 100.000' $ 2,816,236 On April 4, 2000, the City Council adopted Resolution R-26-00 which made certain findings of benefit and authorized the Agency to use the bond proceeds for this list of public improvements. Following this approval, Agency staff solicited cost proposals from several design and engineering