1994 AGN DEC 06 I26 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT For Council Meeting of December 6, 1994 TO: Honorable Mayor and City Council FROM: Hani W. Gabriel, Economic Development Director W� SUBJECT: INTRODUCTION AND CONSIDERATION OF AN ORDINANCE Date: December 6, 1994 OF THE MAYOR AND CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA ESTABLISHING AND AMENDING CERTAIN LIMITATIONS WITH RESPECT TO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN REDEVELOPMENT PROJECT NO. 1 Background Recently enacted AB 1290, known as redevelopment reform law, has established certain limitations on the incurring and repaying of indebtedness and the duration of redevelopment plans, which limitations apN!y to ? .,ery redevelopme^t plan adopted on or before December 31, 1993. It further provides that, unless a redevelopment plan adopted prior to January 1, 1994, already contains limitations which comply with Sec. 33333.6, the legislative body shall adopt an ordinance on or before December 31, 1994, to amend the redevelopment plan either 1) to amend an existing time limit that exceeds the applicable time limit established by that Section, or 2) to establish time limits that do not exceed the provisions of that Section. Discussion The Redevelopment Plan for the Downtown Project No. 1 is amended by the attached Ordinance to read: Notwithstanding anything herein to the contrary, the provisions of this Redevelopment Plan shall be effective until January 1, 2009. The Agency shall not pay indebtedness or receive property tax increment revenues pursuant to Health and Safety Code Section 33670 after ten (10) years from the termination of the effective date of the Redevelopment Plan. Financial Impact None. Recommendation Staff recommends that Council waive full reading and pass first reading of the attached Ordinance by title as follows: AN ORDINANCE OF THE MAYOR AND CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA ESTABLISHING AND AMENDING CERTAIN LIMITATIONS WITH RESPECTTO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN REDEVELOPMENT PROJECT NO. 1 Report prepared by Wendy Jo Holland, Economic/Redevelopment Project Manager • Attachment: Ordinance Page 1 of 1 Ish:\wpwin\admin\meeting\coun1206.rp6 November 29, 1994 -- 1001-69-02 Item No. ';'� 6