1994 AGN FEB 01 I13 - Laserfiche WebLink

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TO FROM: CITY OF COLTON AGENDA REPORT For Council Meeting of February 1, 1994 Honorable Mayor and City Council Hani W. Gabriel, Economic Development Director4AWG SUBJECT: CONSIDERATION OF RESOLUTIONS OF THE CITY COUNCIL FOR THE CITY OF COLTON APPROVING AGREEMENTS FOR REIMBURSEMENT BETWEEN THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON AND THE CITY OF COLTON FOR AMERICAN R.V. EXPO, WAL-MART, AND THE EMPIRE METROMALL .Background Date: February 1, 1994 The Redevelopment Agency for the City of Colton ("Agency") has previously entered into Disposition and Development Agreements ("DDA") with three different developers pertaining to the development of different properties within the Cooley Ranch Redevelopment Project Area. The three Disposition i and Development Agreements are as follows: 1. DDA by and between the Agency and American R.V. Expo of Colton dated October 6, 1988; and 2. DDA by and between the Agency and Gatlin/Berger Developments, Inc. (for Wal -mart) dated May 8, 1990; and 3. DDA by and between the Agency and Commercial Realty Project, Inc. (for the Empire Metromall) dated December 31, 1993. 4, i Discussion & Financial Impact In order to provide the assistance in the development of the properties pursuant to the above - referenced agreements, the Agency's allocation of sales and use tax revenues imposes a burden on the City's general fund to the extent that such sales and use tax revenues pledged to the development of the properties are no Longer available for allocation to said fund. Accordingly; it is appropriate that the Agency reimburse the City for sales and use tax revenues allocated for the benefit of each Redeveloper in accordance with the various DDAs. The foregoing Resolutions each approve a certain Agreement for Reimbursement of Indebtedness by and between the City and the Agency wherein the Agency acknowledges its obligation to reimburse the City for the sales and use tax revenues which otherwise have been allocated for the benefit of the Redeveloper under the terms of each DDA. Attachments: Resolution regarding American R.V. Expo Resolution regarding Wal -mart Resolution regarding Empire Metromall Page 1 of 2 } Item No. --C �s TO FROM: CITY OF COLTON AGENDA REPORT For Council Meeting of February 1, 1994 Honorable Mayor and City Council Hani W. Gabriel, Economic Development Director4AWG SUBJECT: CONSIDERATION OF RESOLUTIONS OF THE CITY COUNCIL FOR THE CITY OF COLTON APPROVING AGREEMENTS FOR REIMBURSEMENT BETWEEN THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON AND THE CITY OF COLTON FOR AMERICAN R.V. EXPO, WAL-MART, AND THE EMPIRE METROMALL .Background Date: February 1, 1994 The Redevelopment Agency for the City of Colton ("Agency") has previously entered into Disposition and Development Agreements ("DDA") with three different developers pertaining to the development of different properties within the Cooley Ranch Redevelopment Project Area. The three Disposition i and Development Agreements are as follows: 1. DDA by and between the Agency and American R.V. Expo of Colton dated October 6, 1988; and 2. DDA by and between the Agency and Gatlin/Berger Developments, Inc. (for Wal -mart) dated May 8, 1990; and 3. DDA by and between the Agency and Commercial Realty Project, Inc. (for the Empire Metromall) dated December 31, 1993. 4, i Discussion & Financial Impact In order to provide the assistance in the development of the properties pursuant to the above - referenced agreements, the Agency's allocation of sales and use tax revenues imposes a burden on the City's general fund to the extent that such sales and use tax revenues pledged to the development of the properties are no Longer available for allocation to said fund. Accordingly; it is appropriate that the Agency reimburse the City for sales and use tax revenues allocated for the benefit of each Redeveloper in accordance with the various DDAs. The foregoing Resolutions each approve a certain Agreement for Reimbursement of Indebtedness by and between the City and the Agency wherein the Agency acknowledges its obligation to reimburse the City for the sales and use tax revenues which otherwise have been allocated for the benefit of the Redeveloper under the terms of each DDA. Attachments: Resolution regarding American R.V. Expo Resolution regarding Wal -mart Resolution regarding Empire Metromall Page 1 of 2 } Item No. --C