2001 AGN DEC 04 I16 - Laserfiche WebLink

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TO: FROM: REDEVELOPMENT AGENCY FOR THE CITY OF COLTON For the Redevelopment Agency Meeting of December 4, 2001 Honorable Chairman and Agency Boardmembers Daryl Parrish, Executive Director Greg Lantz, Program Managerl'�'� SUBJECT: Consideration and Approval of Resolution Revising the Participation Agreement Redevelopment Agency for the City of Colton Land Company. DATE Background Prior Approvals November 26, 2001 Item #16 Reaffirming and between the and East Valley On August 13, 1998 the Redevelopment Agency and City Council jointly approved a Participation Agreement with East Vailey Land Company for the development of a 75-acre property in the Cooley Ranch Project Area. That agreement obligated the Agency and City to make certain contributions toward the cost of public improvements related to the development of the site. In return, the Developer was obligated to secure commitments from commercial and industrial users and construct the necessary public and private improvements in a timely manner. On July 17, 2001 the City Council approved Amendment No. 1 to the Participation Agreement. The Amendment redefined public improvements to include utility relocations and rail spur construction and advanced the date of reimbursement for certain eligible expenses totaling $461,214. A cash payment of $461,214 was made by the Agency during August, 2001. Terms of Original Agreement The Agency/City is obligated under the original agreement to rebate a percentage of the incremental property taxes and sales taxes generated from development on the site. The rebates were intended to be first directed at the cost of traditional public improvements (i.e. streets, sidewalks, sewer, water, etc.) and then toward reimbursement of utility relocations/rail spur and City Fees. The Developer's up front cost for the public improvements was to be funded from the issuance of land secured bonds in an original principal amount not to exceed $2.7 million.