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WHEREAS, the construction of certain structures and improvements without the Project <br />Area is a direct benefit in achieving the goals and objectives stated in the adopted Five Year <br />Implementation Plan; and <br />NOW, THEREFORE, the Redevelopment Agency of the City of San Leandro does <br />RESOLVE, DECLARE, DETERMINE, AND ORDER, as follows: <br />Section 1. The Agency Board hereby finds that (i) the expenditure of Agency funds to <br />undertake the Project as set forth in this Resolution and the implementation plan heretofore <br />adopted by the Agency for the Project Area (the "Implementation Plan") will be of benefit to the <br />Project Area, (ii) no other reasonable means of financing the Project is reasonably available, (iii) <br />completion of the Project will eliminate blighting conditions in the Project Area; and (iv) <br />completion of the Project is consistent with the Implementation Plan. <br />Section 2. The Agency Board hereby approves the Cooperation Agreement between the <br />Agency and the City, attached hereto as Exhibit "A," whereby the Agency has agreed to provide <br />the City with financial assistance with regard to the Project. <br />Section 3. The Executive Director is hereby authorized and directed to execute the <br />Cooperation Agreement on behalf of the Agency <br />Section 4: Funds are hereby appropriated from the Joint Project Area fund balance <br />for the purchase of the Property in the amount of $1,300,000. <br />Introduced by Agency Member and passed and adopted <br />this 15th day of December 2008, by the following called vote: <br />Members of the Agency: <br />AYES: <br />NOES: <br />ABSENT: <br />ATTEST: <br />Marian Handa, Agency Secretary <br />K:AAA-C\COUNCIL~2008U2 DEC 15\TRIANGLE FUNDING RES RDA.doc <br />