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addressing the estimated amount of tax increment funds required, the redevelopment purpose for the expenditure, and the facts supporting the findings required by Health and Safety Code Section 33445 must be made available to the public prior to or concurrent with the first publication of the notice; and WHEREAS, a summary consistent with the requirements of Health and Safety Code Section 33679 (the "Report") was made available to the public, and a properly noticed public hearing pursuant to Health and Safety Code Section 33679 was held on February 9, 2009; and WHEREAS, the Project will eliminate a blighted condition by replacing an underutilized 2.68 acre site that was used for vehicle storage with a new school gymnasium and related public infrastructure improvements including the construction of curbs, gutters and sidewalks; and WHEREAS, the Project will be of benefit to the Project Area and the immediately surrounding area by providing increased recreational opportunities for residents, relieving congestion in the City's existing public schools, bringing students and their families to the area with a resulting projected increase in retail sales, and complementing other public facilities, including the San Leandro High School Performing Arts Center and the Senior Community Center; and WHEREAS, the expenditure of tax increment funds for the Project is consistent with the Implementation Plan adopted by the Agency pursuant to Health and Safety Code Section 33490, in that it furthers the goals and objectives of the East 14th Street South Area Plan and upgrades the appearance of the Project Area; and WHEREAS, City staff has explored potential funding sources and has determined that there is no other source of funds reasonably available to the City to contribute toward the Project, other than City general fund revenues which are committed for the provision of essential services such as police and fire services. NOW, THEREFORE, BE IT RESOLVED that the City Council hereby: Adopts the above Recitals as true, correct, and its findings; 2. Finds and determines that, based upon the foregoing Recitals and the information provided in the Report and the staff report accompanying this Resolution: (i) the expenditure of tax increment funds for the Project will be of benefit to the Project Area and the immediately surrounding area; (ii) no other reasonable means of fmancing the Project is reasonably available to the City, the District, or the Agency; (iii) completion of the Project will assist in the elimination of a blighting condition in the Project Area; and (iv) completion of the Project is consistent with the Agency's Implementation Plan adopted for the Project Area. 3. Consents to the Agency's expenditure of up to $2,170,800 of tax increment funds for the Project and to the provision of in-kind contributions as set forth in the Financing Agreement. RESOLUTION NO. 2009-015 2