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WHEREAS, Regency has agreed to grant a Temporary Construction Easement to the <br />Agency on that portion of 1267 Washington Avenue that is not included in the Grant of <br />Easement; and <br />WHEREAS, the Agency's acquisition of the Grant of Easement and the Temporary <br />Construction Easement, as well as the installation of the Improvements, shall be of direct benefit <br />to the Project Area because it will allow for the installation of public improvements in the Project <br />Area that will benefit the businesses and patrons in the Project Area and will help further the <br />implementation of the Downtown Lighting and Pedestrian Improvements project, thereby <br />attracting people to, promoting economic development in and enhancing the environment of the <br />Project Area; and <br />WHEREAS, no other reasonable means of financing the acquisition of the Grant of <br />Easement and the Temporary Construction Easement, as well as the installation of the <br />Improvements, is available to the community in that the only other possible source of funding is <br />through the use of the City's General Fund and that is pledged for the provision of essential City <br />services for the residents of the City such as police and fire services; and <br />WHEREAS, the Agency purchase of the Grant of Easement and the Temporary <br />Construction Easement, as well as the installation of the Improvements, will assist in the <br />elimination of one or more blighting conditions in the Project Area by furthering the <br />implementation of the Downtown Lighting and Pedestrian Improvements project, which will <br />attract patrons to the Project Area, in turn increasing and strengthening existing uses in the <br />Project Area, consistent with the Five Year Implementation Plan adopted by the Agency <br />pursuant to Section 33490. <br />RESOLUTION NO. 2004-145 <br />