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Section 1: The Agency hereby finds based upon the facts set forth in the <br />foregoing recitals and the evidence set forth in the Staff Report, that: (i) the expenditure <br />of tax increment funds (including the proceeds of tax allocation bonds secured by such <br />funds) to undertake the installation and construction of the Public Improvements will be <br />of benefit to the Project Areas, (ii) no other reasonable means of financing the Public <br />Improvements is reasonably available, (iii) completion of the Public Improvements will <br />assist in the elimination of blighting conditions in the Project Areas; and (iv) completion <br />of the Public Improvements is consistent with the Implementation Plan adopted for the <br />Project Areas. <br />Section 2: Conditioned upon the consent of the City Council, the Agency <br />Board hereby authorizes (i) the expenditure of $65,000 in funds from the existing Plaza <br />Project Area appropriation for the demolition of 262 Davis Street, and (ii) the expenditure <br />of $180,000 in funds from the existing Joint Project Area appropriation for the <br />construction of the Estudillo/Callan Garage. <br />Section 3: The Agency approves the Cooperation Agreement, and authorizes <br />the Executive Director to execute the Cooperation Agreement substantially in the form on <br />file with the Agency Secretary. <br />Section 4: The Executive Director is hereby authorized to undertake such <br />actions as necessary to carry out the intent of this Resolution. <br />Introduced by Agency Board Member and passed and <br />adopted by the Board of Directors of the Redevelopment Agency of the City of San <br />Leandro at a meeting duly held on the 8th day of September, 2009, by the following vote: <br />Members of the Agency Board of Directors: <br />AYES: <br />NOES: <br />ABSTAIN: <br />ABSENT: <br />ATTEST: <br />Marian Handa, Agency Secretary <br />K:\AA-C\COUNCIL\2009\9_SEP 08\PARKING LOT FUNDING\Parking Lot FUNDING CM AUTH RES RDA.DOC <br />