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finding that it does not have and cannot reasonably obtain revenue for such purposes, and <br /> therefore no other reasonable means of financing the Project exists; and <br /> WHEREAS. Agency and City staff have prepared a Cooperation Agreement (the <br /> "Cooperation Agreement ") which provides for City and Agency cooperation in the financing <br /> and completion of the Project. <br /> NOW, THEREFORE, BE IT RESOLVED that the City Council hereby: <br /> 1. Adopts the above Recitals as true, correct, and its findings; <br /> 2. Finds and determines that, based upon the foregoing Recitals and the information <br /> provided in the staff report accompanying this Resolution: (i) the expenditure of tax increment <br /> funds (including the proceeds of tax allocation bonds secured by such funds) to undertake the <br /> installation and construction of the Project will be of benefit to the Project Areas, (ii) no other <br /> reasonable means of financing the Project is reasonably available, (iii) completion of the Project <br /> is of primary benefit to the Project Areas and will assist in the elimination of blighting conditions <br /> in the Project Areas,; and (iv) completion of the Project is consistent with and specifically <br /> identified in the Implementation Plan adopted for the Project Areas. <br /> 3. Consents to the Agency's expenditure of up to S11,450,000 of tax increment <br /> funds for the Project. <br /> 4. Approves the Cooperation Agreement, and authorizes the City Manager to <br /> execute the Cooperation Agreement substantially in the form on file with the City Clerk. <br /> Passed and adopted at a meeting of the City Council of the City of San Leandro on the <br /> 20th day of August, 2010, by the following vote: <br /> Members of the Council: <br /> AYES: <br /> NOES: <br /> ABSTAIN: <br /> ABSENT: <br /> • <br /> ATTEST: <br /> Marian Handa, City Clerk <br /> G: \OBD \Files RDAUoint Project Area \Estudillo Garage - 2008 Bond \City Coop and 334 Reso.docx <br />