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WHEREAS, Agency and City staff have prepared a Cooperation Agreement (the <br /> "Cooperation Agreement ") which provides for City and Agency cooperation in the financing and <br /> completion of the Project. <br /> NOW THEREFORE, BE IT HEREBY RESOLVED by the Redevelopment Agency of <br /> the City of San Leandro as follows: <br /> Section 1: The Agency hereby finds based upon the facts set forth in the foregoing <br /> recitals and the evidence set forth in the Staff Report, that: (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 is <br /> of primary benefit to the Project Areas and will assist in the elimination of blighting conditions in <br /> the Project Areas,; and (iv) completion of the Project is consistent with and specifically identified in <br /> the Implementation Plan adopted for the Project Areas. <br /> Section 2: Conditioned upon the consent of the City Council, the Agency Board hereby <br /> authorizes (i) the appropriation and expenditure of up to 5500,000 in funds from the available fund <br /> balance of the Plaza Project Area, (ii) the expenditure of up to 5400,000 in funds from the existing <br /> Plaza Project Area appropriation and (iii) the expenditure of up to 510.550,000 in funds from the • <br /> existing Joint Project Area appropriation for the construction of the Estudillo Callan Parking <br /> Garage. <br /> Section 3: The Agency approves the Cooperation Agreement, and authorizes the <br /> Executive Director to execute the Cooperation Agreement substantially in the form on file with the <br /> Agency Secretary. <br /> • <br /> Section 4: The Executive Director is hereby authorized to undertake such actions as <br /> necessary to carry out the intent of this Resolution. <br /> Introduced by Agency Board Member and passed and adopted by the <br /> Board of Directors of the Redevelopment Agency of the City of San Leandro at a meeting duly held <br /> on the 20th day of September, 2010, 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 /> G:\OBD \Files RDAVoint Project Area\Estudillo Garage - 2008 Bond\RDA Coop and 33445 1 Resn.DOC 3 <br />