Reso 2010-125 - Laserfiche WebLink

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Improvements without a reduction in vital community services, and the City Council has made a finding that it does not have and cannot reasonably obtain revenue for such purposes, and therefore no other reasonable means of financing the Project exists; and WHEREAS, Agency and City staff have prepared a Cooperation Agreement (the "Cooperation Agreement ") which provides for City and Agency cooperation in the financing and completion of the Project. NOW, THEREFORE, BE IT RESOLVED that the City Council hereby: I. 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 staff report accompanying this Resolution: (i) the expenditure of tax increment funds (including the proceeds of tar allocation bonds secured by such funds) to undertake the installation and construction of the Project will be of benefit to the Project Areas, (ii) no other reasonable means of financing the Project is reasonably available, (iii) completion of the Project is of primary benefit to the Project Areas and will assist in the elimination of blighting conditions in the Project Areas,; and (iv) completion of the Project is consistent with and specifically identified in the Implementation Plan adopted for the Project Areas. 3. Consents to the Agency's expenditure of up to S11,450,000 of tax increment funds for the Project. 4. Approves the Cooperation Agreement, and authorizes the City Manager to execute the Cooperation Agreement substantially in the form on file with the City Clerk. Introduced by Councilmember Souza and passed and adopted at a meeting of the City Council of the City of San Leandro on the 20th day of September, 2010, by the following vote: Members of the Council: AYES: Councilmembers Gregory, Prola, Reed, Souza, Starosciak, Stephens; Mayor Santos (7) NOES: None (0) ABSENT: �n None, l I (0) } ATTEST: '�� / L{6(HIA y-JCLt- Marian I -landa, City Clerk RESOLUTION NO. 2010 -125 3