RDA Reso 2010-009 - Laserfiche WebLink

Home

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 HEREBY RESOLVED by the Redevelopment Agency of the City of San Leandro as follows: Section 1: The Agency hereby finds based upon the facts set forth in the foregoing recitals and the evidence set forth in the Staff Report, that: (i) the expenditure of tax increment funds (including the proceeds of tax 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. Section 2: Conditioned upon the consent of the City Council, the Agency Board hereby authorizes (i) the appropriation and expenditure of up to $500,000 in funds from the available fund balance of the Plaza Project Area, (ii) the expenditure of up to $400,000 in funds from the existing Plaza Project Area appropriation and (iii) the expenditure of up to $10,550,000 in funds from the existing Joint Project Area appropriation for the construction of the Estudillo Callan Parking Garage. Section 3: The Agency approves the Cooperation Agreement, and authorizes the Executive Director to execute the Cooperation Agreement substantially in the form on file with the Agency Secretary. Section 4: The Executive Director is hereby authorized to undertake such actions as necessary to carry out the intent of this Resolution. Introduced by Agency Board Member Souza and passed and adopted by the Board of Directors of the Redevelopment Agency of the City of San Leandro at a meeting duly held on the 20th day of September, 2010, by the following vote: Members of the Agency Board of Directors: AYES: Members Gregory, Prola, Reed. Souza, Starosciak, Stephens; Chair Santos (7) NOES: None (0) ABSENT: None (0) ATTEST: NteletiCVV� 41CL'i .� Marian Handa, Agency Secretary • RESOLUTION NO. 2010-009 RDA 3