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f. The Agency will satisfy the ten (10) year Education Revenue Augmentation Fund ("ERAF") debt obligation this fiscal year with the final annual payment of One Million Fifty Eight Thousand Thirteen Dollars ($1,058,013). g. The Agency adopts by reference and incorporates as though fully set forth herein each and every finding contained in the supporting documentation which accompanies the draft budget for fiscal year 2004-2005, including but not limited to the June 1, 2004 memorandum from the Executive Director to the City Manager, the letter from the City Manager to the Honorable Mayor and City Council Members, and the June 17, 2004 staff report from the Executive Director to the Agency, together with all exhibits attached to said documents. h. The draft budget for fiscal year 2004-2005, together with the supporting documentation presented to the Agency, complies in all respects with the requirements of the Community Redevelopment Law, including but not limited to Health & Safety Code § 33606. i. For those expenditures proposed which are outside a project area in the draft budget for fiscal year 2004-2005, the Agency finds and declares that such expenditures will be of benefit to the project area. This finding is made pursuant to Health & Safety Code § 33334.2(g)(1). j. The Agency finds and declares, pursuant to Health & Safety Code § 33420.2, that because of the magnitude and severity of the graffiti within its project areas, any actions that the agency determines are necessary to remove graffiti from public or private property may be taken in order to effectuate the purposes of the redevelopment plan, and such removal actions shall assist with the elimination of blight, as defined in section 33031. k. The Agency finds and declares, pursuant to Health & Safety Code §33445 that certain publicly owned improvements shall be constructed or improved, financed partially or wholly, as determined by the Executive Director, with Agency funds within or without the project areas, thereby constituting debt of the Agency. The legislative body has determined that the facilities, structures or other improvements are of benefit to the project area or the immediate neighborhood in which the project is located; no other reasonable means of financing the buildings, facilities, structures, or other improvements are available to the community; and the payment of funds for the cost of the facilities, structures or other improvements will assist in the elimination of one of more blighting conditions inside the project area or provide housing for low- or moderate-income persons, and is consistent with the implementation plan adopted by the Agency pursuant to Health & Safety Code §33490. I. The Agency has reviewed the Cooperative Agreement between the Agency and the City and hereby updates and reaffirms said Agreement. Resolution No. CRA 2004-08 Page 2 of3