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The City Council of the City of Santa Ana also finds that the project is consistent with the purposes of the State Aeronautics Act, Public Utilities Code Section 21670 et. seq. These decisions are based upon the evidence submitted at the abovesaid hearing, which includes but not is not limited to: the Request for Council Action dated April 4, 2005 and exhibits attached thereto; and the public testimony written and oral, all of which are incorporated herein by this reference. Section 5. The City Council has read and considered Resolution No. CRA 2005-001 of the City of Santa Ana Community Redevelopment Agency, which is incorporated herein by this reference. Pursuant to Health & Safety Code section 33445, the City Council hereby consents to the construction and installation project described in this Resolution and the use of Agency project specific tax increment, in an amount not to exceed $5 million to pay for said project. The City Council authorizes the City Manager and Clerk to execute the Cooperative Agreement for Offsite Improvements upon approval, if any, of the proposed Nexus project. The City Council finds that: A. The Community Redevelopment Agency of the City of Santa Ana (hereinafter referred to as the "Agency") is engaged in activities necessary to execute and implement the Redevelopment Plan for the South Main Redevelopment Project Area (the Redevelopment Plan"). B. In order to implement the Redevelopment Plan, the Agency has agreed, subject to the approval of the City Council, to contingently approve a Cooperative Agreement for Offsite Improvements between itself, the City of Santa Ana, Sandpointe Neighborhood Association, Inc., a California, non-profit public benefit and federal 501 (c)(3) corporation ("Sandpointe"), the Nexus Development Corporation/Central Division, Inc. a California corporation and The Grand Plan 2, LLC, a California Limited Liability Company (collectively referred to herein as "Nexus"), and Coastal Rim Properties, Inc., a California corporation ("Geneva Commons") (hereafter "the Agreement"). C. The Agreement contains all of the provisions, terms, conditions and obligations required by the state and local laws. D. The Agreement provides, that if the Nexus and Geneva Commons projects receive all discretionary approvals from the City Council, that the Agency will commit up to $5 million in project specific tax increment to construct underground utilities on portions of Main Street, MacArthur Boulevard, and Sunflower Avenue (hereinafter "the undergrounding project"). If no event, however, will the Agency be obliged to spend more than the $5 million in undergrounding on these three street segments. E. Portions of the undergrounding project are not within a Project Area, but the existing above-ground utility lines are visible from the South Main 75C-298 Resolution No. 2005- Page 23 of 25