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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~OO1 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 Cpl.Incil hereby con$ents to the construction .and installgtion project described in this Resolution and thEJ uSe of AgEJncy prqject I>pecific tax increment, in an amqunt not to exceed $5 million to pay for. $aid project. The City Council. authOrizEJs thl'i City Manager anØ Clerk to. eXl'içute the. COopl'irative Agreement for Offsite Improvements upon approval, if any, of the proposed Nexus project. The City Council finds that: A. Thl'i Community Redevelopml'ipt Agency of the City of Santa Ana (herein"fter referred t9 as thI'J"Agençy") is engaged in activities necessary to execute. and implement the . Redevelopment Plan for the South Main Redevelopment Project Area (the Redevelopment Plan"). B. In order to irpplernl'il1t the Redevelopment Plan, the Agency has agreed, subject to the approval of the City Council, to contingently approve a Cooperative Agreement for Offsite Improvements between itself, the City of S"nta Al1a, Sandpointe Neighþprhood ASsocigtion, Inc., 9 California, non-profit Public Þenefit anq feqeral5Q1 (c)(3) cOrpOrgtiol1 ("$gnqpoil1te"), thl'i Nexl.lS DevelPPrnent Cprpo(gtion/Cl'intrgl Division,. .Inc. 9 C;glifomig corporgtion ¡;¡nd The Qranq Plan 2, LLC;, a Califomia Lill1iteq Liability Compgny (collectively referred to. herl'iin as "Nexu::;"), andCog::;tgl Rim Prppertil'iS, 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 utilitiel> on. portions of Main Street, MacArthur Boulevard, and Sunflower Avl'inue (hl'ireinafter "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 undergroundingprojectare not. within a Project Area, but the existing above.ground utility IIpl'is are visible from the South Main Project Area gnd constitute a blighted condition. The City Coyncil further finds th¡;¡t the undergrpundipg projecfis pf þenefitto the project area and/or the immediate neighborhood in which the project is located. Resolutíon2005-Q40 Page 20 òf 61