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K. The City finds that it is in the best interests of the City and the <br />common benefit of residents, employees, business tenants and property <br />owners within the Project Area and the City as a whole for the Projects to <br />be developed and constructed. <br />L. The use of funds in the Agency's low and moderate income housing <br />fund for the Projects located outside of the Project Area can be used in <br />accordance with Section 33334.2 of the CRL because the use of such <br />funds will be of benefit to the Project Area. <br />M. The City Council has received and heard all oral and written <br />objections to the proposed payments by the Agency to the City for the <br />Projects as described in the Agreement, and to other matters pertaining to <br />this transaction, and all such oral and written objections are hereby <br />overruled. <br />N. The City Council hereby finds and determines that the foregoing <br />findings are true and correct. <br />Section 2. The City Council hereby consents to the payment by the Agency of <br />up to $210,000,000.00 in Agency funds from the Merged Project Area for these public <br />projects, programs and activities, in accordance with that certain Cooperative Agreement <br />to be executed between the Agency and the City. <br />Section 3. The City Manager or his designess is hereby authorized to take all <br />steps, and to sign all documents and instruments necessary to implement and carry out <br />and implement the Agreement, and to administer the City's obligations, responsibilities <br />and duties to be performed under the Cooperative Agreement on behalf of the City. <br />Section 4. The Clerk of the Council shall attest to and certify the vote adopting <br />this Resolution. <br />4 <br />