2011-012 - Construction Improvements to the Downtown Parking Garages/Lots

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("City"), if the following findings can be made: 1. That the public improvement is of benefit to the project area or the immediate neighborhood in which the project is located; 2. That no other reasonable means of financing the public improvement is available to the community; and 3. That the payment of funds for the cost of the public improvement will assist in the elimination of one or more blighting conditions inside the project area. F. The City is the owner of numerous parking structures in the City's Downtown. These parking structures are located within the Central City Project Area. The structures are in need of capital improvements, architectural upgrades for structural efficiency, ADA compliance, and addition of new security systems and installation of operational equipment. G. The City further desires to add to the design efforts for the four structures with the implementation of the way-finding sign program for the Downtown including construction of signage for the parking structures and public surface parking lots. H. The publicly owned improvements to be made to the parking structures will be of benefit to the merged Project Area (and the Central City Project Area) as well as benefit the immediate neighborhood and all patrons of the Downtown. This finding is supported by the fact that public improvements in general facilitate the removal of blight and help create a safe, more cohesive and economically dynamic community. Public safety improvements eliminate blight, improve traffic flow, increase the safety of residents, create and promote business attraction and retention in the Downtown. The City, public and business community will significantly benefit from the proposed Projects. These public improvements will beautify public streets, promote business, and improve public infrastructure necessary to spur economic revitalization in the Project Area. 1. The City determines that it lacks funds to pay for the Project at this time, and there are no other reasonable means of financing said improvements. It has been difficult for the City, by itself, to provide sufficient funds to support the construction of major public improvements. The limited resources of the City's General Fund are committed to previously incurred obligations and planned projects. J. The Agency approved the sale and issuance of tax allocation bonds which included approximately Six Million One Hundred Thousand ($6,100,000) dollars in new debt to finance the proposed Projects. Further, Resolution No. 2011-012 Page 2 of 4