2011-001 CRA - Laserfiche WebLink

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there are 2003 bond proceeds from the South Main Project Area (approximately $2,500,000) which can be used for this capital improvement/construction project, as well as $900,000 from the merged project capital fund which can be of benefit to the Merged Project Area. The actions recommended provide an opportunity to affirm the use of bond proceeds pursuant to the Official Statement and budgeted capital project funds for the improvements mentioned herein. K. The City further finds and determines that the payment of funds for the construction of the publicly owned improvements is consistent with the Implementation Plan adopted pursuant to Health and Safety Code Section 33490. L. It is in the best interest of the City and the common benefit of residents, employees, business tenants and property owners within the Project Area and the City as a whole for the Projects to be developed and constructed. M. The City Council and Agency have received and heard all oral and written objections to the proposed payments by the Agency to the City for the Projects as described in the Agreement, and to other matters pertaining to this transaction, and all such oral and written objections are hereby overruled. N. The Agency Board hereby finds and determines that the foregoing findings are true and correct. Section 2. The Agency hereby consents to the payment by the Agency of up to $9,500,000.00 in Agency bond and capital funds from the Merged Project Area for these publicly owned improvements, in accordance with that certain Cooperative Agreement to be executed between the Agency and the City. Section 3. The Executive Director of the Agency, or her/his designee, is hereby authorized to execute the Cooperative Agreement on behalf of the Agency, together with such non-substantive changes as may be approved by the Agency Executive Director and the Agency General Counsel. Section 4. The Executive Director of the Agency, or her/his designee, is hereby authorized to take all steps, and to sign all documents and instruments necessary to implement and carry out and implement the Resolution and Cooperative Agreement, and to administer the Agency's obligations, responsibilities and duties to be performed under the Agreement. Section 5. The Recording Secretary for the Agency shall attest to and certify the vote adopting this Resolution. CRA Resolution No. 2011-001 Page 3 of 4