AgdaPkt 2002-12-09 - Laserfiche WebLink

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� �'.�-1�5 -- or part of the value for and the cost of installation and construction of any building, facility, structure or other improvement which is publicly owned either within or without a project area ff the legislative body determines that the buildings, facilities, structures or other improvements are of benefit to ths project area or the immediate area in which the .. project is located, that no other reasonable means of financing the buildings, facilities, structures or other improvements are available to the community, and that such buildings, facilities, structures or other improvements wifl assist in the elimination of blighting conditions inside the project area and are consistent with the implementation plan adopted pursuant to Section 33490 of the Community Redevelopment Law; and WHEREAS, pursuant to and under the circumstances and limitations set forth in the DDA, in connection with the development of the Parcels by the Developer, the Agency proposes to undertake or help pay for an underground public parking garage (the "Public Parking Facility'); and WHEREAS, the City and the Agency cert�ed on October 27, 2000, an Environmental Impact Report on the Project, and approved on 2002, an Addendum to the Environmental Impact Report (refeRed to collectively as the "Project EIR"); and WHEREAS, notice of a joint public hearing by the Ciry Council and the Agency on approval of the DDA was published in the Redwood Ciry Tribune-The Independent, _ on November 23, 2002 and November 30, 2002. � NOW, THEREFORE, THE REDWOOD CITY REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The Agency hereby finds and determines that the consideration for the Parcels to be paid by the Developer pursuant to the DDA is not less than the fair reuse value of the Parcels at the use and with the covenants and conditions and development costs authorized by the sale and constitutes a fair and equitable price for the land according to its .value when considered within the context of the DDA, and that the payment of such consideration for transfer of the Parcels is necessary to effectuate the purposes of the Redevelopment Plan, as they are proposed to be amended. This finding is based upon the reasons contained in the financial summary prepared pursuant to Health and Safety Code Section 33433. Section 2. The Agency hereby finds and determines that the provision of the proposed Public Parking Facility by the Agency, in whole or in part, for the development of the Project is necessary to effectuate the purposes of the Redevelopment Plan, and the Agency is authorized, with the consent of the City Council, to provide such Public Parking Facility. In addition, the Agency hereby finds and determines that the private improvements and the Public Parking Facility are struc:�rally so integrated and interrelated that it would be uneconomic, impracticable and structuraily infeasible to _ competitively bid the Public Parking Facility. F:Atty/Reso.Reso.1349 120502 2