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<br />the Seaport Centre subdivision; and <br /> <br />WHEREAS, the EIR for development of Seaport Centre (EIR 81-23, <br /> <br />P. 52) as certified by the Planning Commission cites the widening <br /> <br />and reconstruction of Seaport Boulevard as a mitigation measure to <br /> <br />lessen the impact of traffic which will be generated by the <br /> <br />development of Seaport Centre; and <br /> <br />WHEREAS, although Lincoln Property Company is willing and able <br /> <br />to advance funds necessary for said Seaport Boulevard project, <br /> <br />Lincoln Property Company cannot afford to carry such financing on a <br /> <br />long-term basis, and no other source of funding is currently available <br /> <br />for such project; and <br /> <br />WHEREAS, the Redevelopment Plan submitted by the Agency and <br /> <br />adopted by the City Council, anticipated the possible Agency financing <br /> <br />of the Seaport Boulevard project (Report to City Council, P. IV-2, <br /> <br />May, 1982); and <br /> <br />WHEREAS, there has been presented to this Council and this <br /> <br />Agency an agreement for the financing of the Seaport Boulevard <br /> <br />project, and it is the intent of this Council and this Agency to <br /> <br />approve such agreement; <br /> <br />NOW, THEREFORE; <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, AND <br /> <br />BY THE COUNCIL OF THE CITY OF REDWOOD CITY ACTING AS THE <br /> <br />REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY, AS FOLLOWS: <br /> <br />1. This Council and this Agency hereby find and declare as <br /> <br />follows: <br /> <br />(a) The development of Seaport Centre will effectuate <br />the purposes of the Redevelopment Plan and will <br />benefit the Seaport Project sub-area; <br /> <br />2 <br />