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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />151 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />Intersection Signal Project Reche Canyon Road is the main arterial road <br />(A) and (B) providing street traffic circulation ingress and egress <br />to the project area from the south; in City Council <br />Resolution No. R-08-00, the City has previously <br />found and determined that the realignment and <br />reconstruction work indicated for segments of Reche <br />Canyon Road outside of the project area is necessary, <br />and that such work benefits the project area; the City <br />Engineer has recently completed a traffic circulation <br />warrant study for Reche Canyon Road which <br />indicates that street traffic volumes at the intersection <br />of Reche Canyon Road and Topanga Way and the <br />intersection of Reche Canyon Toad and Shane Drive <br />satisfy the standards for the signalization of both <br />intersections at the present time; the installation of the <br />Intersection Signal Projects likewise shall maintain <br />each such intersection at an acceptable level of <br />service and benefit the project area. <br />Section 5. The City Council hereby finds and determines that the community does <br />not presently have funds available to initiate the installation and construction of the <br />Intersection Signal Projects unless the available proceeds of the Santa Ana River Bond <br />Account are used and applied by the Agency to pay for such costs, and that no other <br />reasonable means of financing the cost of construction of the Intersection Signal Projects is <br />available to the City at the present time. Accordingly, and in addition to the consent of the <br />City Council as set forth in Section 6 of the City Council Resolution No. R-08-00, the City <br />Council hereby further consents to the use and application of the available balance of the <br />COLT/0001/DOC/355 5 <br />11/16/00 930 JMM <br />