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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 />15 <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 />WHEREAS, the Agency proposes pledging to the City all currently available tax <br />increment revenues from the Rancho/Mill Project Area and the Mt. Vernon Project Area to pay <br />a portion of the City's costs of constructing and installing the Laurel Street Grade Separation <br />Project; and <br />WHEREAS, the Agency further proposes pledging all future tax increment revenues <br />from the Rancho/Mill, Mt. Vernon Corridor and West Valley Project Areas to the City to pay all <br />of the remaining City costs of constructing and installing the Laurel Street Grade Separation <br />Project; and <br />WHEREAS, the Agency proposes to pay currently available pledged tax increment <br />revenues to the City for the City to reserve for payment of costs of the Laurel Street Grade <br />Separation Project and, to the extent that such currently available pledged tax increment <br />revenues of the Agency are not sufficient to pay all of the City's costs for the construction and <br />installation of the Laurel Street Grade Separation Project, the Agency proposes to pay pledged <br />future tax increment revenues of the Agency to the City as they are received by the Agency, until <br />all of the City's costs for the construction and installation of the Laurel Street Grade Separation <br />Project are paid from the pledged tax increment revenues of the Agency; and <br />WHEREAS, the Laurel Street Grade Separation Project will be ofprimary benefit to the <br />Rancho Mill Project Area, the Mt. Vernon Project Area and the West Valley Project Area by <br />eliminating blighting conditions affecting all ofthe Project Areas through improved public street <br />traffic operations, improved public safety, including pedestrian safety for students walking to <br />Colton Middle School from the Rancho/Mill and Mt. Vernon Project Areas, reduction in train <br />related noise impacts on area residents and reduction in air pollutant emissions from both trains <br />and traffic, that all impact the Rancho/Mill Project Area, the Mt. Vernon Project Area and the <br />West Valley Project Area because of the close proximity of each of these Project Areas to the <br />Laurel Street Grade Separation Project; and <br />WHEREAS, no other reasonable means of financing the City's costs associated with the <br />construction and installation of the Laurel Street Grade Separation Project is available to the <br />City, and <br />WHEREAS, the Agency's current 2010-2014 Implementation Plan covering the <br />Rancho Mill Project Area, the Mt. Vernon Project Area and the West Valley Project Area <br />("Implementation Plan") contemplates the Agency paying costs of City street improvements, <br />such as the Laurel Street Grade Separation Project, both within and outside the Project Areas; <br />and <br />WHEREAS, the Rancho Mill Plan, Mt. Vernon Plan and West Valley Plan each <br />authorize the Agency to expend tax increment revenues from the respective project area to pay <br />the costs of City street improvements, such as the Laurel Street Grade Separation Project, both <br />within and outside the project area; and <br />23604.09000\5872287.1 <br />