R-031-11 - Laserfiche WebLink

Browse Search

1 2 3 4 5 6 111 H 21 3.2. The Agency's payment of a portion of the City's costs of constructing and installing the Laurel Street Grade Separation Project will directly assist in eliminating blighting conditions in the Project Areas through improved public street traffic operations, improved public safety, including pedestrian safety for students walking to Colton Middle School from the Rancho/Mill and Mt. Vernon Project Areas, reduction in train related noise impacts on area residents and reduction in air pollutant emissions from both trains and traffic, that all impact the Rancho/Mill Project Area, the Mt. Vernon Project Area and the West Valley Project Area because of the close proximity of each of these Project Areas to the Laurel Street Grade Separation Project and as described in the SANBAG Study. 3.3. No other reasonable means of financing the Laurel Street Grade Separation Project is available to the City. Issuing bonds, establishing a community facilities or assessment district, or using another public financing mechanism to finance all or a portion of the costs of the Laurel Street Grade Separation Project is not politically or economically feasible due, in part, to the fact that many area properties are occupied by low or moderate income households that cannot afford additional debt service assessments and the economic and budgetary circumstances currently affecting the City and the State of California. 3.4. The Agency's payment for the costs of City public street improvements, such as the Laurel Street Grade Separation Project, is contemplated in the Implementation Plan (See, among others, 2010-2014 Implementation Plan, Section 3.4). 3.5. The Rancho Mill Plan, Mt. Vernon Plan and West Valley Plan each authorize the Agency to expend tax increment revenues to pay the costs of City public street improvements, such as the Laurel Street Grade Separation Project, both within and outside each of the respective project areas (See, among others, Rancho/Mill Plan, Sections 344 and 365, Mt. Vernon Plan, Section 344, and West Valley Amendment, Section 344). SECTION 4. Approval of Expenditures. The City Council hereby consents to and approves the Agency expending and pledging tax increment revenue from the Rancho Mill Project Area, the Mt. Vernon Project Area and the West Valley Project Area to pay all or a portion of the City's costs of construction and installation of the Laurel Street Grade Separation Project. SECTION 5. Implementation. The City Council hereby authorizes and directs the City Manager to take any action, sign any documents or enter into any agreements with the Agency or otherwise necessary or convenient to implement the financing activities consented to or approved in this Resolution, all with the concurrence of the City Attorney. SECTION 6. Signature of Mawr. The Mayor shall sign this Resolution and the City Clerk shall attest and certify to the passage and adoption of this Resolution. 23604.09000\5872287.1 el