M-9/22/1998
EXHIBIT G
RESOLUTION NUMBER
457
(RAS)
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(Redevelopment Agency Senes)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA APPROVING THE
1116-1146 FOURTH STREET PROJECT AND
APPROVING A REIMBURSEMENT AGREEMENT
BElWEEN THE CITY AND THE REDEVELOPMENT AGENCY
WHEREAS, the Redevelopment Agency of the City of Santa Monica (the "Agency")
has prepared a Redevelopment Plan for the Santa MOnica Earthquake Recovery
Redevelopment Project, which would result In the allocation of taxes from the Project Area
to the Agency for the purposes of redevelopment, and
WHEREAS, the Agency proposes to fund the public parking spaces at the1116-
1146 Fourth Street ProJect, and
WHEREAS, the estimated cost of the public parking spaces IS approxImately two
million fIve hundred sIxty-three thousand SIX hundred and sIxty dollars ($2,563,660), and
WHEREAS, the City and the Agency have prepared a proposed Reimbursement
Agreement to provide a means of constructing the public parking spaces at 1116-1146
Fourth Street, and
WHEREAS, Section 33445(a) of the California Community Redevelopment law
authorizes a redevelopment agency, with the consent of the legislatIve body and If the
agency and the legislative body make certain determlnatlons speCified In Section 33445,
to pay all or part of the cost of installation and construction of any publicly owned
Improvement
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA DOES RESOLVE AS FOllOW
SECTION 1 The Agency CounCil hereby finds and determines (1) that the
proposed public parkIng IS of benefit to the Project Area, (2) that no reasonable means of
finanCing the Improvements other than that set forth In the Reimbursement Agreement IS
available to the community, (3) that the payment of funds for the Improvements Will assist
the recovery from, and the elimination of one or more of the conditions resulting from, the
1994 Northndge earthquake disaster, (4) that the payment of funds for the Improvements
WIll aSSist In the eliminatIon of one or more blighting conditions InsIde the Project Area, and
(5) that such payment of funds IS conSistent With the Implementation Plan for the
Earthquake Recovery Redevelopment Project
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EXHIBIT G
SECTION 2 The Agency hereby approves the Reimbursement Agreement and
authorizes the Executive Director to execute the same on behalf of the Agency
SECTION 3 The Secretary shall certify to the adoption of this Resolution and
thenceforth and thereafter the same shall be In full force and effect
APPROVED AS TO FORM
M!l:1:n!.fJw~
General Counsel
- 34 -
Adopted and approved thIS 22nd day of September. 1998
~r~
Robert Holbrook. Chair
I hereby certIfy that the foregomg ResolutIOn No 457 (RA5) ,vas duly adopted at a
meetmg of the Redevelopment Agency held on the 22nd day of September. 1998 by the
followmg vote
Ayes
Agency Member
Ebner. Femstem, Genser. Greenberg, Holbrook O'Connor
Noes
Agency Member
~one
Abstam
Agency Ylember
Rosenstem
Absent
Agency?\1ember
None
ATTEST
'-~~- .~
1Vlana Stewalt, Stcretary