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RESOLUTION NO. 663 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE. CALIFORNIA, ADOPTING CERTAIN FINDINGS REGARDING THE INSTALLATION OF PUBLIC IMPROVEMENTS, WHICH ARE OF BENEFIT TO THE MERGED AIRPORT INDUSTRIAL AND DOWNTOWN REDEVELOPMENT PROJECT AREA. WHEREAS. the Redevelopment Agency of the City of Riverside ("Agency") desires and intends to install public improvements consisting of card access and revenue control equipment in Garages One, Two and Three located in the City of Riverside (the "Project"); and WHEREAS. the shortage of convenient parking serves as a deterrent to the economic health of local businesses and as a deterrent to the establishment of new businesses in the Merged Airport Industrial and Downtown Redevelopment Project Area "Merged Project Area": thereby constituting economic blight; and WHEREAS, card access and revenue control equipment will increase the availability of short-term, on- and off-street parking, in order to meet public demand, thereby benefiting the Merged Project Area; and WHEREAS, card access and revenue control equipment is anticipated to increase revenue by approximately twenty (20) percent to thirty (30) percent, which is to be used as a revenue source for the provision of additional parking facilities to alleviate the shortage of convenient parking in the Merged Project Area; and WHEREAS. the Agency has borrowed One Hundred Sixty Thousand Dollars ($160,000) from the City of Riverside to finance the cost of access card and revenue control equipment: and WHEREAS. Health and Safety Code Section 33445 provides that the Agency may, with the consent of the legislative body, pay all or part of the value of the land for, and the cost of the installation and construction of, any building, facility, structure, or other improvements which is publicly owned either within or without the Merged Project Area. NOW THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Riverside hereby: Section 1. That access card and revenue control equipment will be of benefit to the Merged Project Area in that it will assist in managing existing limited parking resources and will provide a revenue source for the provision of much needed additional parking facilities.