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RESOLUTION NO. 705 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, ADOPTING CERTAIN FINDINGS REGARDING THE CONSTRUCTION AND INSTALLATION OF PUBLIC IMPROVEMENTS WHICH ARE OF BENEFIT TO THE MERGED DOWNTOWN AND AIRPORT INDUSTRIAL REDEVELOPMENT PROJECT AREA WHEREAS, the Redevelopment Agency of the City of Riverside ("Agency") desires and intends to install public improvements at Jasmine Street and Jurupa Avenue consisting of a traffic signal within the Merged Downtown and Airport Industrial Redevelopment Project Area (Project Area); and WHEREAS, the lack of the public improvements at Jasmine Street and Jurupa Avenue in the Project Area creates a safety hazard to employees working within the area and serves as a deterrent to the economic health of local businesses and to the establishment of new businesses in the Project Area, thereby constituting economic blight; and WHEREAS, the Jasmine Street and Jurupa Avenue Public Improvement will provide necessary improvement of the ingress and egress of traffic fi.om surrounding businesses as well as regulate traffic flow; and WHEREAS, the growth of new businesses within the Project Area has caused traffic congestion within the Project Area that would be improved by the installation of a new traffic signal; 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 Project Area. NOW THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Riverside hereby: Section 1. That the Jasmine Street Public Improvement Project will be of benefit to the Project Area in that it will serve to regulate ingress and egress of surrounding businesses as well as maintain safe traffic flow at Jasmine Street and Jumpa Avenue in order to support the continued growth of new businesses within the Project Area. Section 2. That there is no other reasonable means of financing the Jasmine Street and Jumpa Avenue Public Improvement Project available to the community at this time because the Jasmine Street Public Improvements Project is not within the budget of the City.