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RESOLUTION NO. 738 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 CASA BLANCA REDEVLOPMENT PROJECT WHEREAS, the Redevelopment Agency of the City of Riverside ("Agency") desires and intends to construct and install public improvements consisting of the Riverside canal rehabilitation between Winstrom and Jefferson Streets (the "Riverside Canal Rehabilitation Project") within the Casa Blanca Redevelopment Project Area (the "Project Area"); and WHEREAS, the open canal between Winstrom and Jefferson Streets creates an area for dumping debris into the canal and serves as a deterrent to the economic health of local businesses and to the establishment of new or expanding businesses in the Project Area, thereby constituting economic blight; and WHEREAS, the Riverside Canal Rehabilitation Project will maintain water quality, significantly reduce the ongoing maintenance costs associated with an open canal, and create an attractive cleaner area, thereby benefiting the Project Area; and WHEREAS, the Riverside Canal Rehabilitation Project will offer land use alternatives, thereby attracting and encouraging new business investment in the Project Area; 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 Riverside Canal Rehabilitation Project will be of benefit to the Project Area in that it will assist in the removal of dumping debris into the canal, · manage water quality, reduce the cost of maintaining the canal and improve the overall appearance of the area between Winstrom and Jefferson Streets. Section 2. That there is no other reasonable means of financing the Riverside Canal Rehabilitation Project available to the community because the rehabilitation project between Winstrom and Jefferson Streets is not within the budget of the City.