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RESOLUTION NO. 638 <br /> <br /> A RESOLUTION OF THE REDEVELOPMENT <br /> AGENCY OF THE CITY OF RIVERSIDE, <br /> CALIFORNIA, ADOPTING CERTAIN FINDINGS <br /> REGARDING THE CONSTRUCTION AND <br /> INSTALLATION OF PUBLIC IMPROVEMENTS, <br /> WHICH ARE OF BENEFIT TO THE MERGED <br /> AIRPORT INDUSTRIAL AND DOWNTOWN <br /> REDEVELOPMENT PROJECT AREA. <br /> <br /> WHEREAS, the Redevelopment Agency of the City of Riverside ("Agency") <br />desires and intends to install public improvements consisting of pay-by-space machines <br />and parking meters and associated signage for the metered zones within the Justice <br />Center (the "Metered Project") defined as that area bounded by l0th Street to the north, <br />Lemon Street to the east, 14th Street to the south and Market Street to the west, within <br />the Merged Airport Industrial and Downtown Redevelopment Project (the "Merged <br />Project Area"); and <br /> <br /> WHEREAS, the shortage of convenient parking serves as a deterrent to the <br />economic health of local businesses and as a deterrent to the establishment of new <br />businesses in the Merged Project Area: thereby constituting economic blight; and <br /> <br /> WHEREAS, the Metered Project will increase the availability of short-term, on- <br />and off-street parking, in order to meet public demand, thereby benefiting the Merged <br />Project Area; and <br /> <br /> WHEREAS, the Metered Project is anticipated to generate approximately Six <br />Hundred Thousand Dollars ($600,000) annually which is to be used as a revenue source <br />for the provision of additional parking facilities which shall alleviate the shortage of <br />convenient parking in the Merged Project Area; and <br /> <br /> WHEREAS, the Agency has borrowed Three Hundred Sixty-five Thousand <br /> Dollars ($365,000) from the Sewer Fund to finance the cost of the Metered Project; and <br /> <br /> WHEREAS, Health and Safety Code Section 33445 provides that the Agency <br /> may, with the consent of the legislative body, pay all or part of the value of the land for, <br /> and the cost of the installation and construction of, any building, facility, structure, or <br /> other improvements which is publicly owned either within or without the Merged <br /> Project Area. <br /> <br /> NOW THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the <br /> City of Riverside hereby: <br /> <br /> <br />