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<br /> RESOLUTION NO.3 <br />I RESOLUTION OF THE BOARD OF DIRECTORS OF THE <br /> CITY OF RIVERSIDE MUNICIPAL IMPROVEMENTS <br /> CORPORATION AUTHORIZING EXECUTION AND <br /> DELIVERY BY THE CORPORATION OF A LEASE <br /> AGREEMENT, A TRUST AGREEMENT, A LEASE AND <br /> RIGHT OF ENTRY AGREEMENT, A SITE AND SECOND <br /> PARKING STRUCTURE LEASE AGREEMENT, AN AGENCY <br /> AGREEMENT AND AN ASSIGNMENT AGREEMENT, <br /> APPROVING A PURCHASE CONTRACT AND OFFICIAL <br /> STATEMENT AND MAKING OTHER FINDINGS RELATING <br /> THERETO <br /> WHEREAS, the City of Riverside (the "City") and the City of Riverside Municipal <br /> Improvements Corporation (the "Corporation") have heretofore entered into a Facilities Lease <br /> dated as of April I, 1990, as amended by Amendment Number One to Facilities Lease dated as <br /> of September I, 1999 (collectively, the "Existing Parking Structure Lease"), whereby the <br /> Corporation leased a parking structure (the "Existing Parking Structure") to the City; and <br /> WHEREAS, for the purpose of obtaining moneys required to finance and refinance the <br /> Existing Parking Structure, the City, the Corporation and U.S. Bank Trust National Association <br /> entered into a Trust Agreement dated as of April I, 1990, as amended by Amendment Number <br /> One dated as of September I, 1999, and pursuant to which Certificates of Participation were <br />I issued and are outstanding, evidencing undivided interests in the lease payments being made by <br /> the City under the Existing Parking Structure Lease; and <br /> WHEREAS, the City and the Corporation wish to provide for the financing of <br /> approximately 645 additional parking spaces for the Existing Parking Structure (the "Parking <br /> Structure Addition") and additional public improvements on the vicinity of the Galleria at Tyler <br /> (the "Other Public Improvements" and together with the Parking Structure Addition referred to <br /> herein as the "Project"); and <br /> WHEREAS, the City wishes to acquire a leasehold interest in (i) the land upon which the <br /> Parking Structure Addition is to be located (the "Parking Structure Addition Site") and the land <br /> upon which the Other Public Improvements are to be located (the "Other Public Improvements <br /> Site"); (ii) a second parking structure (the "Second Parking Structure") located at the Galleria at <br /> Tyler and the land upon which the Second Parking Structure is located (the "Second Parking <br /> Structure Site") all pursuant to (a) a Land and Parking Structure Lease Agreement (the "Land <br /> and Parking Structure Lease") between Tyler Mall Limited Partnership and the City; (b) a Land <br /> Lease Agreement (the "J.e. Penney Lease") between J.C. Penney Properties, Inc.; and (c) a Land <br /> Lease Agreement (the "Robinsons-May Lease") between Robinsons-May Company and the <br /> City; and <br /> WHEREAS, the City owns certain property right-of-way and improvements thereto <br /> consisting of certain streets located in the City in the vicinity of the Project consisting generally <br />I of a portion of Tyler Street and a portion of Magnolia A venue (the "Streets"); and <br /> WHEREAS, in order to provide moneys to construct the Project, the City and the <br /> Corporation propose (i) to enter into a Site and Second Parking Structure Lease Agreement under <br /> which the City will lease the Parking Structure Addition Site, the Second Parking Structure Site, <br /> RVPUB\FJB\694632.1 I <br />