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<br /> ------ <br /> --- <br />I 1 RESOLUTION NO. 794 <br /> 2 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br /> 3 RIVERSIDE, CALIFORNIA, ADOPTING CERTAIN FINDINGS <br /> REGARDING THE CONSTRUCTION AND INSTALLATION OF PUBLIC <br /> 4 IMPROVEMENTS, WHICH ARE OF BENEFIT TO THE UNIVERSITY <br /> CORRIDOR/SYCAMORE CANYON REDEVELOPMENT PROJECT AREA - <br /> 5 UNIVERSITY AVENUE STREETSCAPE. <br /> 6 <br /> 7 WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency") <br /> 8 desires and intends to pay for the third phase of University Avenue Streetscape Improvements <br /> 9 between Eucalyptus Avenue and Ottawa Avenue ("Improvements") within the University <br /> 10 Corridor/Sycamore Canyon Redevelopment Project Area (the "Project Area"); and <br /> 11 WHEREAS, Health and Safety Code Section 33445 provides that the Agency may, with <br /> 12 the consent of the legislative body, pay all or part of the value of the land for, and the cost of the <br /> 13 installation and construction of, any building, facility, structure, or other improvements that is <br />I 14 publicly owned either within or without the Project Area. <br /> 15 WHEREAS, the lack of Improvements on University Avenue between Eucalyptus <br /> 16 A venue and Ottawa A venue creates a safety hazard to drivers and pedestrians because of high <br /> 17 traffic volume, traffic speeds and limited pedestrian access; and <br /> 18 WHEREAS, the lack of Improvements serves as a deterrent to the economic development <br /> 19 and redevelopment of local businesses and to the establishment of new businesses in the Project <br /> 20 Area, thereby constituting economic and physical blight; and <br /> 21 WHEREAS, the Improvements will enhance traffic circulation, create a safe pedestrian <br /> 22 environment, attract and encourage new business investment in the Project Area, and improve <br /> 23 the visual appearance of the neighborhoods within the Project Area, thereby benefiting the <br /> 24 Project Area; and <br /> 25 WHEREAS, the Improvements are anticipated to promote traffic flow and safety, <br /> 26 enhance the appearance of the street and improve the health, safety and welfare of the local <br />I community; and <br /> 27 <br /> 28 <br /> 1 <br />