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RESOLUTION NO. 643 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 REDEVELOPMENT PROJECT AREA. WHEREAS, the Redevelopment Agency of the City of Riverside ("Agency") desires and intends to install public improvements consisting of landscaping, medians, and utility undergrounding on Madison Street between Evans Street and Lincoln (the "Madison Streetscape Project") within the Casa Blanca Redevelopment Project (the "Project Area"); and WHEREAS, the lack of landscaping and medians and speed of traffic on Madison Street in the Project Area creates a safety hazard to pedestrians 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 Madison Streetscape Project will create visible pedestrian crosswalks, improve the narrow and congested sidewalks, create an attractive tree-lined avenue, and reduce the traffic speed, thereby bene~ting the Project Area; and WHEREAS, the Madison Streetscape Project is anticipated to attract and encourage new business investment in the Project Area as well as enhance the future development of a new library on Madison Street; 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 Madison Streetscape Project will be of benefit to the Project Area in that it will assist in managing existing safety hazards due to high traffic speeds and limited pedestrian access and improve the overall appearance of Madison Street between Evans Street and Lincoln Avenue. Section 2. That there is no other reasonable means of financing the Madison Streetscape Project available to the community because the Madison Streetscape Project is not within the budget of the City.