TITLE
Recommendation to adopt resolution making certain findings regarding the construction of certain public improvements in the Poly High Redevelopment Project Area. (District 6)
DISCUSSION
On January 18, 2005, the City Council adopted a resolution authorizing the issuance of Tax Increment Revenue Bonds to fund several important public improvement projects planned in the Poly High Redevelopment Project Area.
To facilitate the removal of blight and help create a safe, more cohesive and economically dynamic neighborhood, the Redevelopment Agency intends to construct two infrastructure projects to address street and open space improvements.
Before the Redevelopment Agency may proceed with the aforementioned projects, California Redevelopment Law requires the City Council to adopt a Resolution (attached) making the following findings:
· That the construction of such public improvements are of benefit to the redevelopment project area or the immediate neighborhood in which the public improvement project is located;
· That no other reasonable means of financing the public improvements are available to the community; and
· That the payment of Agency funds for the construction of the public improvements will assist in the elimination of one or more blighting conditions within the project area.
This letter was reviewed by Assistant City Attorney Heather A. Mahood on November 7, 2006 and Budget Management Officer David Wodynski on November 2, 2006.
TIMING CONSIDERATIONS
City Council action is requested on November 14, 2006, to allow for the immediate initiation of projects to improve traffic circulation and create new public open space.
FISCAL IMPACT
Bond funding is currently budgeted in the Redevelopment Fund (RD 228) for these projects. There is no impact to the General Fund.
SUGGESTED ACTION
Approve recommendation.
BODY
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LONG BEACH MAKING CERTAIN FINDINGS REGARDING THE CONSTRUCTION OF CERTAIN PUBLIC I...
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