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HomeMy WebLinkAbout6761 RESOLUTION NO. 6761 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, APPROVING THAT CERTAIN COOPERATIVE AGREEMENT WITH THE REDEVELOPMENT AGENCY OF THE CITY OF ARCADIA REGARDING THE USE OF PROPERTY TAX INCREMENT FUNDS FOR THE FINANCING OF CERTAIN PUBLIC IMPROVEMENTS AND MAKING CERTAIN RELATED FINDINGS PURSUANT TO CALIFORNIA HEALTH AND SAFETY CODE SECTION 33445 (GOLD LINE AND DOWNTOWN IMPROVEMENTS) WHEREAS, the City Council ( "City Council ") of the City of Arcadia ( "City ") approved and adopted a redevelopment plan ( "Redevelopment Plan ") for a redevelopment project area known as the Central Redevelopment Project Area ( "Project Area ") on December 26, 1973; and WHEREAS, the Arcadia Redevelopment Agency ( "Agency ") is engaged in activities to execute and implement the Redevelopment Plan for the Project Area pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code § 33000, et seq.) ( "CRL "); and WHEREAS, the City proposes to fund the following public improvement projects on or pertaining to various parcels of real property located within the Project Area: (1) pedestrian and transit plaza improvements to the area adjacent to the Metro Gold Line station in Arcadia ( "Gold Line Improvements "); and (2) street improvements, sidewalk repair, landscaping, and lighting improvements within the Downtown area of the City ( "Downtown Improvements ") (collectively, "Public Improvements "); and WHEREAS, under CRL Section 33445, with the City Council's consent, the Agency is authorized to use the Agency's property tax increment funds, which it 1 receives pursuant to CRL Section 33670, to pay all or part of the value of the installation or construction of public improvements; and WHEREAS, in accordance with CRL Section 33445, the Agency proposes to contribute property tax increment funds for the purpose of paying all or part of the cost of the Public Improvements; and WHEREAS, the City Council is required to make certain findings set forth in CRL Section 33445 with respect to the Agency's use of property tax increment funds to pay for the costs of the Public Improvements; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS: SECTION 1. The facts set forth in the recitals above are true and correct and are hereby incorporated into the City Council's findings and determinations. SECTION 2. The City Council approves that certain Summary Report attached hereto as Exhibit "A ". SECTION 3. The City Council hereby finds, based on the information made available in the staff report accompanying this Resolution and any oral presentation of staff, the Summary Report, and other written and oral evidence and testimony presented to the City Council, the Gold Line Improvements will enhance the Gold Line area and will upgrade the quality of the overall Gold Line appearance and experience in Arcadia for visitors, businesses and residents. These improvements will enhance circulation which facilitates access to the Project Area and benefits local businesses 2 through bringing new customers to Downtown Arcadia. The Transit Plaza project is located on a triangular piece of property at the northwest corner of Santa Clara Street and First Avenue, adjacent to the Gold Line station and parking structure. The Gold Line Improvements will create an important public gathering place. Installation of landscaping, benches, trash receptacles, lighting fixtures, public art, and wayfinding elements will eliminate visual blight and provide amenities otherwise lacking in this portion of the Project Area. The Gold Line Pedestrian Linkage Project, as part of the Gold Line Improvements, includes an area up to 1 /4 mile radius from the planned Gold Line station on streets radiating from or approaching the station including Santa Clara Street, First Avenue, and Wheeler Street. The Gold Line Improvements will create 1.45 miles of pedestrian enhancements, and thereby assist in the elimination of blight and cause redevelopment of the area, by installing pedestrian scaled lighting, wayfinding signage, landscaping, benches, trash receptacles, sidewalk widening, curb ramps, crosswalk enhancements, pedestrian timed signals, and curb extensions. (a) The Agency's provision of tax increment funds to be used as matching funds for the grant of funds for the construction of the Gold Line Improvements is a benefit to the Project Area because: (1) the Gold Line Improvements will improve public safety and travel to and from and within the Project Area; (2) more people will be drawn into the Project Area as a result of the Metro Gold Line station; (3) and long -term economic and property development will be encouraged as a result of the ease of travel to and from the Project Area. (b) There are no other reasonable means of financing the Gold Line Improvements available to the City because: (1) the City's general fund moneys are 3 fully committed to other programs, projects and financial obligations and may not be used as match funds necessary to receive a grant to complete the Gold Line Improvements; (2) the City's reserve funds are devoted to emergency use and must remain in reserve for that purpose, and thus may not be used for the completion of the Gold Line Improvements; (3) there are no other funds available to be used as match funds to obtain the grants to complete the Gold Line Improvements; (4) there are no revenues from City taxes available for use in completing the Gold Line Improvements. (c) The Gold Line Improvements will assist in the elimination of one or more blighting conditions in the Project Area by: (1) improving travel and public transportation flow to and from the Project Area; and (2) encouraging new development near the Metro Gold Line station, in particular, as well as throughout the Project Area as a result of improved travel and the associated influx of people into the Project Area as a result of the Gold Line Improvements. (d) The payment of funds for constructing the Gold Line Improvements is consistent with the Implementation Plan adopted pursuant to CRL Section 33490 and the Redevelopment Plan. SECTION 4. The City Council hereby finds, based on the information made available in the staff report accompanying this Resolution, the Summary Report, and any oral presentation of staff and other written and oral evidence and testimony presented to the City Council that the Downtown Improvements are crucial to the appearance and function of the Project Area. The street improvements along Huntington Drive are critical for expanding capacity along the Project Area's major thoroughfare. Huntington Drive provides the major east -west corridor through the 4 Project Area and currently a "bottleneck" exists at the intersection of Huntington Drive, Colorado Place, and Santa Clara Street. This Downtown Improvements will add turn lanes, complete signal improvements, upgrade sidewalks, and enhance driver safety in this area. Landscaping improvements at the "gateway" into the Project Area at the 1 -210 Freeway and Santa Anita Avenue are another long planned project that will greatly aid in the creation of a positive aesthetic image of the Project Area. These on -ramps are currently a visual blight and are not maintained by Caltrans due to budget concerns. This portion of the Downtown Improvements will be the first impression visitors and residents will have as they enter the Project Area from the Freeway or from the north. The public improvements along Huntington Drive and First Avenue will be an extension of the Gold Line Pedestrian Linkage Project improvements and will enhance the Project Area through the removal of dead trees, the planting of new trees and landscaping, the addition of pedestrian lighting, sidewalk repair, and installation of the streetscapes on these two vital streets within the Project Area. (a) The Agency's provision of tax increment funds to be used for the construction of the Downtown Improvements is of benefit to the Project Area because: (1) the Downtown Improvements will improve public safety and travel within the Project Area as a result of improved sidewalks and lighting; (2) the appearance, viability, safety and qualify of life within the Project Area will be enhanced; (3) more people will be drawn into the Project Area as a result of the Downtown Improvements; (4) and long- term economic and property development will be encouraged as a result of the improved appearance of the Downtown area. 5 (b) There are no other reasonable means of financing the Downtown Improvements available to the City because: (1) the City's general fund moneys are fully committed to other programs, projects and financial obligations and may not be used to complete the Downtown Improvements; (2) the City's reserve funds are devoted to emergency use and must remain in reserve for that purpose, and thus may not be used for the completion of the Downtown Improvements; (3) there are no other funds available to be used to complete the Downtown Improvements; (4) there are no revenues from City taxes available for use in completing the Downtown Improvements. (c) The Downtown Improvements will assist in the elimination of one or more blighting conditions in the Project Area by: (1) improving pedestrian travel and public safety within the Project Area; (2) providing much needed aesthetic treatments to underutilized and under maintained public areas; and (3) encouraging new development in the Downtown area, in particular, as well as throughout the Project Area as a result of improved pedestrian travel and the associated influx of people into the Downtown area as a result of the Downtown Improvements. (d) The payment of funds for constructing the Downtown Improvements is consistent with the Implementation Plan adopted pursuant to CRL Section 33490 and the Redevelopment Plan. SECTION 5. The City Council hereby approves the Agency's use of tax increment funds for purposes of the Gold Line Improvements and Downtown Improvements. 6 SECTION 6. The City Council hereby approves that certain Cooperation Agreement by and between the City and the Agency, attached hereto as Exhibit "B ". The City Council authorizes and directs the City Manager, with the concurrence of the City Attorney, to execute, and take any other action as may be reasonable and necessary to facilitate, that certain Cooperative Agreement on behalf of the City. SECTION 7. The City Council hereby finds that the Agency's financing of the Public Improvements is exempt from the requirements of the California Environmental Quality Act (codified as Public Resources Code Section 21000, et seq.) ( "CEQA ") pursuant to State CEQA Guidelines Section 15378(b), because such approval constitutes the creation of government funding mechanisms or other government funding activities which do not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment. The Project is also exempt per CEQA Guidelines Sections 15301(Existing Facilities) and 15303 (New Construction or Conversion of Small Structures). The City Council further authorizes and directs City staff to file a Notice of Exemption with the Clerk of the Board of Supervisors of the County of Los Angeles, California, within five (5) working days following the date of adoption of this Resolution. SECTION 8. The Mayor shall sign this Resolution and the City Clerk shall certify the adoption thereof. SECTION 9. This Resolution shall take effect immediately upon its adoption. [SIGNATURES ON NEXT PAGE] 7 Passed, approved and adopted this 5th day of April , 2011. ayor of the City of Arcadia ATTEST: / City Clerk APPROVED AS TO FORM: Er-tqXtA Y "- Stephen P. Deitsch City Attorney 8 Exhibit "A" CRL Section 33445 Summary Report [See attached behind this cover page] 9 EXHIBIT A SUMMARY REPORT PURSUANT TO HEALTH AND SAFETY CODE SECTION 33445 ARCADIA REDEVELOPMENT AGENCY PUBLIC IMPROVEMENT PROJECTS Introduction This Summary Report has been prepared by the Arcadia Redevelopment Agency ( "Agency ") consistent with Health and Safety Code Section 33445 and serves to describe several proposed public improvement projects in and near the Project Area. The Summary Report has been prepared in order to explain to the public why Agency tax increment funds are to be used to pay for these public improvements. The 2010 -2015 Agency Five Year Implementation Plan was adopted on December 1, 2009. The projects listed below are included in the Implementation Plan. Included for each project below is a project description and the findings required pursuant to Section 33445. Public Improvement Proiects 1) Design of Gold Line Transit Plaza $50,000 Transit Plaza Improvements $136,000 Gold Line Pedestrian Linkage Improvements $833,000 The improvements planned for the area adjacent to the Gold Line station will add enhancements that will upgrade the quality of the overall Gold Line appearance and experience in Arcadia for visitors, businesses and residents. These improvements will enhance circulation which facilitates access to the Project Area and benefits local businesses through bringing new customers to Downtown Arcadia. The Transit Plaza project is located on a triangular piece of property at the northwest corner of Santa Clara Street and First Avenue, adjacent to the Gold Line station and parking structure. The project will create an important public gathering place and will install landscaping, benches, trash receptacles, lighting fixtures, public art, and wayfinding elements. The Gold Line Pedestrian Linkage Project includes an area up to '/4 mile radius from the planned Gold Line station on streets radiating from or approaching the station including Santa Clara Street, First Avenue, and Wheeler Street. The project will create 1.45 miles of pedestrian enhancements by installing pedestrian scaled lighting, wayfinding signage, landscaping, benches, trash receptacles, sidewalk widening, curb ramps, crosswalk enhancements, pedestrian timed signals, and curb extensions. 1 Findings for Gold Line Projects The Agency's provision of tax increment funds to be used as matching funds for the grant of funds for the construction of the Gold Line Improvements is of benefit to the Project Area because: (1) the Gold Line Improvements will improve public safety and travel to and from and within the Project Area; (2) more people will be drawn into the Project Area as a result of the Metro Gold Line station; (3) and long -term economic and property development will be encouraged as a result of the ease of travel to and from the Project Area. There are no other reasonable means of financing the Gold Line Improvements available to the City because: (1) the City's general fund moneys are fully committed to other programs, projects and financial obligations and may not be used as match funds necessary to receive a grant to complete the Gold Line Improvements; (2) the City's reserve funds must remain in reserve and may not be used toward the completion of the Gold Line Improvements; (3) there are no other funds available to be used as match funds to obtain the grants to complete the Gold Line Improvements; (4) there are no revenues from City taxes available for use in completing the Gold Line Improvements. The Gold Line Improvements will assist in the elimination of one or more blighting conditions in the Project Area by: (1) improving travel and public transportation flow to and from the Project Area; and (2) encouraging new development near the Metro Gold Line station in particular as well as throughout the Project Area as a result of improved travel and the associated influx of people into the Project Area as a result of the Gold Line Improvements. The payment of funds for constructing the Gold Line Improvements is consistent with the Implementation Plan adopted pursuant to CRL Section 33490 and the Redevelopment Plan. 2) Huntington Drive Capacity Improvements $600,000 This project involves reconstruction /widening of Huntington Drive between Colorado Place and Santa Anita Avenue to provide: 1) a third travel lane in the westbound Huntington Drive approach at Colorado Place, 2) a right turn in the northbound approach of Huntington Drive at Santa Clara Street, 3) a second left turn lane on both northbound and southbound approaches of Santa Anita Avenue and Huntington Drive, and 4) reconstruction of median an channelization islands and traffic signal modification. This project will provide a tremendous benefit to the Project Area with improved traffic flow, an enhanced image of the Project Area, ease of reaching local businesses, and accessibility. This is estimated as a $2.1 million project. The redevelopment- funded portion is crucial for project completion. Findings for Huntington Drive Capacity Improvement Project 2 The Agency's provision of tax increment funds to be used for the construction of the Huntington Drive project improvements are of benefit to the Project Area because: (1) the improvements will improve public safety and travel within the Project Area through improved circulation and access, (2) the appearance, viability, safety and quality of life within the Project Area will be enhanced; (3) and long -term economic and property development will be encouraged as a result of the improved access and circulation to and through the Downtown area. There are no other reasonable means of financing the improvements available to the City because: (1) the City's general fund moneys are fully committed to other programs, projects and financial obligations and may not be used to complete the improvements; (2) the City's reserve funds must remain in reserve and may not be used toward the completion of the improvements; (3) there are no other funds available to be used to complete the improvements; (4) there are no revenues from City taxes available for use in completing the improvements. The improvements will assist in the elimination of one or more blighting conditions in the Project Area by: (1) improving travel and public safety within the Project Area; (2) encouraging new development near in the Downtown area in particular as well as throughout the Project Area as a result of improved access and circulation patterns to and through the project area. The payment of funds for constructing the improvements is consistent with the Implementation Plan adopted pursuant to CRL Section 33490 and the Redevelopment Plan. 3) Downtown 2000 Streetscape Improvements $500,000 This project is crucial to the appearance and function of the Project Area. The public improvements along Huntington Drive and First Avenue will be an extension of the Gold Line Pedestrian linkage improvements and will enhance the Project Area through the removal of damaging trees, the planting of new trees and landscaping, the addition of pedestrian lighting, sidewalk repair, and maintenance of the streetscapes on these two vital streets within the Project Area Findings for Downtown 2000 Streetscape Improvements The Agency's provision of tax increment funds to be used for the construction of the Downtown Improvements is of benefit to the Project Area because: (1) the Downtown Improvements will improve public safety and travel within the Project Area as a result of improved sidewalks and lighting; (2) the appearance, viability, safety and quality of life within the Project Area will be enhanced; (3) more people will be drawn into the Project Area as a result of the Downtown Improvements; (4) and long -term economic and property development will be encouraged as a result of the improved appearance of the Downtown area. 3 There are no other reasonable means of financing the Downtown Improvements available to the City because: (1) the City's general fund moneys are fully committed to other programs, projects and financial obligations and may not be used to complete the Downtown Improvements; (2) the City's reserve funds must remain in reserve and may not be used toward the completion of the Downtown Improvements; (3) there are no other funds available to be used to complete the Downtown Improvements; (4) there are no revenues from City taxes available for use in completing the Downtown Improvements. The Downtown Improvements will assist in the elimination of one or more blighting conditions in the Project Area by: (1) improving pedestrian travel and public safety within the Project Area; (2) providing much needed aesthetic treatments to underutilized and under maintained public areas; and (3) encouraging new development near in the Downtown area in particular as well as throughout the Project Area as a result of improved pedestrian travel and the associated influx of people into the Downtown area as a result of the Downtown Improvements. The payment of funds for constructing the Downtown Improvements is consistent with the Implementation Plan adopted pursuant to CRL Section 33490 and the Redevelopment Plan. 4) Gateway Landscape Beautification Project $300,000 Landscaping improvements at the "gateway" into the Project Area at the 1 -210 Freeway and Santa Anita Avenue are another long planned project that will greatly aid in the creation of a positive aesthetic image of the Project Area. These on -ramps are currently a visual blight and are not maintained by Caltrans due to budget concerns. This project will be the first impression visitors and residents will have as they enter the Project Area from the Freeway or from the north. Findings for Gateway Landscape Beautification Project The Agency's provision of tax increment funds to be used for the construction of the Downtown Improvements is of benefit to the Project Area because: (1) the Downtown Improvements will improve public safety and travel within the Project Area as a result of improved sidewalks and lighting; (2) the appearance, viability, safety and quality of life within the Project Area will be enhanced; (3) more people will be drawn into the Project Area as a result of the Downtown Improvements; (4) and long -term economic and property development will be encouraged as a result of the improved appearance of the Downtown area. There are no other reasonable means of financing the Downtown Improvements available to the City because: (1) the City's general fund moneys are fully committed to other programs, projects and financial obligations and may not be used to complete the Downtown Improvements; (2) the City's reserve funds must remain in reserve and may not be used toward the completion of the Downtown 4 Improvements; (3) there are no other funds available to be used to complete the Downtown Improvements; (4) there are no revenues from City taxes available for use in completing the Downtown Improvements. The Downtown Improvements will assist in the elimination of one or more blighting conditions in the Project Area by: (1) improving pedestrian travel and public safety within the Project Area; (2) providing much needed aesthetic treatments to underutilized and under maintained public areas; and (3) encouraging new development near in the Downtown area in particular as well as throughout the Project Area as a result of improved pedestrian travel and the associated influx of people into the Downtown area as a result of the Downtown Improvements. The payment of funds for constructing the Downtown Improvements is consistent with the Implementation Plan adopted pursuant to CRL Section 33490 and the Redevelopment Plan. Total Tax Increment to be utilized for Public Improvement Projects: $2,419,000 5 Exhibit "B" Cooperative Agreement [See attached behind this cover page] COOPERATIVE AGREEMENT (PUBLIC IMPROVEMENTS) BY AND BETWEEN ARCADIA REDEVELOPMENT AGENCY AND CITY OF ARCADIA This Cooperative Agreement (Public Improvements) is entered into this day of , 2011 by and between the Arcadia Redevelopment Agency, a public body, corporate and politic ( "Agency ") and the City of Arcadia, a California municipal corporation and charter city ( "City "). The Agency and the City each may be referred to as "Party" or collectively as the "Parties" in this Agreement. RECITALS WHEREAS, the City Council ( "City Council ") of the City of Arcadia ( "City ") approved and adopted a redevelopment plan ( "Redevelopment Plan ") for a redevelopment project area known as the Downtown Arcadia Central Redevelopment Project Area ( "Project Area ") on December 26, 1973; and WHEREAS, the Agency is engaged in activities to execute and implement the Redevelopment Plan pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code § 33000, et seq.) ( "CRL "); and WHEREAS, the Agency desires to transfer that certain amount of redevelopment tax increment funds ( "Agency Funds "), set forth in Exhibit "A" attached hereto and incorporated herein by reference, to the City, and the City desires to accept such funds for the City to conduct the following public improvements within the Project Area as further described in Exhibit "A" attached hereto ( "Public Improvements "): (1) pedestrian and transit plaza improvements to the area adjacent to the Metro Gold Line station ( "Gold Line Improvements "); and (2) sidewalk repair, landscaping, tree maintenance and lighting in Arcadia's downtown and Huntington Drive Capacity Improvements ( "Downtown Improvements "); and WHEREAS, CRL Section 33445 provides that the Agency may use tax increment funds, received pursuant to CRL Section 33670 ( "Tax Increment Funds "), to pay all or a part of the value of the cost of the installation and construction of public improvements located inside or contiguous to the Project Area if the City Council makes certain findings; and WHEREAS, in City Council Resolution No. 6761, on April 5, 2011, the City Council has made the following necessary findings pursuant to CRL Section 33445 with regard to the Gold Line Improvements. The improvements will add enhancements to the Gold Line area that will upgrade the quality of the overall Gold Line appearance and experience in Arcadia for visitors, businesses and residents. These improvements will enhance circulation which facilitates access to the Project Area and benefits local businesses through bringing new customers to Downtown Arcadia. The Transit Plaza 1 project is located on a triangular piece of property at the northwest corner of Santa Clara Street and First Avenue, adjacent to the Gold Line station and parking structure. The project will create an important public gathering place and will install landscaping, benches, trash receptacles, lighting fixtures, public art, and wayfinding elements. The Gold Line Pedestrian Linkage Project includes an area up to 1 /4 mile radius from the planned Gold Line station on streets radiating from or approaching the station including Santa Clara Street, First Avenue, and Wheeler Street. The project will create 1.45 miles of pedestrian enhancements by installing pedestrian scaled lighting, wayfinding signage, landscaping, benches, trash receptacles, sidewalk widening, curb ramps, crosswalk enhancements, pedestrian timed signals, and curb extensions: (a) The Agency's provision of tax increment funds to be used as matching funds for the grant of funds for the construction of the Gold Line Improvements is of benefit to the Project Area because: (1) the Gold Line Improvements will improve public safety and travel to and from and within the Project Area; (2) more people will be drawn into the Project Area as a result of the Metro Gold Line station; (3) and long -term economic and property development will be encouraged as a result of the ease of travel to and from the Project Area. (b) There are no other reasonable means of financing the Gold Line Improvements available to the City because: (1) the City's general fund moneys are fully committed to other programs, projects and financial obligations and may not be used as match funds necessary to receive a grant to complete the Gold Line Improvements; (2) the City's reserve funds must remain in reserve and may not be used toward the completion of the Gold Line Improvements; (3) there are no other funds available to be used as match funds to obtain the grants to complete the Gold Line Improvements; (4) there are no revenues from City taxes available for use in completing the Gold Line Improvements. (c) The Gold Line Improvements will assist in the elimination of one or more blighting conditions in the Project Area by: (1) improving travel and public transportation flow to and from the Project Area; and (2) encouraging new development near the Metro Gold Line station in particular as well as throughout the Project Area as a result of improved travel and the associated influx of people into the Project Area as a result of the Gold Line Improvements. (d) The payment of funds for constructing the Gold Line Improvements is consistent with the Implementation Plan adopted pursuant to CRL Section 33490 and the Redevelopment Plan. WHEREAS, in City Council Resolution No. 6761, on April 5, 2011, the City Council has made the following necessary findings pursuant to CRL Section 33445 with regard to the Downtown Improvements. These improvements are crucial to the appearance and function of the Project Area. The street improvements along Huntington Drive are critical in expanding capacity along the Project Area's major thoroughfare. Huntington Drive provides the major east -west corridor through the Project Area and currently a "bottleneck" exists at the intersection of Huntington Drive, 2 Colorado Place, and Santa Clara Street. This project will add turn lanes, complete signal improvements, upgrade sidewalks, and enhance driver safety in this area. Landscaping improvements at the "gateway" into the Project Area at the 1 -210 Freeway and Santa Anita Avenue are another long planned project that will greatly aid in the creation of a positive aesthetic image of the Project Area. These on -ramps are currently a visual blight and are not maintained by Caltrans due to budget concerns. This project will be the first impression visitors and residents will have as they enter the Proejct Area from the Freeway or from the north. The public improvements along Huntington Drive and First Avenue will be an extension of the Gold Line Pedestrian linkage improvements and will enhance the Project Area through the removal of damaging trees, the planting of new trees and landscaping, the addition of pedestrian lighting, sidewalk repair, and maintenance of the streetscapes on these two vital streets within the Project Area (a) The Agency's provision of tax increment funds to be used for the construction of the Downtown Improvements is of benefit to the Project Area because: (1) the Downtown Improvements will improve public safety and travel within the Project Area as a result of improved sidewalks and lighting; (2) the appearance, viability, safety and qualify of life within the Project Area will be enhanced; (3) more people will be drawn into the Project Area as a result of the Downtown Improvements; (4) and long- term economic and property development will be encouraged as a result of the improved appearance of the Downtown area. (b) There are no other reasonable means of financing the Downtown Improvements available to the City because: (1) the City's general fund moneys are fully committed to other programs, projects and financial obligations and may not be used to complete the Downtown Improvements; (2) the City's reserve funds must remain in reserve and may not be used toward the completion of the Downtown Improvements; (3) there are no other funds available to be used to complete the Downtown Improvements; (4) there are no revenues from City taxes available for use in completing the Downtown Improvements. (c) The Downtown Improvements will assist in the elimination of one or more blighting conditions in the Project Area by: (1) improving pedestrian travel and public safety within the Project Area; (2) providing much needed aesthetic treatments to underutilized and under maintained public areas; and (3) encouraging new development near in the Downtown area in particular as well as throughout the Project Area as a result of improved pedestrian travel and the associated influx of people into the Downtown area as a result of the Downtown Improvements. (d) The payment of funds for constructing the Downtown Improvements is consistent with the Implementation Plan adopted pursuant to CRL Section 33490 and the Redevelopment Plan. 3 AGREEMENT NOW, THEREFORE, in consideration of the promises contained below and other good and sufficient consideration, the Agency and the City agree as follows: 1. Recitals. The Recitals set forth above are incorporated into this Agreement by this reference. 2. Agency's Obligations. 2.1 The Agency agrees to pay Tax Increment Funds to the City to provide the City with funds to construct the Public Improvements. To the extent the Agency does not have Tax Increment Funds available on the date of this Agreement, the Agency shall pay to the City the first of any and all existing or future funds due to or received by the Agency including, without limitation, Tax Increment Funds, for the purpose of acquiring land or constructing the Public Improvements. 3. Indebtedness. 3.1 The Agency's obligations under this Agreement, including without limitation the Agency's obligation to make the payments to the City required by this Agreement, shall constitute an indebtedness of the Agency for the purpose of carrying out the redevelopment of the Project Areas and are obligations to make payments authorized and incurred pursuant to CRL and other applicable statutes including, but not limited to, Section 33445 of the CRL. The obligations of the Agency set forth in this Agreement are contractual obligations that, if breached, will subject the Agency to damages and other liabilities or remedies. 3.2 Notwithstanding the provisions of Section 3.1, the obligations of the Agency under this Agreement shall be subordinate to the rights of the holder or holders of any existing bonds, notes or other instruments of indebtedness of the Agency incurred or issued to finance the Project Area. 4. City's Obligations. 4.1 The City shall undertake the Public Improvements upon receipt of Agency Funds, or as soon thereafter as reasonably practicable. 4.2 The City shall use Agency Funds solely for the purpose of constructing the Public Improvements associated with such Agency Funds as set forth in Exhibit "A ". 5. General Terms. 5.1 Modification and Amendments. This Agreement may be modified or amended only by a written instrument signed by both Parties to this Agreement. 4 5.2 Default. If either party fails to perform or adequately perform an obligation required by this Agreement within thirty (30) calendar days of receiving written notice from the non - defaulting party, the party failing to perform shall be in default hereunder. In the event of default, the non - defaulting party will have all the rights and remedies available to it at law or in equity to enforce the provisions of this contract, including without limitation the right to sue for damages for breach of contract. The rights and remedies of the non - defaulting party enumerated in this paragraph are cumulative and shall not limit the non - defaulting party's rights under any other provision of this Agreement, or otherwise waive or deny any right or remedy, at law or in equity, existing as of the date of the Agreement or hereinafter enacted or established, that may be available to the non - defaulting party against the defaulting party. 5.3 Binding on Successors. This Agreement shall be binding on and shall inure to the benefit of all successors and assigns of the parties, whether by agreement or operation of law. 5.4 Severability. If any term, provision, or section of this Agreement is declared by a court of competent jurisdiction to be invalid or unenforceable, the Agency and the City agree that the invalid term, portion or section may be severed from this Agreement and the remainder of this Agreement may be enforced in its entirety and the remaining provisions of the Agreement shall not in any way be affected or impaired thereby. 5.5 Waiver. No waiver by either Party of any breach of or default under this Agreement shall be deemed to be a waiver of any other or subsequent breach hereunder. 5.6 No Third Party Beneficiary. This Agreement is intended solely for the benefit of the City and the Agency. Notwithstanding any reference in this Agreement to persons or entities other than the City and the Agency, there shall be no third party beneficiaries under this Agreement. 5.7 Section Headings. The section headings used in this Agreement are for the purposes of convenience only and shall not in any way alter or amend the express terms of each section. [SIGNATURES ON THE FOLLOWING PAGE] 5 SIGNATURE PAGE TO COOPERATIVE AGREEMENT (PUBLIC IMPROVEMENTS) BY AND BETWEEN ARCADIA REDEVELOPMENT AGENCY AND CITY OF ARCADIA IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives as of the date first hereinabove written. AGENCY: CITY: ARCADIA REDEVELOPMENT AGENCY, CITY OF ARCADIA, a public body, corporate and politic a California municipal corporation and charter city By: By: Donald Penman, Executive Director Donald Penman, City Manager ATTEST: ATTEST: By: By: Agency Secretary City Clerk APPROVED AS TO FORM APPROVED AS TO FORM By: By: Stephen P. Deitsch, Agency Counsel Stephen P. Deitsch, City Attorney 6 EXHIBIT "A" Description and Cost of Public Improvements Arcadia Redevelopment Agency Public Improvements — HSC Section 33445 Gold Line Improvements • Design of Gold Line Transit Plaza $ 50,000 • Gold Line Pedestrian Linkage Improvements (matching funds for MTA Grant) $ 833,000 • Transit Plaza Improvements (matching funds for MTA Grant) $ 136,000 Downtown Improvements • Streetscape — Landscaping Improvements o Downtown 2000 Streetscape Improvements $ 500,000 o Gateway Landscape Beautification Project $ 300,000 • Street Circulation/Traffic Improvements o Huntington Drive Capacity Improvements $ 600,000 Total Costs of Projects $2,419,000 7 Exhibit "A" STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) SS: CITY OF ARCADIA I, JAMES H. BARROWS, City Clerk of the City of Arcadia, hereby certifies that the foregoing Resolution No. 6761 was passed and adopted by the City Council of the City of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said Council held on the 5th day of April, 2011 and that said Resolution was adopted by the following vote, to wit: AYES: Council Members Chandler, Harbicht, Kovacic and Amundson NOES: None ABSENT: Council Member Segal City Clerk of the City of Arcadia 11