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HomeMy WebLinkAboutReso 2008-155 - Lake Blvd/Keswick Dam Road . RESOLUTION NO. 2008 - 155 . . A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE USE OF TAX INCREMENT FUNDS TO CONSTRUCT THE LAKE BOULEV ARD/KESWICK DAM ROAD TRAFFIC SIGNAL PROJECT WITHIN THE BUCKEYE REDEVELOPMENT PROJECT AREA. WHEREAS, the Redding Redevelopment Agency desires to contribute tax increment funds from the Buckeye Redevelopment Project to help construct a traffic signal at the Lake Boulevard/Keswick Dam Road intersection; and WHEREAS, Section 33445 ofthe California Health and Safety Code states that the Agency may pay all or part of the costs of a public improvement if the legislative body determines that the improvement will benefit the Project from which the funds are derived, that there are no other reasonable means offinancing the improvement, and that the project will assist in the elimination of blight; and WHEREAS, Section 33678 of the California Health and Safety Code states that the use of tax increment funds for public improvements must primarily benefit the project area; and WHEREAS, the City Council is the legislative body for the City of Redding. NOW, THEREFORE, the City Council FINDS, RESOLVES, and ORDERS as follows: 1. The Analysis of Findings, attached and incorporated herein, are hereby adopted in satisfaction of the requirements set forth in California Health and Safety Code Sections 33445 and 33678. 2. The public improvement is of primary benefit to the Buckeye Redevelopment Project Area. 3. There are no other reasonable means of financing the public improvement available to the community. 4. The payment offunds for the public improvement will assist in the elimination of one or more blighting conditions in the Project Area and is consistent with the adopted Implementation Plan. I HEREBY CERTIFY that the foregoing resolution was introduced and read at a regular meeting of the Redding City Council on the 2nd day of September, 2008, and was duly adopted at said meeting by the following vote: AYES: NOES: ABSENT: ABSTAIN: COUNCIL MEMBER: COUNCIL MEMBER: COUNCIL MEMBER: COUNCIL MEMBER: Bosetti, Dickerson, Jones, Murray, and Stegall None None None " ..... ...,.,....."."'. " . \. .. ',,~ -....J ,.- ATTEST, . ',-'" " .'..: .;..' '::/J.:' '-:;:'." . - . . ......., ..... . . ~~~~~Clerk . '-' -. APPROVED AS TO FORM: ~ C:><:!. -.!... ~ ..... - ..~-- . . ANALYSIS OF FINDINGS LAKE BOULEV ARD/KESWICK DAM ROAD TRAFFIC SIGNAL The Redding Redevelopment Agency (Agency), as lead agency, desires to utilize tax increment funds from the Buckeye Redevelopment Project Area (Project Area) to assist with the construction of a traffic signal at the intersection of Lake Boulevard and Keswick Dam Road. The Project Area encompasses approximately 1,063 acres within the territorial jurisdictions of the City of Redding and the County of Shasta. Access and circulation are primarily provided by Oasis Road and Lake Boulevard, which traverse east/west and north/south, respectively, throughout the Project Area. Regionally, the Project Area is served by two State highways and one freeway which connects to the remaining metropolitan region. These are Interstate 5, State Highway 273, and State Highway 299 East, located just outside the Project Area. Lake Boulevard and Oasis Road provide the primary linkages to these highways and Interstate 5. Lake Boulevard also serves as the only local road connection to Shasta Lake, one of Shasta County's major tourist attractions and recreational facilities. Keswick Dam Road is a two-lane arterial extending from its intersection with Lake Boulevard westward to its intersection with Iron Mountain Road, outside the Project Area. Health and Safety Code Section 33445 stipulates that in order for the Agency to pay all or part of the costs of any public improvement, the City Council must determine that the improvement is of benefit to the project area from which the funds are derived or to the immediate neighborhood in which the project is located, that no other reasonable means of financing the improvement is available to the community, and that the payment of funds for the improvements will assist in the elimination of one or more blighting conditions in the project area, and is consistent with an adopted implementation plan. Health and Safety Code Section 33678 adds to the above that if tax increment money is used, the improvement must be of primary benefit to the project area. Is the proposed improvement of primary benefit to the Project Area? As previously noted, Lake Boulevard and Keswick Dam Road both serve as primary linkages for traffic traveling to the metropolitan region, as well as Shasta Lake and the two highways and Interstate 5. Recent traffic statistics show that approximately 12;000 vehicles enter this intersection on a daily basis. The primary benefits to the Project Area in constructing a traffic signal at the Lake Boulevard/Keswick Dam Road intersection are: (a) traffic operations will improve; and (b) traffic flow will be enhanced for those residing in and adjacent to the Project Area, as well as owners, employees, and customers of businesses located within the Project Area, who travel through the intersection on a regular basis for work, business, or pleasure. Are any other reasonable means of financing available to the community to fund the improvements? The project would not be competitive for the receipt of State Transportation Improvement Program (STIP) funds, and while the project is eligible to receive Traffic Impact Fee (TIF) funding, due to the amount of available funding and other priority projects, it would be a number of years before the project could be constructed. There are no other City funds available for this project at this time. . . , Analysis of Finding - Traffic Signal at Lake BoulevardlKeswick Dam Road Page 2 Will the proposed project assist in the elimination of one or more blighting conditions within the Buckeye Project Area? Is the proposed project consistent with the Implementation Plan adopted for the Project Area? The Redevelopment Plan and the Report to the Legislative Bodies (Preliminary Report) for the Project Area identifY several deficiencies in the public infrastructure system, including the above- noted signal, that contribute to the stagnation of the area's development. Signalization of this intersection will remove some of the contributors to blight by helping alleviate traffic congestion, enhance traffic operations, and further encourage private development in the Project Area. The Buckeye Five-Year Implementation Plan adopted by the Agency in June 2005 and last amended in August 2008 identifies traffic control devices as an alleviation to economic blight and hazardous conditions. Thus, installation of the traffic signal is consistent with the Implementation Plan adopted for the Project Area and will assist in the elimination of one or more blighting conditions as identified in the Redevelopment Plan for the Project Area.