07-14-2009 CC RPT 39 - Laserfiche WebLink

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EXHIBIT A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, FINDING THAT PLANNING AND ADMINISTRATIVE EXPENSES FROM THE AGENCY'S LOW AND MODERATE INCOME HOUSING FUNDS FOR THE 2009-2010 FISCAL YEAR ARE NECESSARY FOR THE PRODUCTION, IMPROVEMENT OR PRESERVATION OF LOW AND MODERATE INCOME HOUSING. WHEREAS, pursuant to California Redevelopment Law (Health & Safe. Code § 33000 et. seq.) the Redevelopment Agency of the City of Riverside California ("Agency") is required to establish a fund for the purpose of increasing and improving the community's supply of low- and I moderate- income housing ("Low and Moderate Income Housing Fund"); and WHEREAS, the Agency has established a Low and Moderate Income Housing Fund for the purpose of increasing and improving the community's supply of low- and moderate- income housing in the community; and WHEREAS, Health & Safety Code section 333343(d) allows the Agency to use monies contained in the Low and Moderate Income Housing Fund for planning and general administrative activities associated with the development, improvement and preservation of low- and moderate- income housing so long as the amount spent on such activities is not disproportionate to the amounts budgeted for the costs of production, improvement or preservation of that housing; and WHEREAS, Health & Safety Code section 33334.3(d) requires that the Agency annually determine that the planning and administrative expenses are necessary for the actual production, improvement or preservation of low- and moderate- income housing in the City of Riverside. NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of the Redevelopment Agency of the City of Riverside as follows: Section 1: That the above recitals are all true and correct. Section 2: The Agency hereby finds and determines that the planning and administrative expenses to be paid from the Low and Moderate Income Housing Fund for each redevelopment project are necessary for the production, improvement or preservation of low and moderate 1 39-3