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RESOLUTION NO. 5 <br />2 <br />3 <br />a <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />CITY ATTDRNf Y'S OFFIC: F_ <br />3900NIAIN STPEFT <br />121 FinmE, CA 92522 <br />(957) 826-5367 <br />A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF <br />RIVERSIDE, CALIFORNIA, ADOPTING FINDINGS PURSUANT TO <br />HEALTH & SAFETY CODE SECTION 33445 AND AUTHORIZING <br />PAYMENT OF COSTS FOR PUBLICLY OWNED PROJECTS WITHIN ALL <br />REDEVELOPMENT PROJECT AREAS FOR THE FINANCING OF THE <br />ACQUISITION, REHABILITATION AND DISPOSITION OF VACANT AND <br />FORECLOSED RESIDENTIAL PROPERTIES AND ADMINISTRATION OF <br />THE NEIGHBORHOOD STABILIZATION/TARGETS OF OPPORTUNITY <br />PROGRAMS. <br />WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency") <br />desires and intends to pay a portion of the cost for the construction and installation of public <br />improvements consisting of the acquisition, rehabilitation, disposition of vacant and foreclosed <br />residential properties and administration. of the Neighborhood Stabilization and Targets of <br />Opportunity Programs ("Improvements") within all Redevelopment Project Areas (the "Project <br />Area"); and <br />WHEREAS, Health and Safety Code Section 33445 provides that a redevelopment <br />agency may, with the consent of the legislative body, pay all or part of the value of the land for, <br />and the cost of the installation and construction of, any building, facility, structure, or other <br />improvement that is publicly owned either within or without the Project Area; and <br />WHEREAS, the Improvements will reduce blight in the Project Area and its surrounding <br />neighborhoods; and <br />WHEREAS, the Improvements will provide significant physical improvement of vacant <br />and foreclosed properties including all necessary interior and exterior improvements to make the <br />properties code-compliant, increase the number of affordable housing units available and ensure <br />their long term affordability in the Project Area and promote the health, safety and welfare of the <br />community; and <br />WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency"), <br />with consent of the legislative body, desires to reimburse the Housing Authority of the City of <br />Riverside ("Authority") for all and/or part of the cost of the Improvements as described in this <br />resolution; and <br />1 <br />