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<br />2 <br /> <br />RESOLUTION NO, 672 <br /> <br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, REGARDING THE <br />EXTENSION OF TIME LIMIT FOR THE DEVELOPMENT OF REAL PROPERTY <br />ACQUIRED WITH LOW AND MODERATE INCOME HOUSING FUNDS. <br /> <br />" <br />-' <br /> <br />4 <br />5 <br /> <br />WHEREAS the Redevelopment Agency of the City of Riverside (the "Agency") acquired <br /> <br />6 the property consisting of six (6) surplus lots located at 11 th and Ottawa Avenue, Riverside, <br />7 California, on or about December 29, 1992, that had been the "Old Pipe Yard" located in the <br /> <br />8 University CorridorlSycamore Canyon Merged Project Area; and <br /> <br />9 WHEREAS, California Community Redevelopment Law (California Health and Safety <br /> <br />10 Code Section 33334.16) provides that the Agency shall initiate activities consistent with the <br /> <br />11 purposes of the Low and Moderate Income Housing Fund for the development of property that is <br />12 acquired with moneys from that fund within five years from the date it first acquires the property; <br /> <br />13 and <br /> <br />14 WHEREAS the Agency has not yet taken any action to develop the subject property since <br /> <br />15 its date of acquisition; and <br /> <br />16 WHEREAS pursuant to said California Health and Safety Code Section 33334.16 the <br /> <br />17 Agency may extend the initial five year period for an additional five years if the Agency affirms its <br /> <br />18 intent that the property is to be used for the development of housing affordable to persons and <br /> <br />19 families of low and moderate income; <br /> <br />20 NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of <br /> <br />21 Riverside that in accordance with the California Community Redevelopment Law, the Agency <br /> <br />22 declares its intent that the property located at 11 th Street and Ottawa A venue, Riverside, California, <br /> <br />23 (APN 221-063-023), is to be used for the development of housing affordable to persons and <br /> <br />24 families of low and moderate income, and that the period for such development be extended an <br /> <br />25 additional five years to December 29,2002, <br /> <br />26 III <br />27 III <br /> <br />City Attorney's Offiee <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 782-5567 <br />