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RESOLUTION NO. 673 2 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, REGARDING THE EXTENSION OF TIME LIMIT FOR THE DEVELOPMENT OF REAL PROPERTY ACQUIRED WITH LOW AND MODERATE INCOME HOUSING FUNDS. 3 4 5 WHEREAS the Redevelopment Agency of the City of Riverside (the "Agency") acquired 6 the property located at 4206 Park Avenue, Riverside, California, in the University 7 CorridorlSycamore Canyon Merged Project Area on or about February 18, 1992; and 8 WHEREAS, California Community Redevelopment Law (California Health and Safety 9 Code Section 33334.16) provides that the Agency shall initiate activities consistent with the 10 purposes of the Low and Moderate Income Housing Fund for the development of property that is 11 acquired with moneys from that fund within five years from the date it first acquires the property; 12 and 13 WHEREAS the Agency has not yet taken any action to develop the subject property since 14 its date of acquisition; and 15 WHEREAS pursuant to said California Health and Safety Code Section 33334.16 the 16 Agency may extend the initial five year period for an additional five years if the Agency affirms its 17 intent that the property is to be used for the development of housing affordable to persons and 18 families of low and moderate income; 19 NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of 20 Riverside that in accordance with the California Community Redevelopment Law, the Agency 21 declares its intent that the property located at 4206 Park Avenue, Riverside, California, (APNs 211- 22 232-005 and APN 211-232-0060), is to be used for the development of housing affordable to 23 persons and families of low and moderate income, and that the period for such development be 24 extended an additional five years to February 18, 2002. 25 III 26 III 27 III City Attorney's Office 3900 Main Street Riverside, CA 92522 (909) 782-5567