Laserfiche WebLink
[Binder Tab No. 12] <br /> <br /> RESOLUTION NO. 6 2 2 <br /> <br /> A RESOLUTION OF THE REDEVELOPMENT AGENCY OF <br /> THE CITY OF RIVERSIDE FINDING THAT THE USE OF <br /> TAXES ALLOCATED FROM THE MERGED CENTRAL <br /> INDUSTRIAL AND SYCAMORE CANYON AND BOX <br /> SPRINGS INDUSTRIAL PARK REDEVELOPMENT <br /> PROJECTS FOR THE PURPOSE OF IMPROVING, <br /> INCREASING AND PRESERVING THE COMMUNITY'S <br /> SUPPLY OF LOW AND MODERATE INCOME HOUSING <br /> OUTSIDE THE MERGED PROJECT AREA WILL BE OF <br /> BENEFIT TO THE MERGED PROJECT <br /> <br /> WHEREAS, the Redevelopment Agency of the City of Riverside ("Agency") <br />proposes to amend the Redevelopment Plans for the Central Industrial and Sycamore Canyon and Box <br />Springs Industrial Park Redevelopment Projects to, among other things, merge the projects, which <br />would result in the allocation of taxes from the Central Industrial Project Area and Sycamore Canyon <br />and Box Springs Industrial Park Project Area (collectively, "Merged Project Area") to the Agency for <br />purposes of redevelopment; and <br /> <br /> WHEREAS, Section 33487(a) of the California Community Redevelopment Law <br />(Health and Safety Code Section 33000 et seq.) requires that not less than 20 percent of all taxes so <br />allocated be used by the Agency for the purposes of improving, increasing and preserving the <br />community's supply of low and moderate income housing available at affordable housing cost, unless <br />certain findings are made; and <br /> <br /> WHEREAS, Section 33487(b) of the Health and Safety Code provides that the <br />Agency may use such funds outside the Merged Project Area if a finding is made by resolution of the <br />Agency and the City Council of the City of Riverside that such use will be of benefit to the Merged <br />Project. <br /> <br /> NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF <br />RIVERSIDE, CALIFORNIA, DOES RESOLVE AS FOLLOWS: <br /> <br /> That the use of taxes allocated from the Merged Project Area for the purposes <br />authorized in the California Community Redevelopment Law and related to improving, increasing and <br />preserving the community's supply of low and moderate income housing available at affordable costs <br />outside the Merged Project Area and within the City of Riverside will be of benefit to the Merged <br />Project. <br /> <br /> APPROVED AND ADOPTED this 24th day of June ,1997. <br /> <br /> Terri Thompson, ' ~',/ ' <br /> <br />7374.riv/213 <br /> <br /> <br />