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RESOLUTION NO. 62? A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE REQUIRING A PORTION OF PROPERTY TAX INCREMENT FROM THE FORMER SYCAMORE CANYON AND BOX SPRINGS INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA TO BE SET ASIDE AND USED FOR REDEVELOPMENT PURPOSES EXCLUSIVELY WITHIN THE FORMER SYCAMORE CANYON AND BOX SPRINGS INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA WHEREAS, on June 24, 1997, at a joint public hearing of the Governing Board of The Redevelopment Agency of the City of Riverside ("Agency") and the City Council of the City of Riverside (in its capacity as the Agency's legislative body), the City Council approved the first reading of Ordinance Nos. 6382 and 6383 (collectively, "Ordinances"), approving a proposed Fourth Amendment to the Agency's Central Industrial Project Redevelopment Plan and a proposed Second Amendment to the Agency's Sycamore Canyon and Box Springs Industrial Park Project Redevelopment Plan (collectively, "Amendments"); and WHEREAS, upon the effective date of the Amendments, the Amendments will, among other things (i) merge the Central Industrial Redevelopment Plan and Sycamore Canyon and Box Springs Industrial Park Project Redevelopment Plan and replace those Redevelopment Plans with one Amended and Restated Redevelopment Plan, (ii) merge the Central Industrial Redevelopment Project Area and the Sycamore Canyon and Box Springs Industrial Park Project Area into an Amended and Merged Project Area, (iii) add certain territory to the Central Industrial Redevelopment Project Area and the Sycamore Canyon and Box Springs Industrial Park Project Area, and (iv) rename the Amended and Merged Project Area as the "University Corridor/Sycamore Canyon Project Area"; and WHEREAS, the Governing Board desires to have no less than fifty percent (50%) of the net tax increment (hereinafter defined) from the University Corridor/Sycamore Canyon Project Area ("Project Area") which is attributable to that portion of the Project Area comprised of the former Sycamore Canyon and Box Springs Industrial Park Project Area, be used exclusively for redevelopment purposes within that portion of the Project Area comprised of the former Sycamore Canyon and Box Springs Industrial Park Project Area. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, RESOLVES AS FOLLOWS: Section 1. For purposes of this Resolution, the following terms shall have the following meanings: "Base Fiscal Year" means the fiscal year commencing July 1, 1996 and ending June 30, 1997: RVPUB\KKR\24835