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RESOLUTION NO. 688 2 A RESOLUTION OF THE BOARD OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALiFORNIA, APPROVING THAT DISPOSITION 3 AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RiVERSIDE AND REGIONAL 4 PROPERTIES INC., A CALiFORNIA CORPORATION, APPROV1NG THE SALE OF REAL PROPERTY THEREUNDER, AND AUTHORIZING THE EXECUTIVE 5 DiRECTOR TO EXECUTE AND iMPLEMENT SAD AGREEMENT. 6 WHEREAS, the Redevelopmerit Agency of the City of Riverside, California 7 ("Agency"), desires and intends to implement the Amended and Restated Redevelopment Plan 8 ("Redevelopment Plan") for the merged Downtown and Airport Industrial Project Area CProject 9 Area"); and 10 WHEREAS, the Agency recognizes that the State of California has declared the 11 existence of a shortage of housing affordable to persons and families of low and moderate income 12 within the State, and that the State has declared it to be the policy of the State that local 13 governments encourage and reasonably facilitate the availability of such housing within the 14 jurisdiction of local governments; and 15 WHEREAS, the Agency desires and intends to support the elimination of slum and 16 blight and reasonably facilitate the availability of housing affordable to persons and families of 17 low and moderate income within the Project Area in conformity with the Redevelopment Plan and 18 the Agency has determined that it is necessary and appropriate for the Agency to provide financial 19 and other assistance towards this end; and 20 WHEREAS, the purpose of the Disposition and Development Agreement CDDA"), 21 which is the subject of this Resolution, is to increase the amount of housing available at an 22 affordable cost to moderate income households within the Project Area through the sale of real 23 property owned by the Agency to the Developer in order to construct thereon single family 24 residences for conveyance to persons or families qualifying as moderate income households under 25 a legal commitment ensuring use of the property for residential purposes and availability of the 26 residences to moderate income households at an affordable cost for a period of thirty (30) years 27 U'Project'); and City Attorney's Office 39ff0Main Sireel Riverside, CA 92522 1909) 826-5567