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RESOLUTION NO. 633 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE FINDING THAT THE USE OF LOW AND MODERATE INCOME HOUSING FUNDS FROM THE MERGED CENTRAL INDUSTRIAL AND SYCAMORE CANYON AND BOX SPRINGS INDUSTRIAL PARK REDEVELOPMENT PROJECT AREAS FOR THE RP APARTMENTS PROJECT WILL BE OF BENEFIT TO THE MERGED PROJECT AREA FOR THE PURPOSE OF IMPROVING, INCREASING AND PRESERVING THE SUPPLY OF' --AFFORDABLE HOUSING AND APPROVING THE AFFORDABILITY SUBSIDY AGREEMENT FOR THE ~RP APARTMENTS PROJECT. WHEREAS, the Redevelopment Agency of the City of Riverside ("Agency") amended and merged the Central Industrial and Sycamore Canyon and Box Springs Industrial Park Redevelopment Project Areas (the "Merged Project Area") for redevelopment purposes in accordance with the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.); and WItEREAS, the Community Redevelopment Law requires that not less than twenty percent (20%) of all taxes allocated to the Merged Project Area (the "L/M Funds") be used for the purposes of improving, increasing and preserving the community's supply of low and moderate income housing available at affordable housing cost; and WltEREAS, the Agency has generally determined by Resolution No. 622, dated June 24, 1997, that the use of L/M Funds outside the Merged Project Area would be of benefit to the Merged Project Area; and WHEREAS, the proposed RP Apartments project will preserve and increase the supply of affordable housing by adding seven (7) affordable units to very low income persons and families in addition to preserving twenty-nine (29) units for low income persons and families and forty-three (43) affordable units for persons and families of moderate income through the refinancing and restructuring of mortgage; and WHEREAS, the Agency has reviewed the proposed project in compliance with the requirements of the California Environmental Quality Act of 1970 (Public Resources Code Section 21000 et seq.).