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RESOLUTION NO. 689 A RESOLUTION OF THE BOARD OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, APPROVING THAT DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND HABITAT FOR HUMANITY RIVERSIDE, INC., A NON-PROFIT PUBLIC BENEFIT CORPORATION, APPROVING THE SALE OF REAL PROPERTY THEREUNDER, AND AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE AND IMPLEMENT SAID AGREEMENT. WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency"), desires and intends to implement the Amended and Restated Redevelopment Plan ("Redevelopment Plan") for the merged University Corridor/Sycamore Canyon Project Areas ("Project Area"); and WHEREAS, the Agency recognizes that the State of California has declared the existence of a shortage of housing affordable to persons and families of low and moderate income within the State, and that the State has declared it to be the policy of the State that local governments encourage and reasonably facilitate the availability of such housing within the jurisdiction of local governments; and WHEREAS, the Agency desires and intends to reasonably facilitate the availability of housing affordable to persons and families of low and moderate income within the Project Area in conformity with the Redevelopment Plan and the Agency has determined that it is necessary and appropriate for the Agency to provide financial and other assistance towards this end; and WHEREAS, the purpose of the Disposition and Development Agreement ("DDA"), which is the subject of this Resolution, is to increase the amount of housing available at an affordable cost to lower income households within the Project Area through the sale of real property owned by the Agency to the Developer in order to construct thereon a single family residence for conveyance to a person or family qualifying as a lower income household under a legal commitment ensuring use of the property for residential purposes and availability of the residence to lower income households at an affordable cost for a period of thirty years ("Project"); and WHEREAS, Habitat for Humanity Riverside, Inc., the Developer under the DDA, is a non-profit public benefit corporation having its principal place of business in the City of Riverside, having as its principal purpose the creation and maintenance of housing affordable to persons and families of low and moderate income, having a demonstrated record of success in developing low and moderate income housing, and having acceptable financial, technical, and professional qualifications to undertake and complete the Project;