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RESOLUTION NO. 634 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 SANDRA'S APARTMENTS PROJECT WILL BE OF BENEFIT TO THE MERGED PROJECT AREA FOR THE PURPOSE OF IMPROVING AND INCREASING THE SUPPLY OF AFFORDABLE HOUSING AND APPROVING THE REHABILITATION AND AFFORDABILITY SUBSIDY AGREEMENT FOR THE SANDRA'S APARTMENTS PROJECT; AND MAKING THE FINDING THAT THE SANDRA'S APARTMENT COMPLEX PROJECT IS CATEGORICALLY EXEMPT AS A CLASS I PROJECT FOR THE PURPOSES OF THE CALIFORNIA ENVIRONMENTAL QUALITY ACT 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 WHEREAS, 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 WHEREAS, 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 Sandra's Apartments project will increase the supply of affordable housing by adding five (5) affordable units for very low income and low income persons and families through substantial rehabilitation of subject property; and WHEREAS, such supply of affordable housing is intended to meet the inclusionary housing requirements of the Downtown Redevelopment Project Area; 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.) NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, DOES RESOLVE AS FOLLOWS: 1. The Sandra's Apartments project is hereby determined to be categorically exempt as a Class 1 project pursuant to Section 15301 of the California State Guidelines for the implementation of the California Environmental Quality Act. 2. The Agency £mds and determines that the use of L/M Funds for the Sandra's Apartments project will be of benefit to the Merged Project Area by increasing the community's supply of affordable housing at affordable cost and by meeting the inclusionary housing requirements of the Downtown Redevelopment Project Area. 3. The Agency hereby finds and determines that the use of L/M Funds pursuant to the Rehabilitation and Affordability Subsidy Agreement for the Sandra's Apartments project will result in the increase of affordable housing through the substantial rehabilitation of the property. 4. The Agency hereby finds and determines that the Sandra's Apartments project is consistent with the Implementation Plan for the Merged Project Area.