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1 <br /> <br />2 <br /> <br />3 <br /> <br />4 <br /> <br />5 <br /> <br /> 6 <br /> <br /> 7 <br /> <br /> 8 <br /> <br /> 9 <br /> <br /> 10 <br /> <br /> 11 <br /> <br /> 12 <br /> <br /> 13 <br /> <br /> 14 <br /> <br /> 15 <br /> <br /> 16 <br /> <br /> 17 <br /> <br /> 18 <br /> <br />19 <br /> <br />20 <br /> <br />21 <br /> <br />22 <br /> <br />23 <br /> <br />24 <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br />RESOLUTION NO. 696 <br /> <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br />RIVERSIDE, CALIFORNIA APPROVING THAT DISPOSITION AND <br />DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE AND THE RIVERSIDE HOUSING <br />DEVELOPMENT CORPORATION, A NON-PROFIT PUBLIC BENEFIT <br />CORPORATION, APPROVING THE SALE OF THE REAL PROPERTY <br />THEREUNDER, AND AUTHORIZING THE EXECUTIVE DIRECTOR TO <br />EXECUTE AND IMPLEMENT SAID AGREEMENT. <br /> <br /> WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency"), <br />desires and intends to implement the Amended and Restated Redevelopment Plan ("Redevelopment <br />Plan") for the Casa Blanca Project Area ("Project Area") and <br /> <br /> WHEREAS, the Agency recognizes that the State of California has declared the existence of <br />a shortage of housing affordable to persons and families of low and moderate income within the <br />State, and that the State has declared it to be the policy of the State that local governments <br />encourage and reasonably facilitate the availability of such housing within the jurisdiction of local <br />governments; and <br /> <br /> WHEREAS, the Agency desires and intends to reasonably facilitate the availability of <br />housing affordable to persons and families of low and moderate income within the Project Area in <br />conformity with the Redevelopment Plan and the Agency has determined that it is necessary and <br />appropriate for the Agency to provide financial and other assistance towards this end; and <br /> <br /> WHEREAS, the purpose of the Disposition and Development Agreement ("DDA"), which is <br />the subject of this Resolution, is to increase the amount of housing available at an affordable cost to <br />lower income households with the Project Area through the sale of real property owned by the <br />Agency to the Developer in order to rehabilitate the single family residence for conveyance to a <br />person or family qualifying as a lower income household under a legal commitment ensuring use of <br />the property for residential purposes and availability of the residence to lower income households at <br />an affordable cost for a period of forty-five (45) years ("Project") and <br /> <br />WHEREAS Riverside Housing Development Corporation ("RHDC"), the Developer under <br />the DDA, is a non-profit public benefit corporation having its principal place of business in the City <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 826-5567 <br /> <br /> <br />