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Resolutions
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5/21/2002
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R-698
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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 />ll <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. 698 <br /> <br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE <br />REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE REGARDING <br />EXTENSION OF T1ME PERIOD TO RETAIN PROPERTIES AT 2308, 2322 AND <br />2336 UNIVERSITY, RIVERSDE, CALIFORNIA <br /> <br /> WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") acquired the <br />properties located at 2308 and 2322 University Avenue, Riverside, California, in August, 1996 and <br />2336 University Avenue, Riverside, California, in December 1996, as part of the acquisition of the <br />Taste of the Sea Restaurant property; and <br /> WHEREAS, the Agency has not taken any action to develop the properties within five years <br />from their acquisition dates; and <br /> WHEREAS, California Community Redevelopment Law, Section 33334.16, allows property <br /> acquired with Low and Moderate Income Housing Funds to be retained by the Agency for only five <br /> years without any action taken to develop the property unless extended by resolution; and <br /> WHEREAS, California Community Redevelopment Law, Section 33334.16 allows the <br /> legislative body of the Agency to, by resolution, extend the period during which the Agency may retain <br /> the property for one additional period not to exceed five years so long as the Agency affirms the <br /> intention of the legislative body that the property be used for the development of housing affordable to <br /> persons and families of low and moderate income. <br /> NOW, THEREFORE, BE IT RESOLVED, that in accordance with Section 33334.16 of the <br /> California Community Redevelopment La,v, the Agency hereby declares its intention to extend the <br /> period during which the Agency may retain the properties located at 2308, 2322 and 2336 University, <br /> Riverside for one additional period not to exceed five years and hereby affirms its intention to use the <br /> properties for the development of housing affordable to persons and families of low and moderate <br /> <br />income. <br /> <br />/// <br /> <br />/// <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 826-5567 <br /> <br /> <br />
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