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RESOLUTION NO. 723 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE FINDING THAT THE PROVISION OF LOW- AND MODERATE- INCOME HOUSING OUTSIDE THE BOUNDARIES OF THE AREA PROPOSED TO BE ADDED TO THE ARI JNGTON REDEVELOPMENT PROJECT WILL BE OF BENEFIT TO THE PROJECT WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") has initiated the proposed adoption of the Arlington Redevelopment Project, Amendment No. 3 (the "Amendment"); and WHEREAS, the proposed Amendment will add territory (the "Amendment Area") to the existing Arlington Redevelopment Project (the "Project"); and WHEREAS, the Riverside City Council (the "City Council") and the Agency will hold a joint public hearing on the proposed Amendment; and WHEREAS, in accordance with Section 33334.2(a) of the Community Redevelopment Law (the "CRL"), not less than twenty percent (20%) of all tax increment that is allocated to the Agency from the proposed Amendment Area shall be used for the purposes of increasing, improving, and preserving the community's supply of low- and moderate-income housing; and WHEREAS, CRL Section 33334.2(g) provides that the Agency may use such funds outside the proposed Amendment Area upon adoption of resolutions by the Agency and the City Council finding that the provision of low- and moderate-income housing outside the proposed Amendment Area is of benefit to the Project; and WHEREAS, the exact extent of future low- and moderate-income housing needs are not known at this time and may require more land than is available in the proposed Amendment Area. NOW, THEREFORE, BE IT RESOLVED by the Board of the Redevelopment Agency of the City of Riverside, California, as follows: Section 1: Pursuant to CRL Section 33334.2(g), the Agency hereby finds that the provision of low- and moderate-income housing outside the boundaries of the proposed