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Resolutions
General 2 - Date
6/10/2003
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R-726
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RESOLUTION NO. 726 <br /> <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE C1TY OF <br />RIVERSIDE FINDING THAT THE PROVISION OF LOW- AND MODERATE- <br />INCOME HOUSING OUTSIDE THE BOUNDARIES OF THE HUNTER <br />PARK/NORTHSIDE REDEVELOPMENT PROJECT AREA WILL BE OF <br />BENEFIT TO THE PROJECT AREA <br /> <br /> WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") has <br />initiated the proposed adoption of the Hunter Park/Northside Redevelopment Project (the <br />"Proposed Project"); and <br /> <br /> WHEREAS, the Riverside City Council (the "City Council") and the Agency will <br />hold a joint public hearing on the Proposed Project; and <br /> <br /> WHEREAS, in accordance with Section 33334.2(a) of the Community <br />Redevelopment Law (the "CRL"), not less than twenty percent (20%) of all tax increment <br />that is allocated to the Agency from the Project Area shall be used for the purposes of <br />increasing, improving, and preserving the community's supply of low- and moderate-income <br />housing; and <br /> <br /> WHEREAS, CRL Section 33334.2(g) provides that the Agency may use such funds <br />outside the Project Area upon adoption of resolutions by the Agency and the City Council <br />finding that the provision of low- and moderate-income housing outside the proposed <br />Project Area is of benefit to the Proposed Project; and <br /> <br /> WHEREAS, the exact extent of future low- and moderate-income housing needs are <br />not known at this time and may require more land than is available in the proposed Project <br />Area. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of the Redevelopment <br />Agency of the City of Riverside, California, as follows: <br /> <br /> Section 1: Pursuant to CRL Section 33334.2(g), the Agency hereby finds that the <br />provision of low- and moderate-income housing outside the boundaries of the Project Area <br />will be of benefit to the Proposed Project, because the exact extent of future low- and <br /> <br /> <br />
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