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RESOLUTION NO. ~8635 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, CONCURRING THAT PURSUANT TO SECTION 15061.B.3 OF THE CALIFORNIA ENVIRONMENTAL QUALITY ACT THAT THE DISPOSITION AND DEVELOPMENT OF THE PROPERTY LOCATED AT 2617 SEVENTH STREET IS CATEGORICALLY EXEMPT AND APPROVING THE SALE OF REAL PROPERTY BY THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE PURSUANT TO THAT CERTAIN DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND THE RIVERSIDE HOUSING DEVELOPMENT CORPORATION, A CALIFORNIA NON-PROFIT PUBLIC BENEFIT CORPORATION WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency") is engaged in activities necessary to effectuate the Redevelopment Plan for the merged Downtown/Airport Industrial Project ("Project Area"); and WHEREAS, in order to implement the Redevelopment Plan for the Project Area, the Agency proposes to sell certain real property (the "Site") outside of the Project Area at 2617 Seventh Street, Riverside, California, pursuant to the terms and provisions of a certain Disposition and Development Agreement ("Agreement"); and WHEREAS, pursuant to Resolution 17699, adopted March 5, 1991, a finding was made by the City Council of the City of Riverside that property acquired outside of the former Riverside Airport Industrial Redevelopment Project and outside of the former Downtown Redevelopment Project (these two projects were merged pursuant to O.rdinance No. 5872 and adopted by the City of Riverside Redevelopment Agency Board on September 25, 1990) for the purpose of developing low- and moderate- income housing was "of benefit" to the merged project area in satisfaction of Health and Safety Code Sections 33334.2 (g), 33334.6 and 33487; and WHEREAS, the Riverside Housing Development Corporation, a California non- profit public benefit corporation, ("Developer"), has submitted to the Agency a written offer in said Agreement to purchase the real property identified in the Agreement as the Site, which Agreement provides for the elimination of blight and preservation of affordable housing and historic structures through the rehabilitation, use, continued maintenance and occupancy by low- and moderate-income home buyer(s) for a period not less than thirty (30) years, all achieves a stated objective of the Agency to increase and preserve the supply of affordable housing; and WHEREAS, the proposed Agreement contains all the provisions, terms, conditions, and obligations required by State and local law; and WHEREAS, the Agency has prepared, and the City Council has reviewed and considered, a summary setting forth the cost of the Agreement to the Agency, the estimated value of the interests to be conveyed determined under the Redevelopment Plan, the total compensation to be received and the reasons such disposition will