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RESOLUTION NO. 636 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 PROPOSED MAGNOLIA CENTER REDEVELOPMENT PROJECT WILL BE OF BENEFIT TO Tl~ PROJECT WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") has initiated the Magnolia Center Redevelopment Project (the "Project"); and WI-W~REAS, the City Council of the City of Riverside (the "City Council") and the Agency will hold a joint public hearing on the proposed Redevelopment Plan for the Project; and WHEREAS, in accordance with Section 33334.2(a) of Health and Safety Code, not less than twenty percent (20%) of all tax increment that is allocated to the Agency from the Project Area shall be used for the purposes of increasing, improving, and preserving the community's supply of low- and moderate-income housing; and WHEREAS, Health and Safety Code Section 33334.2(g) provides that the Agency may use such funds outside the Project Area upon adoption of resolutions by the Agency and the City Council finding that the provision of low- and moderate-income housing outside the Project Area is of benefit to the Project; and WHEREAS, future locations of housing for low- and moderate-income families cannot be fully determined at this time. NOW, THEREFORE, it is hereby resolved by the Redevelopment Agency of the City of Riverside as follows: SECTION 1:. Pursuant to Section 33334.2(g) of Health and Safety Code, the Agency hereby finds that the provision of low- and moderate-income housing outside the boundaries of the Project Area will be of benefit to the Project, because the exact extent of future low- and moderate-income housing needs are not known, and may require more land than is available in the Project Area. SECTION 2: Pursuant to Health and Safety Code Section 33334.2(g), the Agency hereby authorizes the use of low- and moderate-income housing funds outside the boundaries of the Project Area.