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RESOLUTION NO. 17348 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, 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 PLAZA ASSOCIATES A CALIFORNIA JOINT VENTURE PARTNERSHIP, OF NEWPORT BEACH, CALIFORNIA AND MAKING CERTAIN FINDINGS FOR THE USE OF LOW AND MODERATE INCOME HOUSING FUNDS. WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency") is engaged in activities necessary to execute and implement the Redevel opment P1 an for the Ri versi de Mal 1 and White Park Redevel opment Project Area ("Project"); and WHEREAS, in order to implement the Redevelopment Plan, the Agency proposes to purchase and sell certain real property in the Project area, pursuant to the terms and provisions of a certain Disposition and Development Agreement ("Agreement") and which property is described in said Agreement; and WHEREAS, Plaza Associates, a California joint venture partnership ("Developer"), submitted to the Agency a written offer in the form of said Agreement to purchase and develop the real property identified in the Agreement as the Site, which Agreement provides for an increase in the community's supply of low and moderate income housing through the production and development of approximately 103 low and moderate income residential units and achieves a stated objective of the Agency to provide said residential units; WHEREAS, the proposed Agreement contains al 1 the provi si ons, terms, conditions, and obligations required by state and local law; and WHEREAS, Developer possesses the qualifications and financial resources necessary to acquire the Site and develop the Site as described in the Agreement, in accordance with the purposes and objectives of the Redevelopment Plan; 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, and the purchase price and made said summary available for public inspection in accordance with the California Community Redevelopment Law; and WHEREAS, the Agreement provides for funding of a portion of the Agency's obligation to assist in the production of low and moderate income housing through the issuance of tax allocation bonds secured by necessary and available funds in the Low and Moderate Income Housing Fund of each of the redevelopment project areas within the City as follows: Riverside Mall and White Park (Downtown), Central Industrial; Sycamore Canyon, Airport Industrial, Arlington Center and Eastsi de ( al together the "Project Areas"); and