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<br />12/19/2005 <br />WHERAS, among its activities, HEART facilitates the acquisition, construction, <br /> <br />financing, operation and maintenance of housing programs, projects and facilities by its <br /> <br />Member Agencies; and <br /> <br />WHEREAS, by becoming a member of HEART, a Member Agency can earn <br /> <br />economic benefits not realized when operating individually in connection with workforce <br /> <br />and affordable housing programs; and <br /> <br />WHEREAS, to become a Member Agency of HEART, the City will need to make <br /> <br />a monetary contribution to HEART's Administrative budget (the "Administrative Fee"); <br /> <br />and <br /> <br />WHEREAS, the Agency desires to pay the aforementioned Administrative Fee <br /> <br />on behalf of the City from its Redevelopment Housing Set-Aside Funds; and <br /> <br />WHEREAS, although there is no guaranty that HEART will assist projects <br /> <br />located within the Agency's Project Area, all projects will be limited to San Mateo <br /> <br />County; and <br /> <br />WHEREAS, Section 33334.2(g) of the Health & Safety Code authorizes the use <br /> <br />of the Agency's Redevelopment Housing Set-Aside Funds to assist affordable housing <br /> <br />outside of a project area if the Agency and the City Council determine that the use will <br /> <br />be of benefit to the Agency's Project Area. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT AGENCY <br />OF REDWOOD CITY AS FOLLOWS: <br /> <br />1. The Agency hereby finds and determines that use of Redevelopment Housing <br /> <br />Set-Aside Funds for the payment of the Administrative Fee will be of benefit to the <br /> <br />Atty/Reso/Reso.1580 <br />120205 <br /> <br />2 <br /> <br />..-..........---""" .........------- <br />