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<br />12/1512008 <br /> <br />WHEREAS, the Agency is prepared to provide the aforementioned cash <br /> <br />assistance to the Project from Redevelopment Housing Set-Aside funds. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF REDWOOD CITY AS FOLLOWS: <br /> <br />1. The recitals set forth above are true and correct and are hereby incorporated <br /> <br />by this reference as if fully set forth in their entirety. <br /> <br />2. The City Council hereby finds and determines that use of Redevelopment <br /> <br />Housing Set-Aside Funds pursuant to the Owner Participation Agreement will benefit <br /> <br />Redevelopment Plan Area A by providing affordable housing to very low and low <br /> <br />income disabled residents. <br /> <br />3. The City Council hereby approves the Owner Participation Agreement for the <br /> <br />Cedar Street Apartments by and between the City, the Agency, and MHASMC, on file <br /> <br />and made available at the City Clerk's office and incorporated herein by this reference, <br /> <br />and the City Manager and City Clerk are hereby authorized and directed to execute and <br /> <br />to attest thereto, respectively. <br /> <br />4. This Resolution shall take effect upon its adoption. <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />ATTY/RESO/RESO.1879 <br />121008 <br /> <br />3 <br /> <br />14915 <br />MUFF # 405 <br />