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<br />JAH:djk 11/27/89 (025/26) <br /> <br />RES 0 L UTI 0 N <br /> <br />DEe 04 1989 OR1GfNAL <br />11192 <br /> <br />N o. <br /> <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY, FINDING THAT THE USE OF TAXES ALLOCATED FROM THE <br />AMENDMENT AREA OF REDEVELOPMENT PROJECT NO. 2 FOR THE <br />PURPOSE OF IMPROVING AND INCREASING THE COMMUNITY IS <br />SUPPLY OF LOW AND MODERATE INCOME HOUSING OUTSIDE THE <br />AMENDMENT AREA AND EXISTING PROJECT AREA WILL BE OF <br />BENEFIT TO THE AMENDED PROJECT <br /> <br />WHEREAS, the Redevelopment Agency of the City of Redwood <br /> <br />Ci ty has <br /> <br />prepared a proposed <br /> <br />Second Amendment <br /> <br />to <br /> <br />the <br /> <br />Redevelopment Plan for Redevelopment Project No. 2 (the "Second <br /> <br />Amendment") which would add area to the existing project area <br /> <br />(the "Amendment Area") and would result in the allocation of <br /> <br />taxes from the Amendment Area to the Redevelopment Agency of the <br /> <br />City of Redwood City for purposes of redevelopment; and <br /> <br />WHEREAS, Section 33334.2 of the Health and Safety Code <br /> <br />requires that not less than 20 percent of all taxes so allocated <br /> <br />be used by the Agency for the purpose of improving and increasing <br /> <br />the community's supply of low and moderate income housing <br /> <br />available at affordable housing cost, unless certain findings are <br /> <br />made; and <br /> <br />WHEREAS, Section 33334.2 (g) of the Health and Safety Code <br /> <br />provides that the Agency may use such funds outside the Amendment <br /> <br />Area and Existing Project Area if a finding is made by resolution <br /> <br />of the Agency and the City Council that such use will be of <br /> <br />benefit to the amended Project; <br /> <br />NOW, THEREFORE; <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDWOOD <br /> <br />CITY, AS FOLLOWS: <br />