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6.3.A. - Page 18 <br />Agency will transfer a portion of the taxes allocated to it pursuant to Health and Safety <br />Code Section 33670 ( "Tax Increment ") to the City in a particular fiscal year, in an <br />amount not to exceed the amount of the Community Remittance for such fiscal year, for <br />the purpose of financing activities within the Project Area related to the Agency's goals; <br />and <br />WHEREAS, the Agency desires to transfer an annual amount of Tax Increment <br />to the City and the City desires to accept such transfer of Tax Increment from the <br />Agency, in an amount not to exceed the amount of the Community Remittance required <br />under AB 1X 27, beginning in Fiscal Year 2011 -2012 and in each subsequent fiscal <br />year, for as long as the City is paying a Community Remittance; and <br />WHEREAS, the City and the Agency entered into that certain Community <br />Remittance Funding Agreement, dated as of September 12, 2011 and effective upon <br />the lifting of the stay and /or upon AB 1X 26 and AB 1X 27 being upheld ( "Funding <br />Agreement "), pursuant to Health and Safety Code Section 34194.2, as enacted by AB <br />1X 27, whereby the Agency agreed to transfer a portion of its annual Tax Increment <br />each fiscal year to the City, in an amount not to exceed the amount of the City's <br />Community Remittance payable for such fiscal year; and <br />WHEREAS, for Fiscal Year 2011 -2012, Health and Safety Code Section <br />34194.3, as enacted by AB 1X 27, authorizes a redevelopment agency not to make the <br />full allocation to the agency's Housing Fund as typically required to be made, if the <br />agency finds that there are insufficient other moneys to meet the agency's debt and <br />other obligations, current priority program needs, or the agency's obligations under <br />Health and Safety Code Section 34194.2. <br />NOW, THEREFORE, THE COUNCIL AND THE REDEVELOPMENT AGENCY <br />OF THE CITY OF REDWOOD CITY DOES HEREBY RESOLVE AS FOLLOWS: <br />Section 1 . The Recitals set forth above are true and correct and incorporated <br />herein by reference. <br />Section 2 . Upon consideration of the facts set forth in the staff report <br />ATTY /RESO.2158/ (RDA) <br />082611 <br />3 <br />