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• 1X 27, provides that the City may enter into an agreement with the Agency, whereby the <br /> Agency will transfer a portion of the taxes allocated to it pursuant to Health and Safety <br /> Code Section 33670 ("Tax IncremenY') 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 /> • AgreemenY'), 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 Ciry, 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 insu�cient 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 /> • ATTY/RES02158/ (RDA) � <br /> 082611 <br /> 3 <br />