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I <br />61 C -3 <br />RESOLUTION NO. <br />RESOLUTION OF THE CITY OF REDWOOD CITY <br />AUTHORIZING THE EXPENDITURE OF HOUSING SET -ASIDE <br />FUNDS FOR THE HALLMARK APARTMENTS PROJECT <br />LOCATED OUTSIDE OF THE REDEVELOPMENT PLAN AREA. <br />WHEREAS, the Redevelopment Agency of the City of Redwood City (the <br />"Agency") has prepared a Redevelopment Plan (the "Redevelopment Plan ") for <br />the Redevelopment Plan Area (the "Project Area ") which allocates taxes from the <br />Project Area to the Agency pursuant to Health & Safety Code Section 33670, for <br />the purposes of Redevelopment; and <br />WHEREAS, Sections 33334.2 and 33334.3 of the Health & Safety Code <br />require the Agency to use twenty percent (20 %) of the taxes allocated from the <br />Project Area to the Agency for the purpose of increasing, improving, and <br />preserving the community supply of low and moderate income housing <br />('Redevelopment Housing Set -Aside Fund "); and <br />WHEREAS, the City of Redwood City and the Agency have prepared an <br />Owner Participation Agreement with KDF Communities, LLC (the "Owner <br />Participation Agreement'), for the repair and rehabilitation of the Hallmark <br />Apartment Complex (the "Project'); and <br />WHEREAS, the Owner Participation Agreement requires that the Project <br />be operated to provide affordable housing to very low and low income persons <br />and families for not less than fifty five (55) years; and <br />WHEREAS, the Project requires assistance from the Agency in the total <br />amount of One Hundred and Fifty Thousand Dollars ($150,000); and <br />WHEREAS, the Agency desires to provide the aforementioned assistance <br />from its Redevelopment Housing Set -Aside Funds; and <br />Atty /Reso /Reso.1444 <br />121003 1 <br />