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WHEREAS, Section 33334.2(g) of the Health & Safety Code authorizes <br />the use of the Agency's Redevelopment Housing Set -Aside Funds to assist <br />affordable housing outside of a Project Area if the Agency and the City Council <br />determine that the use will be of benefit to the Project Area; and <br />WHEREAS, the Project Area will serve major Redevelopment Plan goals <br />and objectives by providing an affordable housing resource for employers and <br />very low and low income employees who work in the Project Area, and by <br />alleviating blight in an area in close proximity to the Project Area. <br />NOW, THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT <br />AGENCY OF REDWOOD CITY AS FOLLOWS: <br />Section 1. The Agency hereby finds and determines that use of <br />Redevelopment Housing Set -Aside Funds outside of the Project Area pursuant to <br />the Owner Participation Agreement will be of benefit to the Project Area by <br />providing an affordable housing resource for employers and very low and low <br />income employees who work in the Project Area, and by alleviating blight in an <br />area in close proximity to the Project Area. <br />Section 2. The Secretary of the Agency shall certify to the adoption of <br />this Resolution and thenceforth and thereafter the same shall be in full force and <br />effect. <br />Atty /Reso /Reso.1443 <br />121003 2 <br />