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12/15/2003 <br />WHEREAS, the Agency desires to provide the aforementioned assistance <br />from its Redevelopment Housing Set -Aside Funds; and <br />WHEREAS, Section 33334.2(8) 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 CITY COUNCIL OF <br />THE CITY OF REDWOOD CITY AS FOLLOWS: <br />Section 1. The City Council 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 City Clerk shall certify to the adoption of this Resolution <br />and thenceforth and thereafter the same shall be in full force and effect. <br />Atty /Reso /Reso.1444 14565 <br />121703 2 <br />