Laserfiche WebLink
06/24/2013 <br /> ORIGINAL <br /> RESOLUTION NO. 15278 <br /> RESOLUTION APPROVING AN APPROPRIATION AMENDMENT <br /> TRANSFERRING $200,000 FROM THE CITY'S GENERAL FUND TO <br /> THE LOW AND MODERATE INCOME HOUSING ASSET FUND FOR <br /> THE PURPOSE OF PROVIDING FUNDING FOR AFFORDABLE <br /> HOUSING OPPORTUNITIES AND AUTHORIZING A ONE-TIME <br /> COMMITMENT OF $25,000 TO HEART <br /> WHEREAS the State of California eliminated the City of Redwood City's <br /> Redevelopment Agency in 2012; and <br /> WHEREAS, the loss of the City's Redevelopment Agency resulted in the loss of <br /> property tax increment, 20% of which was set aside for affordable housing in the City; <br /> and <br /> WHEREAS a portion of tax increment that formerly was for redevelopment <br /> purposes is now returned to the City of Redwood City; and <br /> WHEREAS the County of San Mateo has proposed a matching grant program to <br /> support affordable housing, and HEART provides administrative support for affordable <br /> housing programs in San Mateo County; and <br /> WHEREAS, this Council has reviewed the recommendation to set aside a portion <br /> of those City funds for affordable housing and desires to evidence approval thereof. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF REDWOOD CITY AS FOLLOWS: <br /> Section 1. That $200,000 in City funds be set aside for matching funds to the <br /> County's program. <br /> Section 2. That $25,000 be allocated as a one-time contribution to HEART <br /> Section 3. This resolution shall be effective immediately upon adoption. <br /> * * * <br /> ATTY/RES0.2873/APPROPRIATION AMENDMENTTRANSFER FROM RE50.#15278 <br /> THE CITY'S GENERAL FUNDTO LOW AND MODERATE INCOME HOUSING MUFF ii 501 <br /> REV:06-13-13 VR <br /> Page 1 of 1 <br />