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<br />SWC:mf 3/5/82 <br /> <br />DUPLICATE <br />ORIGINAL <br /> <br />RESOLUTION <br /> <br />NO. 9 0 6 5 <br /> <br />MAR <br /> <br />8 1982 <br /> <br />RES 0 L UTI 0 N RD- 82-04 <br /> <br />COOCURRENT RESOLUTION OF THE COUNCIL OF ~ CITY <br />AND THE REDEVELOPMENT AGENCY OF THE CITY OF RID'mD <br />CITY APPROVING AND AUTHORIZING LOAN OF CITY FUNDS <br />'ID REDEVELOPMENT AGENCY FOR I.J:JN INCCME HOUSING <br />COOPERATIVE <br /> <br />WHEREAS, pursuant to Minute Order No. 82-25 adopted March 1, 1982, <br /> <br />the Council of Redwood City directed City staff to investigate the <br /> <br />possibility of financing $801,000 for one (1) year, to be repaid with <br /> <br />appropriate interest, for the purpose of assisting the Redwood City <br /> <br />Cooperative Housing Association, Inc., in obtaining HUD Tandem Financing <br /> <br />for a proposed low incare housing project; and <br /> <br />WHEREAS, the City staff has recarrcended that the City loan funds <br />to the Redeveloprrent Agency which could then be made available for <br /> <br />expenditures necessary to obtain the aforesaid HUD financing; and <br /> <br />WHEREAS, the Council of Redwood City has detennined that a loan <br />made for the Redeveloprent Agency for the above stated purpose would <br /> <br />be in the public interest; and <br /> <br />WHEREAS, it is the intent of the Council of Redwood City to loan <br /> <br />funds to the Redeveloprrent Agency for the above specified purpose; and <br />WHEREAS, it is the intent of the Redeveloprent Agency to borrow <br />such funds and to agree to repay such arrount to the City fran tax <br /> <br />increrrent funds of the Agency; <br /> <br />~, THEREFORE; <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REIH)()[) CITY, AND <br /> <br />BY THE COUNCIL OF THE CITY OF RID'KXD CITY ACI'ING AS THE REDEVELOPMENT <br /> <br />AGENCY OF THE CITY OF REJ:KX)[) CITY, AS FOI.I.rnS: <br /> <br />1. The City of Redwood City hereby agrees to loan for a pericxi <br /> <br />9 <br /> <br />i: r; <br />; <br /> <br />RD-82-04 <br />