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ORIGINAL <br />RESOLUTION NO. 14680 <br />12/19/2005 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY MAKING FINDINGS AND APPROVALS REGARDING THE <br />EXPENDITURE OF HOUSING SET -ASIDE FUNDS FOR <br />CONTRIBUTION TO THE ADMINISTRATIVE BUDGET OF THE <br />HOUSING ENDOWMENT AND REGIONAL TRUST OF SAN MATEO <br />COUNTY <br />WHEREAS, the Redevelopment Agency of the City of Redwood City (the <br />"Agency ") has prepared a Redevelopment Plan (the "Redevelopment Plan ") which <br />allocates taxes from its Project Area to the Agency pursuant to Health & Safety Code <br />Section 33670, for the purposes of Redevelopment; and <br />WHEREAS, Sections 33334.2 and 33334.3 of the Health & Safety Code require <br />the Agency to use twenty percent (20 %) of the taxes allocated from its Project Area to <br />the Agency for the purpose of increasing, improving, and preserving the community <br />supply of low and moderate income housing ( "Redevelopment Housing Set -Aside <br />Fund "); and <br />WHEREAS, the City of Redwood City (the "City ") is seeking to become a <br />Member Agency to the joint powers authority known as the Housing Endowment and <br />Trust of San Mateo County ( "HEART "); and <br />WHEREAS, HEART was established to support and generate programs and <br />funding resulting in permanent additions to the workforce and affordable housing stock <br />within San Mateo County; and <br />Atty /Reso /Reso.1579 HEART 14680 <br />120205 Muff # 304 <br />