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<br />08/2512008 <br /> <br />ORIGINAL <br /> <br />RESOLUTION NO. 14892 <br /> <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY TO ADOPT A REVISED JOINT POWERS AGREEMENT FOR THE <br />HOUSING ENDOWMENT AND REGIONAL TRUST FUND OF SAN <br />MATEO COUNTY <br /> <br />WHEREAS, the City of Redwood City (the "City") has sought to become a <br /> <br />Member Agency to the joint powers authority known as the Housing Endowment and <br /> <br />Trust of San Mateo County ("HEART"); and <br /> <br />WHEREAS, HEART was established in 2003 to support and generate programs <br /> <br />and funding resulting in permanent additions to the workforce and affordable housing <br /> <br />stock within San Mateo County; and <br /> <br />WHERAS, among its activities, HEART facilitates the acquisition, construction, <br /> <br />financing, operation and maintenance of housing programs, projects and facilities by its <br /> <br />Member Agencies; and <br /> <br />WHEREAS, by becoming a member of HEART, a Member Agency can earn <br /> <br />economic benefits not realized when operating individually in connection with workforce <br /> <br />and affordable housing programs; and <br /> <br />WHEREAS, as a Member Agency of HEART, the City Council and <br /> <br />Redevelopment Agency have made monetary contributions to HEART's Administrative <br /> <br />budget (the "Administrative Fee") from the Agency's Redevelopment Housing Set-Aside <br /> <br />Funds; and <br /> <br />ATTY/RESO/RESO.1847 <br />081908 <br /> <br />1 <br /> <br />14892 <br />MUFF # 304 <br />