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03/1 0/2008 ORIGINAL RESOLUTION NO. RD 08-02 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY APPROVING AND AUTHORIZING AN AMENDMENT TO THE AGENCY BUDGET FOR FISCAL YEAR 2007-2008 WHEREAS, pursuant to the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.), the Redevelopment Agency of the City of Redwood City (the "Agency") is required to adopt an annual budget; and WHEREAS, pursuant to Section 33606 of the Community Redevelopment Law, the Agency may determine to amend the budget from time to time; and WHEREAS, the Agency and the City of Redwood City entered into an Agreement for Services, dated January 8, 2003, pursuant to which the Agency is obligated to reimburse the City for certain designated administrative services being provided by the City in each fiscal year; and WHEREAS, pursuant to Section 33445 of the Community Redevelopment Law, the Agency has the authority to pay for public improvements if certain findings are made by the redevelopment agency and the legislative body; and WHEREAS, pursuant to Section 33334.2 of the Community Redevelopment Law, the Agency is required to set aside 20% of its annual gross tax increments for deposit into a Low- and Moderate-Income Housing Fund, to be used for the purposes of increasing, improvement and preserving the community's supply of affordable housing. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The Agency hereby approves the following appropriations and amendments to the Agency Budget for Fiscal Year 2007-2008: a. Appropriation from the Agency General Fund "Working Capital Balance" to "Employee Services" to add staffing support for the coordination, A TTY/RESO/RESO.1798 031308 1 RD 08-02 MUFF # 404