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12/14/2009 ORIGINAL RESOLUTION NO. RD 09-05 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF REDWOOD CITY PURSUANT TO HEALTH AND SAFETY CODE SECTION 33334.16 APPROVING AN EXTENSION OF TIME TO DEVELOP 707 BRADFORD STREET FOR LOW AND MODERATE INCOME HOUSING WHEREAS, the Redevelopment Agency of Redwood City, on October 19, 2004 acquired 707 Bradford Street, a .24 acre property with the use of the Agency's Low and Moderate Income Housing Fund; and WHERAS, Health and Safety Code Section 33334.16 provides that within five years from the date a redevelopment agency first acquires an interest in real property using monies from the Low and Moderate Income Housing Fund, the agency shall "initiate activities consistent with the development of the property" for low and moderate income housing; and WHEREAS, the Agency has initiated activities in the last five years including the preparation of environmental documents and entering into an agreement with the State Department of Toxic and Substance Control as the oversight organization for the environmental remediation; and WHEREAS, in May 2007, the subject property was rezoned to the Planned Community (UP") Zoning District that incorporates the land use and development regulations of the Downtown Precise Plan (UDTTP");and WHEREAS, the DTTP allows greater flexibility to build affordable housing than the former zoning ordinance; and WHEREAS, a lawsuit and court ruling reversed the implementation of the DTTP; and WHEREAS, the DTTP, the UP" Zoning District, and the related CEQA documents are being revised for adoption in the near future; and WHEREAS, the Agency desires to extend the period by resolution for one additional period not to exceed five years, and the Agency intends for the property to be used for the development of housing affordable to persons and families of low and moderate incomes. ATTY/RESO/RESO.1965 120809 1