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SWC :mf 3/5/82 <br /> <br /> RESOLUTION NO. 9065 <br /> RESOLUTION NO. RD-82-04 RD 82-04 <br /> <br /> CONCURRENT RESOLUTION OF THE COUNCIL OF REDWOOD CITY <br />AND THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD <br />CITY APPROVING AND AUTHORIZING LOAN OF CITY FUNDS <br />TO REDEVELOPMENT AGENCY FOR LOW INCOME HOUSING <br />COOPERATIVE <br /> <br /> WHEREAS, pursuant to Minute Order No. 82-25 adopted March 1, 1982, <br />the Council of Redwood City directed City staff to investigate the <br />possibility of financing $801,000 for one (1) year, to be repaid with <br />appropriate interest, for the purpose of assisting the Redwood City <br />Cooperative Housing Association, Inc., in obtaining HUD Tandem Financing <br />for a proposed low income housing project; and <br /> WHEREAS, the City staff has recommended that the City loan funds <br /> to the Redevelopment Agency which could then be made available for <br />expenditures necessary to obtain the aforesaid HUD financing; and <br /> WHEREAS, the Council of Redwood City has determined that a loan <br />made for the Redevelopment Agency for the above stated purposed would <br />be in the public interest; and <br /> WHEREAS, it is the intent of the Council of Redwood City to loan <br />funds to the Redevelopment Agency for the above specified purpose; and <br /> WHEREAS, it is the intent of the Redevelopment Agency to borrow <br />such funds and to agree to repay such amount to the City from tax <br />increment funds of the Agency; <br /> HOW, THEREFORE; <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, AND <br />BY THE COUNCIL OF THE CITY OF REDWOOD CITY ACTING AS THE REDEVELOPMENT <br />AGENCY OF THE CITY OF REDWOOD CITY, AS FOLLOWS; <br /> 1. The City of Redwood City hereby agrees to loan for a period <br /> <br /> 9065 <br /> RD-82-04 <br /> <br /> <br />