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<br />12/19/2005 <br /> <br />ORIGINAL <br /> <br />RESOLUTION NO. RD 05-08 <br /> <br />RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br />REDWOOD CITY AUTHORIZING THE EXPENDITURE OF HOUSING <br />SET-ASIDE FUNDS FOR CONTRIBUTION TO THE ADMINISTRATIVE <br />BUDGET OF THE HOUSING ENDOWMENT AND REGIONAL TRUST <br />OF SAN MATEO COUNTY <br /> <br />WHEREAS, the Redevelopment Agency of the City of Redwood City (the <br /> <br />"Agency") has prepared a Redevelopment Plan (the "Redevelopment Plan") which <br /> <br />allocates taxes from its Project Area to the Agency pursuant to Health & Safety Code <br /> <br />Section 33670, for the purposes of Redevelopment; and <br /> <br />WHEREAS, Sections 33334.2 and 33334.3 of the Health & Safety Code require <br /> <br />the Agency to use twenty percent (20%) of the taxes allocated from its Project Area to <br /> <br />the Agency for the purpose of increasing, improving, and preserving the community <br /> <br />supply of low and moderate income housing ("Redevelopment Housing Set-Aside <br /> <br />Fund"); and <br /> <br />WHEREAS, the City of Redwood City (the "City") is seeking 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 to support and generate programs and <br /> <br />funding resulting in permanent additions to the workforce and affordable housing stock <br /> <br />within San Mateo County; and <br /> <br />Atty/Reso.1580 <br />120205 <br /> <br />1 <br /> <br />RD 05-08 <br />Muff# 304 <br /> <br />. .........-.'" ......--_.. -"'-'-'-"-'-'---'-'.. ,-.,,----..'----"'.'---.' <br />