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R-409 . . . SANTA MONICA REDEVELOPMENT AGENCY, CITY OF SANTA l\IIONICA, CALIFORNIA RESOLUTION NO. 409 (RAS) A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT AGENCY, CITY OF SANTA MONICA, CALIFORNIA ADOPTING A STATEMENT OF EX1'3TING OBLIGATIONS FOR THE OCEAN PARK PROJECT NO. l(B) ADOPTED BY THE CITY COUNCIL OF THE CITY OF SANTA MONICA ON JANUARY 24, 1961 AND AMENDED ON JANUARY 12, 1965 AND SEPTEMBER 12, 1972 WHEREAS, the City Council of the City of Santa Monica, adopted the Redevelopment Plan for' the Ocean Park Project No. l(b) on January 24, 1961 by Ordinance No. 516(CCS) and amended January 12, 1965 by Ordinance No. 667(CCS) and September 12, 1972 by Ordinance No. 896(CCS); and WHEREAS, the Santa Monica Redevelopment Agency, City of Santa Monica, California (the "Agency") is engag-ed in activities necessary and appropriate to carry out such Redevelopment Plan; and WHEREAS, pursuant to Section 33334.6 of the California Communitv Redevelopment Law (Health and Safety Code Section 33000 et seq.) the Agency is required to establish a Low and Moderate 1ncome Housing Fund for such Redevelopment Project in Fiscal Year 1985-86 and each Fiscal Year thereafter, and to deposi t therein not less than twenty percent (2096) of the tax increment funds allocated to the Agency for the Project in the applicable Fiscal Year, except as necessary to pay for existing obligations pertaining to the Project; and WHEREAS, the Agency pursuant to subdivision (f) of Section 33334.6 of the Community Redevelopment Law has prepared a proposed Statement of Existing Obligations for the Ocean Park Project No. l(b) and submitted such Statement to the City Council of the City of Santa Monica and the Department of Housing and Community Development in a timely manner; and WHEREAS, the Agency pursuant to subdivision (f) of Section 33334.6 of the Community Redevelopment Law held a public hearing to consider the proposed Statement, having duly published notice of such public hearing and made copies of the proposed Statement, available for public inspection and comment; and NOW, THEREFORE, THE SANTA MONICA REDEVELOPMENT AGENCY, CITY OF SANTA MONICA, CALIFORNIA DOES RESOLVE AS FOLLOWS: 1. The Agency recognizes that it has received and heard all oral. and written objections to the proposed Statement of Existing Obligations for the Ocean Park Project No. l(b), and that all such oral and written objections are hereby overruled. 2. The Agency hereby approves and adopts the Statement of Existing Obligations for the Ocean Park Project No. l(b). -1- . 3. The Agency hereby authorizes and directs the Executive Director (or his designee) to transmit a copy of this resolution and the Statement of Existing Obligations for the Ocean Park Project No. l(b) to the Department of Housing and Community Development and to transmit to the City Council of the City of Santa Monica a record of the public hearing held on this matter. APPROVED AS TO FORM: n,'1r~.J\:t :.r- Agency Attorney 137/5-24 . . -2- . . ". . . Adopted and approved this 19th day of August, 1986. f~~f.~ ~ Chairperson I hereby certify that the foregoing Resolut1on No. 409(RAS) was duly adopted by the Redevelopment Agency of the City of Santa Mon1ca at a meeting thereof held on August 19, 1986 by the following Agency vote: . Ayes: Agency Members: Epste1n, Jennings, A. Katz, H. Katz and Mayor Reed Noes: Agency Members: Zane Abstain: Agency Members: None Absent: Agency Members: Conn ATTEST: ~~ /Jr;Ji~ Secretary .