R-378
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RESOLUTION NUMBER 378
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(Redevelopment Agency Series)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA INVOKING THE PROVISIONS OF HEALTH AND SAFETY
CODE SECTION 33334.2 AND ESTABLISHING THE DOWNTOWN
REDEVELOPMENT PROJECT LOW AND MODERATE INCOME HOUSING TRUST
FUND.
WHEREAS, the Redevelopment Plan for the Downtown
Redevelopment Project was adopted by Ordinance Number 1021 of the
Council of the City of Santa Monica on January 13, 1976; and
WHEREAS, the Santa Monica Place Shopping Center has been
developed in implementation of the Redevelopment Plan for the
Downtown Redevelopment Project within the Downtown Redevelopment
Project area and has created approximately 1,890 new jobs,
resulting in an increase in the demand for affordable housing for
. the employees of the development and other persons employed or
reslding in the Clty of Santa Monica; ~nd
WHEREAS, the Redevelopment Agency desi res to ass ist in the
development of an adequate supply of low and moderate income
housing available at affordable costs for such employees and
other persons and families of low and moderate income; and
WHEREAS, the Redevelopment Agency desires to make applicable
the p~ovisions of Health and Safety Code Section 33334.2 to the
Downtown Redevelopment ProJect,
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA DOES RESOLVE AS FOLLOWS:
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SECTION 1. The Redevelopment Agency does hereby establish
the Dcwntown Redevelopment Project Low and Moderate Income
Housing Trust Fund (the "Housing Trust Fund") into which funds
may be appropriated by the Agency from time to time and expended
to increase and improve the supply of low and moderate income
housing available at affordable costs within the City of Santa
Monica..
SECTION 2. The Redevelopment Agency hereby elects to make
part of the requirements of Health and Safety Code Section
33334.2 (tax increment expenditure for low and moderate income
hOUSIng) applicable to the Downtown Redevelopment Project,
subject to indebtedness incurred to implement the Project, and
only to the extent provided for in each specific implementing
resolution that may be adopted from time to time by the
Redevelopment Agency appropriating funds into the Housing Trust
Fund and providing for their expenditure.
SECTION 3. Subject to the availability of funds to be
provided at the discretion of the Redevelopment Agency from time
to time in specific implementing resolutions, the Redevelopment
Agency shall use funds expended from the Housing Trust Fund
pursuant to Health and Safety Code Section 33334.2 to increasing
and expanding the supply of low and moderate income housing
available at affordable costs within the City of Santa Monica for
employees of Sdnta Monica Place Shopping Center and other low and
moderate income persons and families. Each specific implementing
resolution of the Redevelopment Agency shall be deemed to be a
determination of the Redevelopment Agency that the provision of
such housing will increase and improve the supply of low and
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moderate income housing available at affordable costs within the
City of Santa Monica, that the provision of such housing is of
benefit to the Downtown Redevelopment Project, and that the
Redevelopment Agency is indebted to the Housing Trust Fund to the
extent necessary to provide such housing, subject to indebtedness
incurred to implement the Downtown Redevelopment Project, and
only to the extent provided for in each specific implementing
resolution that may be adopted from time to time by the
Redevelopment Agency appropriating funds into the Housing Trust
Fund and providing for their expenditure. In increasing and
improving the supply of low and moderate income housing available
at affordable cost with monies appropriated into the Housing
Trust Fund, the Redevelopment Agency may exercise any or all of
its powers including those set forth in Health and Safety Code
Section 33334.2(d).
SECTION 4. Each specific implementing resolution of the
Redevelopment Agency appropriating funds into the Housing Trust
Fund and providing for their expenditure, shall be deemed to be,
to the extent provided therein, an election by the Redevelopment
Agency to make part of the requirements of Health and Safety Code
Section 33334.2 applicable to the Downtown Redevelopment Project
and an obligation of the Redevelopment Agency to meet such
requirements to the extent provided therein, and shall constitute
an indebtedness of the Redevelopment Agency for the Downtown
Redevelopment Project to the extent of the funds appropriated
into the Housing Trust Fund pursuant to Health and Safety Code
33334.2.
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SECTION S. Funds appropriated into the Housing Trust Fund
by speclfic implementing resolutions shall be held therein until
used for the purposes described hereinabove. Any interest earned
by the Housing Trust Fund shall accrue to the fund and may only
be used for the purposes of the Fund as described hereinabove.
SECTION 6.
The Agency secretary shall certify to the
adoption of this Resolution, and thenceforth and thereafter the
same shall be in full force and effect.
Approved as to form:
Robert M. Myers
Agency Attorney
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ADOPTED AND APPROVED THIS
13th
DAY
OF
December
t 1983.
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BY' _ / :;/{/--~~ /~-~-/
~tHAIRPERSO~ -
I HEREBY CERTIFY THAT THE FOREGOING RESOLUTION
NO. 378(RAS)
WAS DULY ADOPTED BY THE RE~EVELOPMENT
AGENCY OF THE CITY OF SANTA r~mnCA AT A MEETING
. THEREOF HELD ON December 13 t 1983 BY THE FOllOWING
AGENCY VOTE:
AYES: AGENCY t1EMBERS: Connt Jennlngs, Press, Zane and
Mayor Edi\'ards
HOES: AGENCY M E f1 B E R S : Epstein and Reed
ABSENT: AGENCY MH1BERS: :.Jane
ABSTAIU: AGEUCY ~1 E H B E R S : Kone
ATTEST:
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BY {L-?L- 11 7/c V-Iw fc(
Arm M. SHORE - SECRETA"R'Y
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