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R-380 RESOLUTION NUMBER 380(RAS) . (Redevelopment Agency SerIes) A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA INVOKING THE PROVISIONS OF HEALTH AND SAFETY CODE SECTION SECTION 33334.2 AND FINDING THAT THE PROVISION OF LOW AND MODERATE INCOME REPLACEMENT HOUSING WILL BE OF BENEFIT TO THE OCEAN PARK REDEVELOPMENT PROJECT. WHEREAS, the Redevelopment Plan for the Ocean Park Redevelopment ProJect lea) (hereinafter "Ocean Park" Redevelopment ProJect) was adopted by OrdInance Number 497 of the CouncIl of the CIty of Santa MonIca on June 30, 1960; and WHEREAS, It was necessary for the Agency to demolIsh and remove approxImately 700 low and moderate Income housIng unIts In the course of ImplementIng the Ocean Park Redevelopment ProJect; and WHEREAS, the Redevelopment Agency desIres to replace thIS housIng by provIdIng housIng avaIlable at affordable cost for and persons and . families of low and moderate Income; and WHEREAS, the Redevelopment Agency desIres to make applIcable the provisions 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: SECTION L 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 Ocean Park Redevelopment ProJect subJect to indebtedness Incurred to Implement the Project, and only to the extent provIded for In each specIfIc ImplementIng resolutlon that may be adopted from time . to tIme by the Redevelopment Agency. 1 . . . SECTION 2. 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 so authorIzed pursuant to Health and Safety Code SectIon 33334.2 for IncreasIng and expandIng the supply of low and moderate Income housIng avaIlable at affordable costs wIthIn the CIty of Santa MonIca for 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 wlll Increase and Improve the supply of low and moderate Income housIng avaIlable at affordable costs wIthIn the CIty of Santa MonIca, that the provIsIon of such housIng IS of benefIt to the Ocean park Redevelopment Project and that the Redevelopment Agency IS Indebted to the extent necessary to provIde such housIng, subJect to Indebtedness Incurred to Implement the Ocean Park Redevelopment Project and only to the extent provlded for in each specIfIc implementing resolutIon that may be adopted from time to time by the Redevelopment Agency approprIatIng/allocating funds 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 Section33334.2 (d). SECTION 3. Each specIfIC ImplementIng resolutIon of the Redevelopment Agency approprIatIng/allocatIng funds for the prOVISIon of replacement hOUSIng and provIdIng for theIr expendIture, shall be deemed to be, to the extent provIded therein, an electIon by the 2 . Redevelopment Agency to make part of the requIrements of Heal th and Safety Code Sectlon 33334.2 applIcable to the Ocean Park Redevelopment ProJect and an oblIgatIon of the Redevelopment Agency to meet such requ I rements to the extent prov Ided there i n, and shall const 1 tute an Indebtedness of the Redevelopment Agency for the Ocean Park Redevelopment funds of the the ProJect extent to appropriated/allocated for the provIsIon of replacement housIng pursuant to Health and Safety Code 33334.2. SECTION 5. The Agency secretary shall certIfy to the adoptlon of thIS Resolution, and thenceforth and thereafter the same shall be In full force and effect. . Approved as to form: . ::~. ~~~~-- -~(J--~ Agency Attorney 3 . . . . . Adopted and approved this 8th da Chairperson Pro Tempore I hereby certify that the foregoing Resolution No. 380(RAS) was duly adopted by the Redevelopment Agency of the City of Santa Agency vote: Mon1ca at a meeting thereof held on May 8, 1984 by the following Ayes: Noes: Absent: Abstain: Agency Members: Conn, Epstein, Jennings, Press, Reed and Zane Agency Members: None Agency Members: Chanperson EdT...rards Agency Members: None ATTEST: By ~L-yj }JL4-F~ Secretary