R-444
RESOLUTION NO. 444 (RAS)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CllY OF SANTA MONICA FINDING THAT THE USE OF
TAXES ALLOCATED FROM THE SANTA MONICA
EARTHQUAKE RECOVERY REDEVELOPMENT PROJECT
AREA FOR THE PURPOSE OF IMPROVING, INCREASING
AND PRESERVING THE COMMUNITY'S SUPPLY OF LOW
AND MODERATE INCOME HOUSING OUTSIDE THE
PROJECT AREA WILL BE OF BENEFIT TO THE PROJECT
WHEREAS, the Redevelopment Agency of the City of Santa Monica (the "Agency")
has prepared a proposed Redevelopment Plan for the Santa Monica Eanhquake
Recovery Redevelopment Project which would result In the allocation of taxes from the
Project Area to the Agency for the purposes of redevelopment, and
WHEREAS, Section 33334.2(a) of the California Community Redevelopment Law
(Health and Safety Code SectIons 33000 et seq.) reqUires that not less than 20 percent
of all taxes so allocated be used by the Agency for the purposes of Improving, Increasing
and preserving the communlty's supply of low and moderate Income housing available
at affordable housing cost, unless certain findings are made, and
WHEREAS, Section 33334 2(g) of the Community Redevelopment Law prOVides
that the Agency may use such funds outSide the Project Area if a finding IS made by
resolution of the Agency and the City CounCil that such use Will be of benefIt to the
Project
NOW, THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OF
THE CITY OF SANTA MONICA
SECTION 1 The Agency hereby finds that the use of taxes allocated from the
Santa Monica Earthquake Recovery Redevelopment Project Area for the purposes
authonzed in the Califorma Commumty Redevelopment Law and related to Improving,
Increasing and preserving the commumty's supply of low and moderate Income housing
available at affordable costs outSide the Project Area Within the City of Santa Monica Will
be of benefit to the Project
SECTION 2 The Secretary shall certify to the adoption of thiS Resolution
APPROVED AS TO FORM
REDEVELOPMENT AGENCY
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MARSHA JONES MOUTRIE
City Attorney
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JUD '~BDO
Chairperson
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Date
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Date
Adopted and approved thlS 21st day of June, 1994
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Rtchair
I hereby certify that the foregoing Resolutlon No. 111 (RAS) was duly adopted at a
meeung of the Redevelopment Agency held on the 21st day of June, 1994 by the following
vote:
Ayes Agency Member
Abdo, Genser. Greenberg, Holbrook, Olsen, Rosenstem
Noes' Agency Member
None
Abstain. Agency Member.
None
Absent; Agency Member.
Vazquez
ATTEST.
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------- - Secretary