R-7658
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RESOLUTION NUMBER~(CCS)
(City Council series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA MONICA APPROVING THE USE OF FUNDS IN THE
DOWNTOWN REDEVELOPMENT PROJECT LOW AND MODERATE
INCOME HOUSING TRUST FUND WILL BE OF BENEFIT TO THE
DOWNTOWN REDEVELOPMENT PROJECT.
WHEREAS, it is the policy of this locality to assure an ade-
quate supply of standard housing affordable to low and moderate
income persons and families; and
WHEREAS, the Downtown Redevelopment Proj ect has been es-
tablished in the City of Santa Monica in the area bordered by
Broadway, Fourth Street, ColoradO, and Second Street; and
WHEREAS, the Downtown Redevelopment Project has been fully
developed with a commercial facility; and
WHEREAS, the Redevelopment Agency of the City of Santa Moni-
ca has established a Downtown Redevelopment Project Low and
Moderate Income Housing Trust Fund pursuant to Health and Safety
Code Section 33334.2 for the purpose of increasing and improving
the supply of low and moderate income housing available at af-
fordable costs within the city of Santa Monica; and
WHEREAS, Health and Safety Code section 33334.2 requires
that the City Council concur with the Redevelopment Agency's
finding that the use of the funds will be of benefit to the re-
development project area when the funds will be expended outside
the boundaries of the redevelopment project area; and
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WHEREAS, the Redevelopment Agency has investigated the hous-
ing needs of project area employees and has determined that in-
creasing and improving the supply of low and moderate income
housing available at affordable costs outside of the project area
will benefit the Downtown Redevelopment Project by expanding
housing opportunities for the Downtown Redevelopment Project
labor force within a reasonable distance from the project; and
WHEREAS, on December 13, 1983 the Redevelopment Agency adop-
ted Resolution Number 378 establishing the Downtown Redevelopment
Project Low and Moderate Income Housing Trust Fund (the "Housing
Trust Fund"); and
WHEREAS, on December 13, 1983 the City Council adopted
Resolution Number 6787 (CCS) concurring in the establishment of
such fund and finding that it is of benefit to the project; and
WHEREAS, on August 9, 1988 the Redevelopment Agency adopted
Resolution Number 421 (RAS) allocating $102,649 to the Housing
Trust Fund,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1. The City Council finds and determines that the
Downtown Redevelopment Project will benefit by the use of funds
in the Housing Trust Fund in accordance with Health and Safety
Code Section 33334.2.
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SECTION 2. The City Clerk 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:
~M..~
ROBERT M. MYERS 0 -
City Attorney
reslc
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Adopted and approved
tha~A~fu~8.
C. Mayor
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I hereby certify that the foregoing Resolution No. 7658(CCS)
was duly adopted by the City Council of the City of Santa Monica
at a meeting thereof held on August 9, 1988, by the following
Council vote:
Ayes:
Councilmembers: Finkel, Jennlngs, A. Katz, Zane,
Mayor Conn
Noes:
Councilmembers: None
Abstain:
councilmembers: None
Absent:
Councilmembers: H. Katz, Reed
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:;E;~j~
- ~City Clerk-----