agenda city of watsonville city council/redevelopment agency meeting

CITY COUNCIL/REDEV# 6.2 (o)
RESOLUTION NO. __________ (RA)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF WATSONVILLE FINDING THAT THE USE OF LOW AND
MODERATE INCOME HOUSING FUNDS ALLOCATED FROM THE
WATSONVILLE 2000 REDEVELOPMENT PROJECT FOR PLANNING
AND GENERAL ADMINISTRATIVE COSTS IS NECESSARY FOR THE
PURPOSE OF PRODUCING, IMPROVING, AND PRESERVING THE
COMMUNITY’S SUPPLY OF LOW AND MODERATE-INCOME
HOUSING
WHEREAS, the City Council of the City of Watsonville, adopted Resolution No.
_____ (CM) approving the 2011-2012 Budget for the fiscal years 2011-2013 for the City;
and
WHEREAS, the Redevelopment Agency adopted Resolution No.
(RA)
approving the 2011-2012 Budget for the City of Watsonville Redevelopment Agency; and
WHEREAS, the Redevelopment Agency of the City of Watsonville (“Agency”)
approved and adopted the Watsonville 2000 Redevelopment Plan (the “Plan”) for the
Watsonville 2000 Redevelopment Project Area; and
WHEREAS, in accordance with Subdivision (a) of Section 33334.2 of the
California Community Redevelopment Law (Health and Safety Code Sections 33000 et
seq. and hereinafter the “CRL”), not less than twenty percent (20%) of all tax increment
allocated to the Agency from the Watsonville 2000 Redevelopment Project Area shall be
used for the purposes of increasing, improving and preserving the community’s supply of
low and moderate income housing (the “Low and Moderate Income Housing Fund”); and
WHEREAS, in accordance with Subdivision (d) of CRL Section 33334.3, an
agency is authorized to expend money from the Low and Moderate Income Housing
Fund for planning and general administrative activities associated with the development,
improvement and preservation of affordable housing which is not disproportionate to the
Reso No. (RA)
Q:\COUNCIL\2011\061411\Budget Set Aside 2011.docx
ri 6/9/2011 5:22:21 PM
AJS ______ CJP ______ Finance ______
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