CRA - 122RESOLUTION NO. CRA - 122
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY FINDING THAT
THE USE OF LOW AND MODERATE INCOME HOUSING FUNDS FROM THE
MERGED PROJECT AREA, FOR THE PURPOSE OF INCREASING, IMPROVING,
AND PRESERVING THE COMMUNITY'S SUPPLY OF LOW AND MODERATE
INCOME HOUSING OUTSIDE THE MERGED PROJECT AREA, IS OF BENEFIT TO
THE MERGED PROJECT AREA
WHEREAS, the Cypress Redevelopment Agency ("Agency") has taken steps to merge
for financial reasons the Civic Center (Original and Amendment Area), Lincoln Avenue (Original
and Proposed Added Area) and Los Alamitos Race Track and Golf Course Redevelopment
Project Areas ("Merged Project Area") pursuant to Section 33485-33489 of the California Health
and Safety Code, make certain other amendments to the Redevelopment Plans for the
foregoing described Project Areas including adding territory (the "Added Area") to the Lincoln
Avenue Project Area, and adopt a Merged, Amended, and Restated Redevelopment Plan as a
consolidated plan for the Merged Project Areas including the Added Area (collectively, the
"Merged Project Area"); and
WHEREAS, Health & Safety Code Section 33334.2 requires that the Agency deposit into
its Low and Moderate Income Housing Fund not less than twenty percent (20%) of all tax
increment revenues so allocated to the Agency to be used by the Agency for the purpose of
increasing, improving, and preserving the community's supply of low- and moderate-income
housing available at affordable housing costs; and
WHEREAS, the foregoing described portion of the taxes so allocated to the Agency to
be used by the Agency for affordable housing purposes is hereinafter referred to as the "Low
and Moderate Income Housing Funds"; and
WHEREAS, Health and Safety Code Section 33334.2(8) further provides that the
Agency may use Low and Moderate Income Housing Funds outside of the Project Area if a
finding is made by resolutions of the Agency and the City Council that such use will be of benefit
to the Project Area.
NOW, THEREFORE, THE CYPRESS REDEVELOPMENT AGENCY, DOES HEREBY
FIND, DETERMINE AND RESOLVE AS FOLLOWS:
SECTION 1. The use of Low and Moderate Income Housing Funds from the Merged
Project Area for the purpose of increasing, improving, and preserving the community's supply of
low- and moderate-income housing available at affordable housing costs outside the Merged
Project Area is of benefit to the Merged Project Area.
PASSED AND ADOPTED by the Cypress Redevelopment Agency at a regular
meeting held on the 13th day of June, 2005.
`~2~ .
CHAIRMAN
CYPRESS REDEVELOPMENT AGENCY
ATTEST:
S CRETARY
C PRESS R ~r77EVELOPMENT AGENCY
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ~ ss
I, JILL R. GUERTIN, Secretary of the Cypress Redevelopment Agency DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular meeting
of the said Redevelopment Agency held on the 13'" day of June, 2005, by the following roll
call vote:
AYES: 4 AGENCY MEMBERS: Luebben, McCoy, Seymore and McGill
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
ABSTAIN: 1 AGENCY MEMBERS: Sondhi
ECRETARY
C ESS REDEVELOPMENT AGENCY
Agency Vice Chair Sondhi did not participate in this action due to her ownership of
property in proximity to the project area.
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