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CRA - 70RESOLUTION NO. CRA-70 A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY AUTHORIZING THE USE OF TAX INCREMENT REVENUES FROM THE LOS ALAMITOS RACE TRACK AND GOLF COURSE PROJECT AREA TO MEET THE 20% LOW AND MODERATE HOUSING SET ASIDE REQUIREMENT FOR THE AGENCY'S OTHER PROJECT AREAS WHEREAS, California Community Redevelopment Law provides that not less than 20 percent of all taxes which are allocated to the Agency pursuant to Government Code Section 33670 shall be used by the Agency for low and moderate-income housing; and WHEREAS, AB 315 as approved by the California State Legislature authorizes the use of tax increment revenue from one project area to meet the 20 percent set aside requirement for other project areas; and WHEREAS, the Agency has determined that it is in the best interest of the Agency to use tax increment revenues from the Los Alamitos Race Track and Golf Course to meet the 20 percent set aside requirement for all project areas, including the Lincoln Avenue Project Area and the Civic Center Project Area as amended. NOW, THEREFORE, BE IT RESOLVED, that the Cypress Redevelopment Agency hereby authorizes the use of tax increment revenues from the Los Alamitos Race Track and Golf Course Project Area to meet the 20 percent low and moderate income housing set aside requirement. PASSED AND ADOPTED by the governing body of the Cypress Redevelopment Agency, on the 9th day of March , 1992. ~airman, Cypress-Redevelopment Agency Attest: ., ,,//:, , ~e~e~ary, 'Cypres~ Redevelopment Agency STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS I DARRELL ESSEX, Secretary of the Cypress Redevelopment Agency, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular meeting of the said Agency held on the 9th day of March 1992, by the following roll call vote: AYES: 5 NOES: 0 AGENCY MEMBERS: Age, Bowman, Kerry, Nicholson and Partin AGENCY MEMBERS None ABSENT: 0 AGENCY MEMBERS None Secretary', ~eg~ ~Rede~e±opment Agency