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