2010-003 CRA - Laserfiche WebLink

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affordable to persons and families of low and moderate income within the statutory five (5) year period. The addresses of these properties are as follows: 801 E. Brown Street, 902 E. Brown Street, 542 E. Central Avenue, 601-603 E. Fifth Street, 606 E. Fifth Street, 607 E. Fifth Street, 610-612 E. Fifth Street, 621 E. Fifth Street, 505-507 N. Minter Street, 508-510 N. Porter Street, and 710 E. Sixth Street. The Agency intends that these properties shall be used for the development of housing affordable to persons and families of low and moderate income, and hereby requests a five (5) year extension in furtherance of said purpose pursuant to Health and Safety Code § 33334.16. G. The Agency has retained certain interests in real property acquired using moneys from the Low and Moderate Income Housing Fund, and is currently in the process of the development of the property for housing affordable to persons and families of low and moderate income during or exceeding the ten (10) year statutory period. The Agency intends that these properties ("Station District Properties") shall be used for the development of housing affordable to persons and families of low and moderate income, pursuant to the Disposition and Development Agreement authorized on June 7, 2010 (Health and Safety Code § 33334.16). Other Agency owned interests in real property acquired using moneys from the Low and Moderate Income Housing Fund, which are currently in the process of the development of the property for housing affordable to persons and families of low and moderate income during or exceeding the ten (10) year statutory period are located at 2034-2038 N. Bush Street. A developer has been selected and negotiations are ongoing for the development of housing affordable to persons and families of low and moderate income, pursuant to Health and Safety Code § 33334.16. H. The Agency adopts by reference and incorporates as though fully set forth herein each and every finding contained in the supporting documentation which accompanies the draft budget for fiscal year 2010-2011, including but not limited to the memorandum from the Executive Director to the City Manager dated May 21, 2010, and the staff report from the Executive Director to the Agency Board, together with any exhibits attached to said documents. 1. The draft budget for fiscal year 2010-2011, together with the supporting documentation presented to the Agency, complies in all respects with the requirements of the Community Redevelopment Law, including but not limited to Health & Safety Code § 33606. J. For those expenditures proposed which are outside the Merged Redevelopment Project Area in the draft budget for fiscal year 2010-2011, the Agency finds and declares that such expenditures will be of benefit to the Merged Redevelopment Project Area. These projects include the Downtown Wayfinding Program, the Station District Cultural and Historical Identification Program, the Station District Residential Rehabilitation Program and community center, as well as proposed CRA Resolution No. 2010-003 Page 2 of 4