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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-77-95 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON APPROVING A SENIOR HOUSING PROJECT BY THE <br />REDEVELOPMENT AGENCY FOR THE CITY OF COLTON <br />WHEREAS, the Redevelopment Agency for the City of Colton (the <br />"Agency") proposes to assist Cooperative Services Inc. (the <br />"Developer") in financing the construction of an approximately <br />seventy (70) unit senior rental housing project (the "Project") to <br />be owned and operated by the Developer and located at the corner <br />of La Cadena Drive and "O" Street in the City of Colton, <br />California (the "City"); and <br />WHEREAS, the Developer plans to apply to the Department of <br />Housing and Urban Development for financial assistance in <br />constructing the Project, and such application requires a show of <br />support for the Project by this City Council and its consent to <br />the Project; and <br />WHEREAS, pursuant to Health and Safety Code Section 33334.2, <br />the Agency is required, with certain exceptions, to set aside not <br />less than twenty percent (20%) of all tax increment revenues <br />generated by and allocated to the Agency from each of its <br />redevelopment project areas which shall be deposited into a <br />separate Low and Moderate Income Housing Fund until used; and <br />WHEREAS, the Agency desires to assist the Developer in <br />financing the costs of constructing certain offsite public <br />improvements for the Project, provided that such moneys are <br />available from the Agency's Low and Moderate Income Housing Fund; <br />and <br />WHEREAS, pursuant to Health and Safety Code Section 33334.3, <br />