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Item #4C <br />RESOLUTION NO. 816 <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY FOR THE <br />CITY OF COLTON APPROVING THE REDEVELOPMENT PLAN <br />FOR THE LA CADENA CORRIDOR REDEVELOPMENT <br />PROJECT AREA AND FINDING THAT THE USE OF TAXES <br />ALLOCATED FROM THE LA CADENA CORRIDOR <br />REDEVELOPMENT PROJECT AREA FOR THE PURPOSE OF <br />HOUSING OUTSIDE THE PROJECT AREA WILL BE OF BENEFIT <br />TO THE LA CADENA CORRIDOR REDEVELOPMENT PROJECT <br />WHEREAS, the Redevelopment Agency for the City of Colton (the "Agency") has <br />prepared a Redevelopment Plan for the La Cadena Corridor Redevelopment Project Area (the <br />"Redevelopment Plan"), which among other things, will result in the allocation of taxes from <br />the lands included in the redevelopment project area described in the Redevelopment Plan (the <br />"Project Area") to the Agency for the purposes of redevelopment; and <br />WHEREAS, Health and Safety Code Section 33334.2 requires that, unless certain <br />findings are made, not less than twenty percent (20%) of all taxes so allocated be used by the <br />Agency for preserving, improving and increasing the supply of low- and moderate -income <br />housing available in the City of Colton at affordable housing cost to persons households and <br />families of low- and moderate -income and very low income; and <br />WHEREAS, Health and Safety Code Section 33334.2(g) provides that the Agency <br />may use such funds either inside or outside of the Project Area, if a finding is made by <br />resolution of the Agency and the City Council of the City of Colton that the use of such <br />4821-9895-5008.1 1 <br />