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Item #4E <br />RESOLUTION NO. R-54-03 <br />A RESOLUTION OF THE COLTON CITY COULCIL <br />FINDING THAT THE USE OF TAXES ALLOCATED <br />FROM THE LA CADENA CORRIDOR REDEVELOPMENT <br />PROJECT AREA FOR THE PURPOSE OF HOUSING <br />OUTSIDE THE PROJECT AREA WILL BE OF <br />BENEFIT TO THE PROJECT <br />WHEREAS, the Redevelopment Agency for the City of <br />Colton (the "Agency") has prepared a Redevelopment Plan for <br />the La Cadena Corridor Redevelopment Project Area (the <br />"Project" or "Project Area"), which would result in the <br />allocation of taxes from the Project Area to the Agency for <br />the purposes of redevelopment; and <br />WHEREAS, Health and Safety Code Section 33334.2 <br />requires that, unless certain findings are made, not less <br />than twenty percent (200) of all taxes so allocated be used <br />by the Agency for preserving, improving and increasing the <br />City's supply of low and moderate income housing available at <br />affordable housing cost to person and families of low or <br />moderate income and very low income households; and <br />WHEREAS, Health and Safety Code Section 33334.2(g) <br />provides that the Agency may use such funds outside of the <br />Project Area if a finding is made by resolution of the Agency <br />and the City of the City of Colton that such use will be of <br />benefit to the Project. <br />BE IT NOW THEREFORE RESOLVED AS FOLLOWS: <br />SECTION 1. Finding. The City Council hereby <br />finds and declares that the use of taxes allocated from the <br />Project Area for the purpose of preserving, improving and <br />increasing the City's supply of low and moderate income <br />housing available at affordable housing costs to persons and <br />