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RESOLUTION NO. R-105-86 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />FINDING THAT THE PROVISION OF LOW- AND MODERATE -INCOME <br />HOUSING OUTSIDE THE WEST VALLEY REDEVELOPMENT <br />PROJECT WILL BE OF BENEFIT TO THE WEST VALLEY <br />REDEVELOPMENT PROJECT <br />WHEREAS, the Redevelopment Agency for the City of Colton (the "Agency") <br />has undertaken the formation of the West Valley Redevelopment Project; and <br />WHEREAS, in accordance with Section 33334.2(a) of Community <br />Redevelopment Law, not less than twenty percent (20%) of all taxes which are <br />allocated to the Agency shall be used for the purposes of increasing and improving <br />the community's supply of low- and moderate -income housing; and <br />WHEREAS, Section 33334.2(g) of Community Redevelopment Law provides <br />that the Agency may use such funds outside the Project Area upon adoption of a <br />resolution by the Agency and by the legislative body finding that the provision of <br />low- and moderate -income housing outside the Project Area is of benefit to the <br />Project; and <br />WHEREAS, the amount of land available for residential development within the <br />Project Area is limited, and suitable locations for such housing are available in other <br />parts of the community and in other redevelopment projects within the community. <br />WHEREAS, the Agency has adopted a resolution declaring that the use of such <br />funds outside the Project Area will be of benefit to the Project. <br />NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY <br />COUNCIL OF THE CITY OF COLTON AS FOLLOWS: <br />SECTION 1. Pursuant to Section 33334.2(g) of Community Redevelopment <br />Law, the City Council hereby finds that the provision of low- and moderate -income <br />