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2007-060- The Board Of Directors Of The Redevelopment Agency Of The Town Of Los Gatos Authorizing The Executive Director To Execute An Amendment To An Agreement Between The Redevelopment Agency And The Housing Trust Of Santa Clara County (ARESOLUTION 2007 -060 RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE AN AMENDMENT TO AN AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY AND THE HOUSING TRUST OF SANTA CLARA COUNTY (AGREEMENT RAG :05.001), PROVIDING A TIME EXTENSION FOR EXPENDITURE OF PRIOR CONTRIBUTIONS TO THE HOUSING TRUST OF SANTA CLARA COUNTY WHEREAS, on March 19, 2001 the Redevelopment Agency adopted Resolution No. 2001 -2RD that authorized the Executive Director to execute an agreement with the Housing Trust of Santa Clara County ( HTSCC) regarding a $250,000 contribution to the Housing Trust Endowment Fund; and WHEREAS, an agreement, RAG:01.002 (Agreement 1), was executed between the Redevelopment Agency and the HTSCC that contained a number of provisions regarding the use of the Agency's contribution including that funds be expended or committed within two years from the date of the agreement and that funds be used within the Central Los Gatos Redevelopment Project Area; and WHEREAS, an amendment to Agreement 1 was approved by the Redevelopment Agency that: 1) extended until April 2005 the time period by which the Housing Trust must commit funds to affordable housing projects; 2) allowed funds to be committed to affordable housing projects at any location with the Town of Los Gatos Town limits; 3) required that the affordable housing remain available at affordable housing costs to persons and families of low or moderate income, or very low income households, as the case may be, for the longest feasible time, but not less than 55 years for rental units or 45 years for owner- occupied units, subject to California Health and Safety Code Section 33334.3(f)(1); and 4) unless an exemption applies pursuant to Labor Code Section 1720 et seq ., require that the Housing Trust shall require the payment of prevailing wage on projects receiving funding utilizing the Agency's Housing Funds. WHEREAS, on June 20, 2005, the Redevelopment Agency adopted Resolution No. 2005 -9RD that authorized the Executive Director to execute a new agreement with the Housing Trust of Santa Clara County (HTSCC) that: 1) rescinded Agreement 1; 2) extended until April 2007 the time period by which the Housing Trust must commit funds from Agreement 1 to affordable housing projects; and 3); provided contributions to the HTSCC for their Phase III campaign. WHEREAS, a second agreement, RAG:05.001 (Agreement 2), was executed between the Redevelopment Agency and the HTSCC pursuant to Resolution 2005 -9RD; and WHEREAS, the HTSCC has made diligent efforts to comply with the Agreement 2 but has been unable to expend the entire contribution on affordable housing projects in accordance with the terms of Agreement 2 and has requested an amendment to the agreement to extend the time for expenditure or commitment of funds to April 2009; and WHEREAS, the Redevelopment Agency desires to allow additional time for the use of Agency funds and flexibility in the location of projects to the HTSCC in order for it to provide affordable housing in Los Gatos; and WHEREAS, the provisions of the Redevelopment Law applicable to the establishment and use of proceeds from the Housing Fund (Health and Safety Code Sections 33334.2 and 33334.3) expressly contemplate and permit the use of proceeds from the Housing Fund outside the Project Area upon findings by the Town and the Agency that such use will be of benefit to the Project Area; and WHEREAS, the provision of affordable housing within the Town of Los Gatos by the HTSCC will benefit the Project Area and serve major Implementation Plan goals and objectives by increasing the amount of housing available at affordable costs in the community; and WHEREAS, the General Plan Housing Element includes policies and implementing strategies supporting this action; and WHEREAS, this action is also supported by the Redevelopment Agency Five Year Implementation Plan FY2004/05 through FY2008/09 (Implementation Plan); and WHEREAS, there is a need for affordable housing in the Town and within the Central Los Gatos Redevelopment Area; and WHEREAS, the monies will be used to fund affordable housing projects within the Town; and WHEREAS, by the staff report accompanying this Resolution and incorporated into this Resolution by the reference, the Agency has been provided with additional information upon which the findings and actions set forth in this Resolution area based; and NOW, THEREFORE, BE IT RESOLVED THAT the Agency Board hereby find and determine that the above Recitals are true and correct and serve as the basis, in part, for the findings and actions of the Agency set forth below. BE IT FURTHER RESOLVED that, based on information and analysis set forth in the above Recitals and contained in the Staff Report, the Agency hereby finds and determines that pursuant to Health and Safety Code Section 33334.2(g) that the use of moneys from the Housing Fund to fund the acquisition, construction and operation of affordable rental or ownership housing and loans to assist home ownership will be of benefit to the Project Area and the program of redevelopment pursuant to the Implementation Plan. BE IT FURTHER RESOLVED that the Agency hereby authorizes the Executive Director to execute an amendment to Agreement 2 between the Redevelopment Agency and the HTSCCto: 1) extend until April 2009 the time period by which the HTSCC must commit the funds to affordable housing projects. The remaining terms of Agreement 2 shall remain in full force and effect. PASSED AND ADOPTED at a regular meeting of the Town of Los Gatos Redevelopment Agency held on the 21 st day of May, 2007 by the following vote: REDEVELOPMENT AGENCY MEMBERS: AYES: Steve Glickman, Diane McNutt, Barbara Spector, Mike Wasserman, and Mayor Joe Pirzynski NAYS: None ABSENT: ABSTAIN: - SIGNED: CHAIR OF THE REDEVELOPMENT AGENCY TOWN OF LOS GATOS, CALIFORNIA ATTEST: SECRF-TARY OF THE REDEVELOPMENT AGENCY TOWN OF LOS GATOS, CALIFORNIA