CC Resolution No. 00-188RESOLUTION O0-18g
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO FINDING THAT
THE USE OF TAXES ALLOCATED FROM THE CUPERTINO VALLCO REDEVELOPMENT
PROJECT FOR THE PURPOSE OF INCREASING, IMPROVING, AND PRESERVING THE
COMMUNITY'S SUPPLY OF LOW- AND MODERATE-INCOME HOUSING OUTSIDE THE
PROJECT AREA WILL BE OF BENEFIT TO THE PROJECT
WHEREAS, the Cupertino Redevelopment Agency (the "Agency") has prepared a proposed
Redevelopment Plan (the "Redevelopment Plan") for the Cupertino Vallco Redevelopment Project (the
"Projecf') which would result in the allocation of taxes from the Project Area to the Agency for the
purposes of redevelopment; and
WHEREAS, Section 33334.2 of the California Community Redevelopment Law (Health and
Safety Code Section 33000 et seq.) requires that not less than twenty percent (20%) of all taxes so
allocated be used by the Agency for the purpose of increasing, improving, and preserving the community's
supply of low- and moderate-income housing available at affordable housing cost; and
WHEREAS, Section 33334.2(g) of the Community Redevelopment Law provides that the Agency
may use such funds outside the Project Area if a finding is made by resolution of the Agency and the City
Council that such use will be of benefit to the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CUPERTINO that the use of taxes allocated from the Project Area for the purpose of increasing,
improving, and preserving the community's supply of low- and moderate-income housing available at
affordable housing cost outside the Project Area will be of benefit to the Project.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 17th day
of July, 2000, by the following vote:
Vote
Members of the City Council
AYES: Bumett, Chang, James, Lowenthal
NOES: None
ABSENT: Statton
ABSTAIN: None
ATTEST:
CityC~lerk~'
APPROVED:
-'"Vic-e-Mayor, City o~,ffpertino