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WHEREAS, an interfund loan from the General Fund to the Inclusionary Housing Fund <br />would bridge this gap in cash flows and enable the Inclusionary Housing Fund to contribute <br />$1,500,000 in financial assistance requested by the Venue at Orange Apartment project; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF REDLANDS AS FOLLOWS: <br />Section I . The City Council hereby approves a loan from the General Fund to the <br />Inclusionary Housing Fund for a period not -to -exceed five (5) years in the amount of one million <br />five hundred thousand dollars ($1,500,000) at an annual interest rate equal to the rolling four - <br />quarter average interest rate earned by the Local Area Investment Fund to be charged at the end <br />of the fiscal year on the amount of then -outstanding principal. The loan shall be made by an <br />advance to be recorded to the Inclusionary Housing Fund in the current fiscal year. <br />Section 2. This Resolution is exempt from the California Environmental Quality Act <br />Public Resources Code section 21000 et seq.) (" CEQA") pursuant to the State's CEQA <br />Guidelines sub- section 15060(c)(2) because the adoption of this Resolution will not result in a <br />direct or a reasonably foreseeable, indirect, physical change in the environment, and State CEQA <br />Guidelines sub- sections 15378(b)(2) and (4), because the adoption of this Resolution, does not <br />constitute a " project" under CEQA, and therefore review under CEQA is not required. <br />ADOPTED, SIGNED AND APPROVED this lst day.,6Wctg6cr, 2024. <br />Tejeda, Mayor <br />ATTEST: <br />a e Donaldson, City Clerk <br />2 <br />L\ResolutionslRes 8600-8699\8636 Approving Interfund Loan from General Fund to Inclusionary Housing Fund.docx-ms <br />