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Subject: ORDINANCE NO. NS-220~FINDINGS PERTAINING TO THE REDEVELOPMENT PLAN FOR THE BRISTOL CORRIDOR PROJECT AREA There exist within the city of Santa Ana adequate replacement dwellings for residents who may be displaced by the Redevelopment Plan for the Bristol Corridor Project Area. The Report to Council for the Bristol Corridor Redevelopment Plan estimates that 174 housing units may be displaced over the 35-year life of the project. This number was derived by assuming that the Agency may be involved in projects affecting half of the nonconforming residential properties within the project area. Based upon the percentage--45%--of tenant-occupied residential units within the project, it may be assumed that 96 of the 174 units would be owner-occupied, and the remainder-78~- would be tenant-occupied. According to Chuck Smith, Executive Director of the East Orange County Association of Realtors, as of July 29, 1993, the Association's multiple listings service included 1,040 current listings for sale within the city of Santa Ana, in the price range of $125,O00-$250,000. Based upon current appraisals of property within the project area and within the immediate vicinity thereof, this is calculated to be the price range within which the Bristol-displaced units will fall. Mr. Smith further states, based upon his knowledge and experience, that an additional 10% (or approximately 100 units) are available for sale by individual owners within the city in the stated price range which are not shown on his Association's listing service. Thus, if all of the potential owner- occupant units were to be acquired by the Redevelopment Agency at this time, there are replacement units available in a ratio of over ten to one. With regard to tenant-occupied unit displacements, the rental unit vacancy rate within the city of Santa Ana stood at 7.8% in April, 1993, according to the Orange County Apartment Owners Association. Taking into account that there are 75,189 housing units within the city, and that 49% of these are tenant-occupied according to the 1990 census, there are 36,843 rental units within the city. A vacancy rate of 7.8% yields 2,873 available units. Thus, rental replacement units are available at a ratio of over 37 to 1. Because of the condition of the units and their locations--either on major thoroughfares or in other nonconforming locations in the project area--it is assumed that rental rates within the project area may be slightly lower than rental rates in the balance of the city. However, the large number of available rental units, and the state-mandated requirement that the Redevelopment Agency provide rental assistance payments to tenant-displacees to assure that the replacement housing is affordable, assures that any such differential would not be a significant problem. The City's Housing Authority maintains a list of available rental units within the city for its voucher and certificate program; a copy of the current list is attached hereto. As of March 1993, the list included 144 units, ranging in size from one to five bedrooms, and in rental rate from $500 to $1950. These units are available under the Santa Ana Housing Authority's voucher and certificate program. This list provides Attachment 1 Page 1 of 4