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statement of activities, functional expenses, and cash flows from the Board's inception on <br />August 16, 1999 through June 30, 2000 <br /> <br />URBAN FUTURES -ECONOMIC DEVELOPMENT ANALYSIS OF THE <br />SOUTH MAIN DEVELOPABLE SITE 2 <br /> <br />Stephen G. Harding, Vice President of Urban Futures, Inc presented an overview of Santa <br />Aha and the Empowerment zone from a market standpoint. He stated that an analysis <br />had been made as to how Santa Ana fits into the broader trade area. He further noted that <br />Santa Ana enjoyed a low vacancy rate for lease properties because of lower lease rates <br />than in surrounding areas such as Tustin and Irvine. Another positive factor for trade in <br />Santa Ana is its proximity to the freeways. Mr. Harding reported that the greatest <br />competition for Santa Ana came from the Inland Empire. Mr. Harding concluded by <br />noting that additional analysis is underway relative to comparative job base studies and <br />options for development and expansion. <br /> <br />o <br /> <br />QUARTERLY BUDGETREPORT <br /> <br />Patti Nurm, Economic Development Manager and staff presented materials to the Board <br />members relative to information requested by the Board on in-kind services provided to <br />the Empowerment Zone Program by City staff, budget status report on first year <br />expenditures (July 1999-June 2000) as of December 31, 2000, and a City organization <br />chart <br /> <br />DISCUSSION ITEMS <br /> <br />ADDITIONAL 3m~ YEAR FUNDING OF $7.3 MILLION <br /> <br />Patti Nunn, Economic Development Manager, announced to the Board that additional 3Td <br />year funding in the amount of $7.3 million has been received for the Santa Ana <br />Empowerment Zone. This funding was allocated by the Department of Labor and at the <br />current time, it is unclear what, if any, new regulations will be attached to the funding. <br />Ms. Nunn also presented key features of the Community Renewal and New Markets Act <br />for the Santa Ana Empowerment Zone. Edward L. Flores, representing the Santa Ana <br />office of the U.S. Department of Housing and Urban Development (HUD) addressed the <br />Board and stated that in allocating the additional funds the board needed to focus on long <br />term effects the funds will have on the community. He noted that at this time, he was not <br />aware of the HUD guidelines for use of the funding. He offered his assistance in helping <br />the Board in ensuring the success of Empowerment Zone projects. <br /> <br /> COMMENTS <br /> <br />PUBLIC COMMENTS - None <br /> <br />SAEC MINUTES 3 JANUARY 24, 2001 <br /> <br /> <br />