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094 <br /> RESOLUTION 94-037 <br /> EXHIBIT <br /> <br />I. INTRODUCTION <br /> <br /> The Community Redevelopment Agency of the city of Santa Aha <br />(the "Agency") has prepared this report pursuant to Sections 33445 <br />and 33679 of the California Community Redevelopment Law (Health and <br />Safety Code Sections 33000 ~t seq.). <br /> <br /> This report sets forth the factual basis for the making of <br />certain f~ndings that must be made in order for the Agency to fund <br />a portion of the cost of the construction of a Recreation Center to <br />be located in Rosita Park (the "Park"). A map showing the location <br />of the Park is attached hereto as Exhibit A. <br /> <br /> It is proposed that the Agency would contribute up to <br />$2,000,000.00 to the cost of construction of the Recreation Center. <br />Agency funds from the Santa Ana North Harbor Boulevard Redevelop- <br />ment Project Area (the "Project Area") would be used for this <br />purpose. <br /> <br /> This report includes information on the following topics: <br />(1) an estimate of the amount of tax increment funds or other <br />Agency funds to be used to pay for the construction of the <br />Recreation Center; (2) the facts supporting the determinations <br />required by Section 33445 of the California Redevelopment Law to be <br />made by the AgenCy and the City Council; and (3) the redevelopment <br />purpose for which tax increment or other Agency funds are being <br />used to pay for the construction of the Recreation Center. <br /> <br /> II. ESTIMATED TAX INCREMENT OR OTHER AGENCY FUNDS TO B~ USED TO <br /> P~¥ FOR CONSTRUCTION OF THE RECREATION CENTER <br /> <br /> The estimated cost of construction of the Recreation Center <br />is $3.1 million. The City has assembled $1.1 million in funds from <br />the following sources: Community Development Block Grant and State <br />Recreation Grant funds. There is a shortfall of approximately <br />$2,000,000.00. <br /> <br /> The Agency proposes to contribute up to $2,000,000.00 in <br />funds from the Project Area to make up this shortfall. The Agency <br />may use any funds then legally available for the purpose, including <br />but not limited to, tax increment payments and proceeds from the <br />sale of bonds. <br /> <br />III. DETERMINATIONS REOUIRED BY SECTION 33445 <br /> <br /> Section 33445 of the California Redevelopment Law requires <br />that certain determinations or findings be made by the City Council <br />and the Agency before the Agency agrees to pay all or part of the <br />value of the land for and the cost of the installation and <br />construction of any building, facility, structure, or other <br />improvement which will be publicly owned. Those determinations <br />are: <br /> <br />2 <br /> <br /> <br />