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110 <br /> <br />RESOLUTION 94-038 <br />EXHIBIT <br /> <br />explore alternative means of financing public facilities while <br />maintaining an adequate level 0f ..yital services with its General <br />Fund revenues. <br /> <br /> The South"Main Project Area, however, has sufficient <br />funds to finance the acquisition and rehabilitation of the <br />Properties due to the recent refinancing of Tax Allocation Bonds <br />and the generation of additional bond proceeds. <br /> <br />C. THE BLIGHTING CONDITION WITHIN THE PROJECT AREA THAT THE <br /> EXPENDITURE OF AGENCY FUNDS WILL HELP TO ELIMINATE <br /> <br /> As discussed above, the South Main Project Area and the <br />City as a whole are lacking in cultural and educational resources. <br />The Artists' Village will partially meet the need for such <br />resources. In addition, due to the proximity of the Properties to <br />the South Main Project Area, parking facilities on the Properties <br />may also serve residents and businesses in the South Main Project <br />Area. <br /> <br />IV. <br /> <br />THE REDEVELOPMENT PURPOSE FOR WHICH TAX INCREMENT FUNDS ARE <br />BEING USED TO PAY FQR THE ACQUISITION AND REHABILITATION OF <br />THE PROPERTIES <br /> <br /> As discussed above in sections III.A. and III.C. of this <br />report, the funding of the acquisit~gn and rehabilitation of the <br />Properties wi~h f~nds from the South Main Project Area will assist <br />in the elimination of blight within the South Main Project Area and <br />within the Central City Project Area. The rehabilitation of the <br />Properties will eliminate physical blight, which is one of the <br />major goals listed in section 100 of the Redevelopment Plan for the <br />South Main Redevelopment Project Area. <br /> <br />centcit¥, rpt <br /> <br /> <br />