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o -o3a 101 Page 2 South Main Project Area; and WHEREAS, there are insufficient tax increment revenues or other funds available from the Central City Project Area to fund the acquisition and rehabilitation of the Properties; and WHEREAS, there are tax increment revenues or other funds generated by the South Main Project Area which are available to fund the acquisition and rehabilitation of the Properties; and WHEREAS, the lack of cultural amenities and educational facilities in the South Main Project Area and the city as a whole is a blighting condition; and WHEREAS, the acquisition and rehabilitation of the Properties are of benefit to the South Main Project Area because the develop- ment of the Artists' Village will provide a cultural amenity and create an educational opportunity for the residents of the South Main Project Area and the city as a whole and will assist in eliminating blighting conditions due to insufficient parking and access to structures in an area less than two blocks from the South Main Project Area; and WHEREAS, there is no other reasonable means available to the community for financing the acquisition and rehabilitation of the Properties; and WHEREAS, the acquisition and rehabilitation of the Properties will assist in eliminating one or more blighting conditions in the South Main Project Area; and WHEREAS, California Health and Safety Code Section 33445 requires the legislative body of the City to determine, prior to the payment of any portion of the cost of acquisition and rehabili- tation of the Properties, that such acquisition and rehabilitation of the Properties will be of benefit to the South Main Project Area, that no other reasonable means of financing the acquisition and rehabilitation of the Properties is available to the community and that the use of funds from the South Main Project Area to pay the cost of acquisition and rehabilitation of the Properties will assist in the elimination of one or more blighting conditions in the South Main Project Area; and WHEREAS, the factual basis supporting such determinations has been discussed in the Report entitled, "Acquisition and Rehabilita- tion of Properties for Artists' Village" attached hereto as Attachment No. 1; and WHEREAS, the city Council has considered such report and has held a public hearing as required by California Health and Safety Code S 33679 for the purpose of receiving public input and comment;