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10G RESOLUTION 94-038 EXHIBIT I. INTRODUCTION The Community Redevelopment Agency of the City of Santa Ana (the "Agency,) has prepared this report pursuant to Sections 33445 and 33679 of the California Community Redevelopment Law (Health and Safety Code Sections 33000 et seq.). This report sets forth certain information regarding the proposed expenditure of tax increment revenues or other funds from the Santa Aha South Main Street Redevelopment Project Area (the "South Main Project Area") for the purpose of acquiring and rehabilitating two properties located in the City of Santa Ana Redevelopment Project Area (the "Central city Project Area"). The two properties (collectively, the "Properties") are: (1) 207 West Second Street, also known as the Southern Counties Gas Company building (the "Gas Company Property"). The Gas Company Property is currently owned by the Resolution Trust Company. It has been vacant for over three years. The Gas Company Property is blighted because it has no on-site or off-site parking, is not accessible directly by car, and is not easily visible from nearby streets. These conditions have contributed to the difficulty in keeping tenants in the building. . (2) 200 West Second Street, also known as the Grand Central Building (the "Grand Central Property"). The Grand Central Property has a mixture of resi- dential and commercial spaces, many or which are vacant. Like the Gas Company Property, the Grand Central Property has no nearby parking, is diffi- cult to access by car and is not easily visible from nearby streets. The Agency desires to develop an "Artists' Village" in the Central city Project Area, comprised of the Properties and other faciliti~ adjacent to the Properties. After rehabilitation, the Agency will retain ownership of the Properties and lease them to various users. In particular, the Agency intends to lease the Grand Central Property to California State University at Fullerton at a nominal rent for use as an extension campus for its Art Department. The Village is an artists' community with studio and live/ work space in renovated and newly constructed buildings. Studio space is shell space from 800 square feet to 1200 square feet which will be in basements, first, second or third floors of buildings. Live/work space is an area comprised of one or more rooms which include cooking space, sanitary facilities and working space. Retail space will provide services to the artists' community and 2