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RESOLUTION 94-038 <br />Exhibit <br /> <br />Grand Central Property <br /> <br />Acquisition: <br />RehabiLitation: <br /> <br />up to $1,500,000.00 <br />up to $2,000,000.00 <br /> <br />III. DETERMINATIONS REQUIRED 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 />That the buildings, facilities, structures, or <br />other improvements are of benefit to the project <br />area or the immediate neighborhood in which the <br />project is located, regardless of whether the <br />improvement is within another project area. <br /> <br />(2) <br /> <br />That no other reasonable means of financing the <br />buildings, facilities, structures, or other im- <br />provements, are available to the community. <br /> <br />(3) That the payment of funds for the acquis%tion of <br /> land or the cost of buildings, facilities, struc- <br /> tures, or other improvements will assist in the <br /> elimination of one or more blighting conditions <br /> inside the project area. <br /> <br /> THE ACQUISITION AND REHABILITATION OF THE PROPERTIES ARE <br /> OF BENEFIT TO THE PROJECT <br /> <br /> As shown on the map attached as Exhibit A, the Proper- <br />ties are less than two blocks outside cf the South Main Project <br />Area. Due to its proximity to the south Main Project Area, the <br />Artists' Village will serve and enhance the South Main Project <br />Area. <br /> <br /> The South Main Project Area and the city as a whole lack <br />cultural and educational facilities. The staff believes that this <br />deficiency is a blighting influence due to the extreme cultural <br />diversity in Santa Ana, and the lack of cultural and educational <br />facilities needed to promote intercultural understanding and <br />appreciation. The creation of the Artists' Village, in part by the <br />acquisition and rehabilitation of the Properties, will provide such <br />cultural and educational facilities to the residents of the South <br />Main Project Area and of the entire city. <br /> <br /> Further, as described above, the Properties themselves <br />are blighted. The South Main Project Area will benefit by the <br /> <br />4 <br /> <br /> <br />