55C-MERGER S.A. REDEV PROJ AREA - Laserfiche WebLink

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II. REASONS FOR AMENDING THE REDEVELOPMENT PLANS The' Agency Is proposing to amend the Redevelopment Plans'to merge the existing Project Areas. Section 33465 at saq. of the CRL allows for merger of redevelopment project areas as a matter of public policy If they will result In substantial benefit to the public, and If they contribute to the revitalization of the Project Areas through the increased ecOnomic vitality of such areas and through Increased and Improved housing opportunities in or near such areas. The CRL also provides that redevelopment project areas, under the Jurisdiction of a redevelopment agency, may be merged without regard to contiguity of the areas, by the amendment of each affected redevelopment plsn. Furthermore, taxes attributable to each project area merged that are allocated to the redevelopment agency may be allocated io the entire merged project area for the purpose of paying the principal of, and Interest on, indebtedness incurred by the redevelopment agency to finance or refinance, In whole or In part, the merged redevelopment project. The proposed Merger of the Project Areas is s technical amendment that will allow the Agency to combine revenues from the six separate Project Areas. The Merger will also allow the Agency to prioritize spending of available tax Increment revel1Ue in order to maximize efficiency In the Implementation of the Agency's redevelopment program. The Agency's redevelopment program will continue to be those ectivltles Identified In Its five-year Implementation Plan (currently 2000-2005). The proposed Merger will have a substantial benefit to the public by allowing the Agency to efficiently Implement Its redevelopment program, which Is targeted at revitalizing blighted areas and Increasing the economic vitality of such areas. In addition, the Agency will continue to Implement Its affordable housing program, which currently exceeds the CRL's requirements for affordable housing unit production. The proposed Merger will not allow the Agency to collect any additional tax Increment beyond the limits Identified In the Redevelopment Plans. No Increase In any financial limit or extension of any time limit Is proposed as part of the Amendments. Preliminary Report for the Merger of the Senta Ana Redevelopment Projects 1IõXII.l.IÙ:r ;t Keyser Marston Associates, Inc. Page 12 -_.aNT- ,""""'.......,.",. 55C-30 ----'