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1984-02 CRA
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1984-02 CRA
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Last modified
1/3/2012 12:22:05 PM
Creation date
3/2/2005 4:45:23 PM
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City Clerk
Doc Type
Resolution
Doc #
CRA 1984-02
Date
2/27/1984
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<br />t <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 84-2 <br />PAGE FOUR <br /> <br />(g) Nothing in this section shall prevent the City <br />or the Agency from utilizing eminent domain with the <br />consent of the property owner, or from paying reloca- <br />tion benefits as required by law. <br /> <br />SECTION 2: <br /> <br />Tax Increments <br /> <br />Twenty percent (20%) of the tax increments or tax in- <br />crements generated or related revenues, or moneys repayable from <br />tax increments from the project area shall be set aside solely <br />and exclusively for low and moderate income housing related <br />activities such as rebates, low interest rehabilitation loans, <br />public improvements or assisting in low income housing con- <br />struction. Twenty percent (20%) of tax increments shall be <br />utilized for public improvements including parking and financial <br />incentives such as rebates and commercial improvements and re- <br />duced interest rehabilitation loans on Main Street North of <br />Warner Avenue and on First Street, provided, however, no Agency <br />funds shall be used for center dividers on Main Street between <br />First Street and Warner Avenue or on First Street. <br /> <br />SECTION 3. <br /> <br />Ambiguity <br /> <br />Any ambiguity which may be found to exist regarding <br />this Resolution including its Recitals shall be interpreted in <br />accordance with the intention set forth in the Recitals and <br />with the intent to permanently resolve and terminate the above- <br />entitled lawsuit and the issues raised therein. <br /> <br />SECTION 4. <br /> <br />When Resolution Effective <br /> <br />This Resolution is adopted on the date recited below. <br />Nevertheless, it shall be effective only when the Judgment <br />attached hereto as Exhibit No.3 is filed in the Superior Court <br />of Orange County. Such Judgment shall be a final, non-appealable <br />judgment resolving all of the issues raised therein and determin- <br />ing that the Redevelopment Plan is in all respects valid and <br />legal, including all actions of the Agency and the City taken in <br />adoption and implementation of the said Redevelopment Plan, and <br />entitling the Agency to the receipt of all taxes to be allocated <br />to the Agency pursuant to the terms of the Plan. <br />
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