1986-49 CRA - Laserfiche WebLink

Home Browse Search

. . . . . . RESOLUTION NO. 86- 49 PAGE THREE (2) Total tax increment revenues from the other project areas are projected to be $4,435,618.00. The proportion of said tax increment revenues which is legally required to be allocated to the "Low and Moderate Income Housing Fund" (20%) is $887,123.60. The amount of said revenues which will actually be allocated to the "Low and Moderate Income Housing Fund" is projected to be $2,251,373.00, an excess of $1,364,249.40 over the legally required proportion (the "excess allocation"). (3) The excess allocation of tax increment revenues from the other project areas will be greater than 20 percent of the tax increment revenues of the "Downtown" project area. Therefore, the effort of the Agency to meet the low and moderate income housing needs of the City of Santa Ana from revenue sources other than tax increment revenue from the "Downtown" project area is more than equivalent in impact to the funds that would otherwise be required to be allocated from the "Downtown" project area tax increment revenues. 2. The Executive Director is directed to send a copy of this resolution, together with the factual information supporting the findings herein made, to the Department of Housing and Com- munity Development of the State of California within ten (10) days after the date of adoption of this resolution. ADOPTED THIS by the following vote: 19th August ,1986, day of AYES: MEMBE RS : Acosta, Griset, Hart, Johnson Luxembourger, McGuigan, and Young None None NOES: MEMBERS: ABSENT: MEMBE RS : ~ Daniel E. Griset Chairman Rex S nson, Executive Director/Recording Secretary