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<br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />, <br /> <br />RESOLUTION NO. 86-49 <br />PAGE TWO <br /> <br />(a) The Agency has made in fiscal year 1985-86 and is <br />continuing to make in fiscal year 1986-87, a substantial effort <br />to meet the low and moderate income housing needs in the City <br />of Santa Ana. As part of this effort, the Agency allocates to <br />its "Low and Moderate Income Housing Fund" more than the <br />legally required proportion (20%) of the tax increment revenues <br />derived from three of its redevelopment project areas, to wit: <br />The "Santa Ana Inter-City Commuter Station" project area, the <br />"Santa Ana North Harbor Boulevard" project area, and the "Santa <br />Ana South Harbor Boulevard" project area (hereinafter referred <br />to collectively as the "other project areas"). <br /> <br />(b) <br /> <br />In fiscal year 1985-86: <br /> <br />(1) Tax increment revenues from the "Downtown" <br />project area were $3,739,969.00. Twenty percent of said <br />tax increment revenue total is $747,993.80. <br /> <br />(2) Total tax increment revenues from the other <br />project areas were $3,963,678.00. The proportion of said <br />tax increment revenues which is legally required to be <br />allocated to the "Low and Moderate Income Housing Fund" <br />(20%) is $792,735.60. The amount of said tax increment <br />revenues actually allocated to the "Low and Moderate <br />Income Housing Fund" was $1,985,519.00, an excess of <br />$1,192,783.40 over the legally required proportion (the <br />"excess allocation"). <br /> <br />(3) The excess allocation of tax increment <br />revenues from the other project areas is greater than <br />20 percent of the tax increment revenues of the "Down- <br />town" project area. Therefore, the effort of the Agency <br />to meet the low and moderate income housing needs of the <br />City of Santa Ana from revenue sources other than tax <br />increment revenue fran the "Downtown" project area is <br />more than equivalent in impact to the funds that would <br />otherwise be required to be allocated from the "Down- <br />town" project area tax increment revenues. <br /> <br />(c) <br /> <br />In fiscal year 1986-87: <br /> <br />(1) Tax increment revenues from the "Down- <br />town" project area are projected to be $4,314,389.00. <br />Twenty percent of said tax increment revenue total is <br />$862,877.00. <br />