Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />33334.2 of the Community Redevelopment Law, the Community <br />Redevelopment Agency of the City of Santa Ana hereby finds and <br />determines as follows: <br /> <br />(a) The City of Santa Ana is making a substantial effort <br />to meet its existing and projected housing needs, including its <br />share of regional housing needs, with respect to persons and <br />families of low and moderate income, particularly very low income <br />households, as identified in the housing element of the City of <br />Santa Ana's general plan, and this effort, consisting of direct <br />financial contributions of local funds used to increase and improve <br />the supply of housing affordable to persons of low or moderate <br />income and very low income households, is equivalent in impact to <br />the funds otherwise required to be set aside from the "Central <br />City" proj ect area by section 3333.2 of the Community Redevelopment <br />Law. <br /> <br />(b) The abovesaid effort consists of the allocation to <br />the "Low and Moderate Income Housing Fund" of the Agency of more <br />than the legally required proportion (20%) of the tax increment <br />revenues from three redevelopment project areas, to wit: the <br />"Santa Ana Inter-City Commuter station" project area, the "Santa <br />Ana North Harbor Boulevard" project area, and the "Santa Ana South <br />Harbor Boulevard" project area (hereinafter referred to collective- <br />ly as the "other project areas"). In fiscal year 1991-92: <br /> <br />(1) Tax increment revenues from the "Central City" <br />project area are projected to be $8,459,000. Twenty percent <br />of said tax increment revenue total is $1,691,000. <br /> <br />(2) Total tax increment revenues from the other <br />project areas are projected to be $22,048,000. The portion of <br />said tax increment revenues which is legally required to be <br />allocated to the "Low and Moderate Income Housing Fund" (20%) <br />is $4,409,600. The amount of said revenues which will <br />actually be allocated to the "Low and Moderate Income Housing <br />Fund" is projected to be $6,945,300 and excess of $2,535,700 <br />over the legally required portion (the "excess allocation"). <br /> <br />(3) The excess allocation of tax increment revenues <br />from the other project areas will be greater than 20 percent <br />of the tax increment revenues of the "Central City" project <br />area. Therefore, the effort to meet the low and moderate <br />income housing needs of the City of Santa Ana from revenues <br />sources other than tax increment revenue from the "Central <br />city" project area is more than equivalent in impact to the <br />funds that would otherwise be required to be allocated from <br />the "Central city" project area tax increment revenues. <br /> <br />2. The Executive Director is directed to send a copy of this <br />resolution, together with the factual information supporting the <br />findings herein màde, to the Department of Housing and Community <br /> <br />2 <br />