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<br />. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVEL- <br />OPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />1. Pursuant to paragraph (3) of subdivision (a) of section <br />33334.2 of the Community Redevelopment Law, the Community Redevel- <br />opment Agency of the city of Santa Ana hereby finds and determines <br />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" project area by section 33334.2 of the community Redevelop- <br />ment Law. <br /> <br />. <br /> <br />(b) The above said 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 (twenty percent) of the tax <br />increment revenues from three 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 Ana <br />South Harbor Boulevard" project area (hereinafter referred to <br />collectively as the "other project areas"). In fiscal year <br />1994-95: <br /> <br />(1) Tax increment revenues from the "Central city" <br />project area are projected to be $8,790,000. Twenty percent of <br />said tax increment revenue total is $1,758,000. <br /> <br />(2) Total tax increment revenues from the other <br />project areas are projected to be $19,931,320. The portion of said <br />tax increment revenues which is legally required to be allocated to <br />the "Low and Moderate Income Housing Fund" (twenty percent) is <br />$3,986,264. The amount of said revenues which will actually be <br />allocated to the "Low and Moderate Income Housing Fund" is <br />projected to be $6,421,725, an excess of $2,435,461 over the <br />legally required portion (the "excess allocation"). <br /> <br />. <br /> <br />(3) The excess allocation of tax increment revenues <br />from the other project areas will be greater than twenty percent of <br />the tax increment revenues of the "Central City" project area. <br />Therefore, the effort to meet the low and moderate income housing <br />needs of the city of Santa Ana from revenue sources other than tax <br />increment revenue from the "central city" project area is more than <br />equivalent in impact to the funds that would otherwise be required <br />