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<br />. <br /> <br />REL' 6"/94 <br /> <br />RESOLUTION NO. 94-2 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA DETERMINING THAT THE FUND- <br />ING OF THE ACQUISITION AND REHABILITATION OF THE <br />SOUTHERN COUNTIES GAS COMPANY PROPERTY AND THE GRAND <br />CENTRAL PROPERTY, LOCATED IN THE CITY OF SANTA ANA <br />REDEVELOPMENT PROJECT, ARE OF BENEFIT TO THE SANTA <br />ANA SOUTH MAIN STREET REDEVELOPMENT PROJECT, THAT NO <br />OTHER REASONABLE MEANS OF FINANCING ACQUISITION AND <br />REHABILITATION OF SUCH PROPERTIES IS AVAILABLE TO <br />THE CITY OF SANTA ANA, AND THAT THE USE OF FUNDS <br />FROM THE SOUTH MAIN STREET REDEVELOPMENT PROJECT FOR <br />THE ACQUISITION AND REHABILITATION OF SUCH PROPER- <br />TIES WILL ASSIST IN THE ELIMINATION OF ONE OR MORE <br />BLIGHTING CONDITIONS IN THE SANTA ANA SOUTH MAIN <br />STREET REDEVELOPMENT PROJECT <br /> <br />. <br /> <br />WHEREAS, the Community Redevelopment Agency of the city of <br />Santa Ana (the "Agency") desires to redevelop a portion of the City <br />of Santa Ana Redevelopment Project Area (the "Central City Project <br />Area" ) into an "Artists' Village" providing studio, gallery and <br />living space to artists working in the City of Santa Ana and <br />providing a cultural and educational resource to the residents of <br />the city; and <br /> <br />WHEREAS, for this purpose, the Agency desires to acquire and <br />rehabilitate the property located at 207 West Second Street, <br />commonly known as the Southern Counties Gas Company building (the <br />"Gas Company Property") and the property located at 200 West Second <br />Street, commonly known as the Grand Central Building (the "Grand <br />Central Property" ) (the Gas Company Property and the Grand Central <br />Property are referred to collectively herein as the "Properties"); <br />and <br /> <br />WHEREAS, the Agency intends to retain title to the Properties <br />after they have been rehabilitated and to lease the Grand Central <br />Property to California State University at Fullerton for use as an <br />extension campus for its Art Department; and <br /> <br />. <br /> <br />WHEREAS, the Gas Company Property has been vacant for several <br />years and the Grand Central Property is partially vacant, and such <br />vacancy problems are due, at least in part, to the lack of <br />available parking for, easy vehicular access to, and visibility of <br />both Properties; and <br /> <br />WHEREAS, the Central City Project Area is immediately adjacent <br />to the Santa Ana South Main Street Redevelopment Project Area (the <br />"South Main Project Area") and the Properties are within two blocks <br />of the common boundary of the Central city Project Area and the <br /> <br />1 <br />